Politics

FRIDAY ECONOMIC ROUNDUP

By Office of the Speaker

America’s families are facing an economic crisis, and the New Direction Congress is fighting for real solutions to rebuild our economy, create good-paying jobs here at home, and promote consumer and investor confidence.

KEY FINDINGS FROM THIS WEEK’S CONGRESSIONAL HEARINGS

The Budget Committee - Federal Reserve Chairman Ben Bernanke said that weakening economic conditions warrant a "consideration of a fiscal package by the Congress at this juncture."

The Oversight and Government Reform Committee - Former Fed Chairman Alan Greenspan admitted that he "made a mistake" in trusting that free markets could regulate themselves without government oversight.

The Education and Labor Committee - The federal agency that guarantees pensions has lost $2.1 billion on investments this year, raising serious concerns about the impact of the financial crisis on retirement security.

The Oversight and Government Reform Committee - Executives at the leading credit-rating companies had privately acknowledged they had created "a monster" with overly optimistic assessments of risky mortgage-backed securities, which helped fuel the financial meltdown.

The Financial Services Committee - In the coming months, Congress "will tackle longer-term reforms" of the financial markets and the need for accountability.

The Judiciary Committee - Held briefing on home foreclosures in Boston as news of a 70 percent increase in foreclosures broke.

The Education and Labor Committee - Economists testified that rebuilding America’s infrastructure would create jobs and boost the economy.

HEARINGS NEXT WEEK ON ECONOMIC RECOVERY

Tuesday, October 28: The Education and Labor Committee will be holding a hearing on maintaining and expanding health care coverage in a challenging economy.

Tuesday, October 28: The Small Business Committee, under Chairwoman Velazquez, will hold a hearing on "Creating Opportunities for Small Businesses in an Economic Recovery."

Wednesday, October 29: The Ways and Means Committee, under Chairman Rangel, will hold a hearing on economic security and components of an economic recovery package.

Wednesday, October 29: The Transportation and Infrastructure Committee, under Chairman Oberstar, will hold a hearing on infrastructure investment and the economic recovery.

Thursday, October 30: The Joint Economic Committee, under Vice Chair Maloney, will hold a hearing on faltering economic growth and the need for economic stimulus.

HEARINGS NEXT WEEK ON FINANCIAL MELTDOWN

Thursday, November 13: The Oversight and Government Reform Committee will hold a hearing on the role of hedge funds in the financial markets, and their regulatory and tax status with the five managers who were paid over $1 billion last year.

Full post as published by The Gavel on October 24, 2008 (boomark / email).