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Rescue package becomes congressional turf war |
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By Silla Brush
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Posted: 12/10/08 11:18 AM [ET] |
Criticism of the government's sweeping $700 billion financial rescue package is flying from all sides, and the tensions have turned into a turf war.
Lawmakers from both sides of the aisle are hammering Treasury Secretary Henry Paulson for his shifting strategy; the program was originally supposed to purchase troubled assets, but that plan was dropped in favor of injecting money directly into banks. Democrats want Paulson to use some of the money to reduce mortgage foreclosures, while Republicans are lashing out at what they call a blank-check program that hasn't worked.
But on Wednesday, Rep. Barney Frank (D-Mass.) used his opening statement at an oversight hearing of the Troubled Asset Relief Program (TARP) to talk about congressional turf.
Frank attempted to dispel concerns that the House Financial Services Committee would shut out other lawmakers, particularly those on the House Committee on Oversight and Government Reform, from overseeing the much-maligned rescue package.
Frank was referring to reported concerns from Rep. Darrell Issa (R-Calif.), the incoming ranking member on the Oversight Committee.
At an Oversight Committee hearing Tuesday, Issa reportedly leaned over to incoming chairman Rep. Edolphus Towns (D-N.Y.) and said he wanted to talk about how they could keep that committee from “getting screwed” by the Financial Services Committee.
Frank said on Wednesday he was not trying to “screw his committee out of doing their job. Nothing could be further from the truth.
“I have at no point ever asked any member of that committee to not do anything,” Frank said. “I don’t want to worry anyone’s Christmas.”
Rep. Maxine Waters (D-Calif.) continued the criticisms and had pointed words for Treasury — and even a few for her fellow lawmakers.
"I'm not going to even cooperate with you when you try to be reasonable," Waters said to Frank with a smile. "You've allowed them to walk all over us. We've got to do something to make sure the money we're signing off on is used appropriately to help the consumers and homeowners in this country." |
