U.S. Congressman José E. Serrano ~ Representing the people of the 16th District of New York
5/21/2009
Serrano Chairs Treasury Hearing
Today, the Secretary of the Treasury, Timothy F. Geithner, appeared before Congressman Serrano's appropriations subcommittee to discuss the Treasury budget request for fiscal year 2010 and to answer questions about policies and actions taken by the Treasury Department.
Serrano began the hearing by expressing his displeasure at the failure of the Treasury to implement language in a recent appropriations bill,saying, “I am dismayed that the Department is refusing to abide by a key provision of the fiscal year 2009 Appropriations Act relating to agricultural and medical sales to Cuba.” The regulation in question requires that Cuba pay 'cash in advance' for all agricultural and medical sales from the United States to Cuba. Serrano's provision in the 2009 bill was intended to loosen the restrictions. The Secretary responded that he would work with the Subcommittee to find a way to move forward on this issue.
During the hearing Serrano also focused on a number of important issues including confidence in financial markets, home foreclosures and the ability to recoup taxpayer investments in financial institutions. Serrano also expressed his concern about plans to eliminate the Early Earned Income Tax Credit program and the impact it would have on the Bronx.
“When Wall Street was doing great and these guys were giving each other $50 million bonuses, I couldn’t see anything happen to my district in the Bronx that made me say, Wow there’s some good from what’s happening on Wall Street," said Serrano during the hearing. "Now, Wall Street is not doing as well, bonuses have still been paid, and many of the problems in my district, especially the foreclosures problem, are getting worse. I hope that the Department will keep in mind the needs of all Americans in all communities, and not just Wall Street, as we attempt to solve this crisis."
Congressman Serrano concluded the hearing by asking the Secretary to make sure that the territories and all who live under the American flag are included equally as the Treasury Department makes future policy decisions.