Congressional Oversight Panel to Hear from Independent Experts about TARP's Effectiveness

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November 19, 2009

Congressional Oversight Panel to Hear from Independent Experts about TARP's Effectiveness

On Thursday, November 19, the Congressional Oversight Panel held a hearing entitled "Taking Stock: Independent Views on TARP's Effectiveness." The Panel will hear from several prominent economists, including CEPR Co-Director Dean Baker, about their perspectives on the performance to date of the Troubled Asset Relief Program (TARP).

The Panel heard from the following additional witnesses:

Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia Business School

Simon Johnson, Professor of Global Economics and Management, MIT Sloan School of Management, and Senior Fellow, Peterson Institute for International Economics

Alex Pollock, Resident Fellow, American Enterprise Institute

Mark Zandi, Chief Economist and Cofounder, Moody's Economy.com

Congress created the Congressional Oversight Panel to oversee the $700 billion Troubled Asset Relief Program. In carrying out its responsibilities under the Emergency Economic Stabilization Act of 2008, the Panel has published 12 monthly reports, two special reports, and held 13 hearings on a wide range of TARP and related financial stabilization initiatives.

This hearing attempted to provide a better understanding of the Administration's financial stabilization efforts, and it will inform the Panel's December report reviewing TARP's performance to date.