Tags: sununu | bailout | panel

Sununu Named to Bailout Panel

Wednesday, 17 Dec 2008 03:58 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON – Republican Sen. John Sununu, who lost his re-election bid in November, is the fifth and final member of a committee set up by Congress to oversee the government's $700 billion financial rescue program.

The New Hampshire lawmaker is a member of the Senate Finance Committee and the Joint Economic Committee. He voted in favor of the bailout plan, known as the Troubled Asset Relief Program, that Congress passed in October.

Senate Republican leader Mitch McConnell of Kentucky, who named Sununu to the panel on Tuesday, initially had selected New Hampshire Sen. Judd Gregg, the top Republican on the Senate Budget Committee. But Gregg, citing a busy schedule ahead, stepped down.

"This program represents the most significant government intervention in the financial markets in my lifetime," Sununu said in a statement. "Taxpayers, policy makers, and investors deserve a clear and accurate assessment of how these funds are allocated, and what benefit they provide."

In addition to its oversight role, Sununu said he expected the committee to develop recommendations to overhaul financial sector regulations.

The Treasury Department has spent nearly $350 billion, with most of it used to provide capital to banks and other financial institutions. Critics have said the second half of the fund should be used to help reduce mortgage foreclosures.

Sununu lost in November to Democrat Jeanne Shaheen, New Hampshire's former governor.

McConnell noted that Sununu was the co-author of legislation to increase oversight of the big mortgage companies Fannie Mae and Freddie Mac and said he was among the early skeptics who "raised warning flags" about the mortgage finance system.

The House speaker, the House Republican leader, the Senate Democratic leader and the Senate Republican leader each has an appointment to the five-member board. The fifth member is selected by the speaker and the Senate majority leader, giving Democrats a 3-2 majority.

The oversight panel issued its first report last week, raising a series of questions about the Treasury Department's management and oversight of the program. Its chairman is Elizabeth Warren, a professor at Harvard Law School.

The other members are Rep. Jeb Hensarling, R-Texas; Richard Neiman, superintendent of banks at the New York State Banking Department; and Damon Silvers, associate counsel at the AFL-CIO.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Not All Iowa Dems Sold on Hillary Clinton for 2016

Sunday, 14 Sep 2014 20:01 PM

Iowa Democrats gave a warm welcome Sunday to Hillary Rodham Clinton at retiring Sen. Tom Harkin's annual fundraiser. But . . .

Liberal Sen. Bernie Sanders: I'm 'Thinking About Running' in 2016

Sunday, 14 Sep 2014 15:49 PM

Bernie Sanders, one of the Senate's leading liberals, said Sunday he is thinking about running for U.S. president in 201 . . .

Liberal Democrats Press Obama for Vote on ISIS War

Sunday, 14 Sep 2014 09:31 AM

The number of liberal Democrats calling for congressional approval on a sustained air campaign against the Islamic State . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved