Political Quotes

“Let me introduce into the Record a letter that 16 Republicans, including myself and Scott Garrett, sent to Chairman Frank asking for hearings on the Bear Stearns matter and his response in which he said that he had much greater confidence in the decision to fund the bailout of the counterparties of Bear Stearns. So the chairman at that time expressed his support, and we expressed our concern. So now he seems to have changed his opinion and is criticizing the administration for something he defended in these letters. We will be having hearings on this matter, on Bear Stearns I can assure you, because our side is concerned about that bailout. Congress of the United States, House of Representatives, Washington, DC, April 7, 2008. Hon. Barney Frank, Chairman, Committee on Financial Services, Rayburn House Office Building, Washington, DC. Dear Chairman Frank: We are writing to respectfully request you hold a hearing of the full Financial Services Committee regarding the recent collapse of the investment bank Bear Stearns and the subsequent actions taken by the Federal Reserve to facilitate Bear Stearns' sale to J.P. Morgan Chase. These steps have had an immediate impact on the financial markets and are also expected to have a long-term effect on our financial regulatory structure. For the first time since the Great Depression, the Fed voted to open its discount window to primary dealers.…”