I do agree that we are caught on the horns of a dilemma, and that you can advocate for this program and condemn the act that happened. So I do not fault the gentleman for that. We have been hurt in our oversight. I do not question the gentleman's motives. I do not question that. That is not for me to do, or to question the effectiveness of the program.
Discussing oversight and program effectiveness in a legislative context.
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More from Spencer Bachus
Again, I thank the chairmen, the ranking members, and their staff for putting this together. The resolution process for financial institutions is one of the pieces of unfinished business from the 2008 financial crisis, and we will finish…
However, my continued concern is that the program threatens to dry up legitimate sources of credit and financing.
Those left on the short end can often be the people who have the greatest difficulty in getting any credit at all.
The program also can deny legitimate merchants access to financial networks they need to survive.
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