By Michael R. Crittenden Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- Federal Reserve Chairman Ben Bernanke and Federal Deposit Insurance Corp. Chair Sheila Bair are tentatively scheduled to appear next Wednesday before a U.S. House panel on the $700 billion rescue plan, people familiar with the matter said Friday.
The House Financial Services Committee will hold a Jan. 7 meeting to discuss how President-elect Barack Obama's administration should use the second $350 billion of the Troubled Asset Relief Program. The panel has yet to announce a witness list, but Hill staff familiar with the event suggested Bernanke and Bair may appear along with representatives from banking and housing trade associations.
A spokesman from the Financial Services panel declined to comment, and a Fed spokesman deferred to the committee to announce the hearing. An FDIC spokesman wasn't immediately available for comment.
The current Treasury Department has committed $358.4 billion of the $700 billion TARP program, though only slightly more than $200 billion has actually been spent. Treasury is restricted from spending more than $350 billion without first asking Congress for access to the second $350 billion.
Treasury Secretary Henry Paulson has said it is clear that Congress will need to release the second half of the funds, though it is not clear when Treasury will formally request access.
-By Michael R. Crittenden, Dow Jones Newswires; 202-862-9273; michael.crittenden@dowjones.com
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Publié le 02 janvier 2009 Copyright © 2009 Dowjones