I am not concerned about what the Chinese, the Brazilians, or the Europeans think about our monetary policy.

It is my hope that the $600 billion QE2 will promote lending and stimulate growth.

I believe the government has a role to play in encouraging homeownership, but this laudable goal has led to interference in the market, and now the taxpayers are writing checks to the tune of hundreds of billions of dollars.

There is no question that Fannie Mae and Freddie Mac must be weaned off the government in a responsible way that protects our economy but gets the American taxpayer out of the bailout business.

The path forward will not be easy, but we were sent to Congress to fix the system and to fight for the taxpayers.

The United States Government went from being a facilitator to now backing over 90 percent of all the loans in the United States.

The system must be reformed, the system must be stabilized, American families protected, and the government be relegated back to its proper role.

I am thankful that the President, along with our congressional leadership and in coordination with the Federal Reserve, acted courageously to prevent a second Great Depression and to preserve the American middle class.

It is entirely fitting and appropriate that at our first hearing we discuss job creation and economic recovery, and I appreciate the chairman's leadership on these issues.