As a member of the House Financial Services Committee, I recently had the opportunity to question Elizabeth Warren, the Chair of the panel that was charged with oversight of the $700-billion Wall Street bailout operations. I was then, and remain today, concerned that this panel is not operating with full transparency. It seems to me that a panel that was commissioned with giving taxpayers insight into how their money is being spent on the Wall Street bailout should itself be a model of openness.
Today, I followed up with my questioning with a letter to Ms. Warren. The text of my letter is below for your review:
Ms. Elizabeth Warren
Chair, Congressional Oversight Panel (COP)
732 North Capitol St., NW
Rooms C-320 and C-617
Washington, DC 20401
Dear Ms. Warren,
I was disappointed to hear that for a third time, the Congressional Oversight Panel (Panel) has rejected a motion by Congressman Jeb Hensarling to improve the Panel’s transparency and accountability measures.
As you know, this motion would have required that within 20 days of each Panel meeting, both an official transcript and minutes be made available to the public, including those conducted by telephone. The motion also included a confidentiality safeguard which stated that the Panel could refrain from making certain meetings public with a simple majority vote. In my view, this is more than reasonable and I urge the Panel to reconsider the motion.
The Panel’s main objective is to shed light on how the U.S. Treasury is spending the $700 billion of taxpayer money authorized under the Troubled Asset Relief Program (TARP). This is a serious responsibility. The public outrage against the TARP was, and still is, undeniable, and the taxpayers footing the bill for this program deserve to have access to all the oversight resources available. I’m very concerned about the signal the Panel has sent to the American people and Members of Congress by rejecting this transparency motion. In fact, I find it ironic that a panel created to provide oversight is rejecting oversight of its own operations. Your rejection of these very reasonable accountability measures seems contrary to your very mission.
Additionally, I’m concerned that the Panel’s oversight of the TARP is not sufficient. The Panel’s website clearly shows that it has only held on average one public hearing per month since December 2008. Until last Monday, the Panel had held no public hearings with the largest TARP recipients and has yet to question the largest financial institutions about their administration of TARP funds. And, only one hearing over the past 8 months included Treasury Secretary Tim Geithner – the main administrator of the TARP. How can the Panel achieve its oversight mission given this schedule?
There also seems to be a level of secrecy surrounding the basic functions of the Panel. As you made clear at the House Financial Services Subcommittee on Oversight and Investigations hearing on July 22, 2009, the Panel has no specified budget for its operations. And when I request two fundamental pieces of information, a public phone number and official transcripts of the Panel’s meetings, you responded with some confusion and stated, “We don't have official transcripts… We have typing that comes back from someone who listened to our tapes, who is not part of our panel, not part of this process, and no one has verified the accuracy of any part of it.” Your responses make a strong case that Congressman Hensarling’s transparency motion is critical to improving the Panel’s accountability.
For a Panel tasked with examining the transparency and effectiveness of the TARP, I am concerned that the Panel’s own operations are lacking in this very area. On behalf of the taxpayers that I represent, the Minnesotans who are footing the bill for the TARP, I would appreciate a written explanation as to why you voted against Congressman Hensarling’s motion for greater transparency. They deserve to know what is happening with their money.
I look forward to working together to strengthen the oversight of the TARP and ensure that the Panel’s activities are open and accessible to citizens across our nation. I appreciate your consideration of these concerns and look forward to hearing from you. Please do not hesitate to contact me should you have any questions.
Sincerely,
Michele Bachmann
Member of Congress
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