Austin Scott: “I think that what we have on each side of us here is a failure to communicate. Ms. Foxx, you continually point out that…”

“I think that what we have on each side of us here is a failure to communicate. Ms. Foxx, you continually point out that we don't have accountability. And, in the bill that we passed, the TARP bill we passed on yesterday, are clearly pointed out mechanisms in place for accountability, for transparency, quarterly reports on how the money is spent, and agreements on how the funds are spent. We have a requirement that, in spite of all that we have said, that we will have Federal observers in the boardrooms where the decisions are made on how the money is spent. How much more transparency, how much more accountability can we have? We didn't have this in the first section. We found out that it worked, as you know so well, with the AIG agreement. We have Federal observers there. We know how that is done. It keeps individuals honest. And on the three most important areas that there was failure on the first $350 billion, not a dime going to help foreclosures.”