Pat McHenry

So if there is excessive compensation, all taxpayers are subsidizing it.

I appreciate you saying it is a great success. I appreciate you upping the ante.

Now, the fact is the taxpayer, at current accounting, is going to lose about $70 billion on TARP.

Whatever we do to resolve the problems at FHA must be done with a mindful eye on how it could affect middle-class homeowners.

But the important thing is that people have the essential information.

Can you get to a one-page mortgage disclosure and can you simplify the regs that you have put out?

Structural issues remain regarding the CFPB, but I certainly appreciate your willingness to submit to congressional oversight.

We are more worried about embarrassing agencies than we are about the public safety and issues of that nature.

Thank you, Mr. Chairman.

The confusing and complex nature of the tax code. And that is frustrating as it now stands, as it now stands.

I certainly appreciate it, and I hope that the commissioner hears this, as well, and that you have some compliance on behalf of taxpayers, the IRS actually has some compliance.

Look, Americans know that the tax code is complex. That is obvious to even those that don't pay taxes.

Do you have any plans, like a Bretton Woods-style large action by the world to take on this issue?

I understand you took great offense to that, but simply saying, this is a quote from Mr. Gold, the Teamsters Director of Strategic Research and Campaigns: 'We are not at liberty to discuss any details, but we approached Harry, Mr. Harry…

I thank you for bringing this subject matter up and I will be happy to look at this issue.

I recognize that I was not on that exchange. I am not familiar with the subject matter you are bringing up.

This is something major for our Nation and I think we need to have an accurate portrayal of what actually happened and why you made the decisions that you made.

It will be a very, very dangerous precedent if former Treasury officials or other government officials who worked on TARP matters and then leave refuse to be interviewed by SIGTARP.

Frankly, I think we made the right decision, and we are going to discuss that later, about the bailout, because I thought the industry mattered.

I will be happy to look at the letter that you have presented this morning.

Thousands of retirees lost their pensions, many of which are in my community in Dayton, Ohio, as a result of the Administration's decisions during the auto bailout.

You are here today because you know we do. You didn't come here because you believed you wanted to share information with Congress; you were brought here because of your refusal to share the information that the American public is entitled…

The openness that this Administration promised needs to be enforced.

We exist to secure two fundamental principles: first, Americans have a right to know that the money Washington takes from them is well spent and, second, Americans deserve an efficient, effective government that works for them.

The Committee will come to order.