Committee Republicans are unanimous in their support of H. Res. 251, a Resolution of Inquiry introduced by Representatives LaTourette (OH) and McCotter (MI), which directs the Treasury Secretary to provide the House of Representatives all information relating to the government's interaction with American International Group (AIG), and its bonuses, within 14 days.

Like hard-working American families, Committee Republicans are extremely disappointed by the recent bonuses going to institutions that have received massive government bailouts, and have been advocating against releasing further taxpayer dollars without commonsense taxpayer protections and safeguards.

While Committee Republicans were pleased that the Majority joined with us in unanimously supporting this important resolution, we are concerned that the Majority's report focuses too narrowly on the legislative text, rather than fully evaluating the sequence of events that led to the AIG bonuses. The Majority fails to ask the important questions that every American taxpayer deserves to have answered.

Most Committee Republicans agreed with President Obama's action, instructing Treasury to block the AIG bonuses from going to some of the same people who helped create this financial crisis, even though days earlier, his top economic advisor, Larry Summers, announced that there was nothing the Administration could do.

We have learned that the Administration worked to add a provision to the so-called stimulus legislation that ensured these bonuses would be paid. Specifically, a bipartisan amendment written by Senators Olympia Snowe (ME) and Ron Wyden (OR) that would have forced AIG to pay nearly $58 million in taxes on top executive bonuses was stripped from the legislation before the stimulus conference report was brought to the Senate floor. In its place, an amendment by Senator Dodd (CT) was inserted, which exempted `contractually obligated bonuses agreed to on or before February 11, 2009' from the executive compensation restrictions contained in the bill. This amendment specifically allowed the bonuses for AIG executives.

We recommend that important questions, inherent to this resolution, are answered, including: How did this happen? Who called for and wrote the provision into the stimulus, and why? Who in the Administration authorized Treasury officials to approach Senator Dodd about including the AIG bonus-enabling provision? And who were the individuals who made these far-reaching decisions? These are all questions that American taxpayers deserve to have answered.

We also believe that it is imperative that the Treasury clarify what top officials knew about the AIG bonuses and when they knew it. Recently, Secretary Geithner reiterated that he first learned of these bonuses on March 10, 2009. However, there is video confirming that these bonuses were raised to him before the Ways and Means Committee on March 3, 2009. While the Federal Reserve acknowledged they were told last fall and that the bonuses were listed in AIG's 3rd quarter SEC filing last year, the public has yet to receive a straight answer from Treasury as to when they first learned of these bonuses.

We thank every member of the Committee for supporting this resolution of inquiry. This commonsense resolution directs Treasury to provide Congress all information related to the AIG's break up, the need for the fourth bailout of the company, and all communications related to the payment of the bonuses within 14 days. American taxpayers have been forced to commit $170 billion in their hard-earned monies to support AIG. Anything less than securing answers and explanations to all of these questions would be unacceptable.

Spencer Bachus.
Scott Garrett.
Kenny Marchant.
Randy Neugebauer.
Michael N. Castle.
Bill Posey.
Judy Biggert.
Ed Royce.
Donald Manzullo.
Michele Bachmann.
Thaddeus McCotter.
Ron Paul.