Senate Finance will hold hearing on TARP

Finance Chairman Max BaucusMax Sieben BaucusBottom line Overnight Defense: McCain honored in Capitol ceremony | Mattis extends border deployment | Trump to embark on four-country trip after midterms Congress gives McCain the highest honor MORE (D-Mont.) and other panel members will question witnesses Neil Barofsky, special inspector general for the Treasury Department; Elizabeth WarrenElizabeth Ann WarrenButtigieg tweeted support for 'Medicare for All' in 2018 Overnight Health Care — Presented by National Taxpayers Union — House Dems change drug pricing bill to address progressive concerns | Top Republican rejects Dem proposal on surprise medical bills | Vaping group launches Fox News ad blitz Hillicon Valley: FCC approves T-Mobile-Sprint merger | Dems wrangle over breaking up Big Tech at debate | Critics pounce as Facebook's Libra stumbles | Zuckerberg to be interviewed by Fox News | Twitter details rules for political figures' tweets MORE, chairwoman of the Congressional Oversight Panel; and Richard Hillman, managing director of the Financial Markets and Community Investment Team at the General Accountability Office. 

Questions could arise over a recent report by Barofsky that says the Obama administration’s push to speed up the closing of General Motors and Chrysler dealerships could have added to unemployment, costing tens of thousands of jobs.

“Such dramatic and accelerated dealership closings may not have been necessary and underscores the need for Treasury to tread very carefully when considering such decisions in the future,” Barofsky said in the report. 

The Treasury Department criticized the report’s findings — TARP provided $80.7 billion to the two automakers — arguing that the companies faced failure without aid from the federal government. 

Warren is being considered to head up the new consumer protection agency created under the Wall Street reform bill. Liberal groups support her for the job but bankers and Republicans argue she could be too tough on banks and could further restrict the availability of credit. 

Senate Banking Committee Chairman Chris Dodd (D-Conn.) on Monday questioned Warren’s ability to get through the confirmation process if she’s nominated. “The question is, is she confirmable?” Dodd said in response to a question on NPR’s “The Diane Rehm Show.” “There’s a serious question about it.”