STEARNS SUPPORTS H.RES. 1452 TO ESTABLISH THE SELECT COMMITTEE

Washington, Dec 10, 2008 - “In response to the crisis in the financial markets, the Secretary of the Treasury and the Board of Governors of the Federal Reserve System have taken extraordinary steps while providing little transparency into their activities,” said Rep. Cliff Stearns (R-Ocala). “Already, the federal government has committed $700 billion in taxpayer dollars to easing this financial crisis, and Congress should closely monitor the use of these public funds. I have joined in offering H.Res. 1452 to establish the Select Committee on Financial Bailouts.”

The legislation would establish the committee to investigate the actions of the Federal Reserve and the Treasury Department involving financial institutions and to make recommendations to prevent future federal bailouts. Explained Stearns, “This bipartisan effort would set up the Select Committee with 10 members, five appointed by the Speaker of the House and five appointed by the House Minority Leader. The unelected leaders of the Federal Reserve and the Treasury Department must be held accountable for the use of taxpayer money, and the Select Committee is essential to ensuring congressional oversight on their activities.”