Senate Committee on Banking, Housing and Urban Affairs Holds Hearing on U.S. Credit Markets
Tuesday, September 23, 2008; 2:38 PM
SPEAKERS: SEN. CHRISTOPHER J. DODD, D-CONN. CHAIRMAN SEN. TIM JOHNSON, D-S.D. SEN. JACK REED, D-R.I. SEN. CHARLES E. SCHUMER, D-N.Y. SEN. EVAN BAYH, D-IND. SEN. THOMAS R. CARPER, D-DEL. SEN. ROBERT MENENDEZ, D-N.J. SEN. DANIEL K. AKAKA, D-HAWAII SEN. SHERROD BROWN, D-OHIO SEN. BOB CASEY, D-PA. SEN. JON TESTER, D-MONT.
SEN. RICHARD C. SHELBY, R-ALA. RANKING MEMBER SEN. ROBERT F. BENNETT, R-UTAH SEN. WAYNE ALLARD, R-COLO. SEN. MICHAEL B. ENZI, R-WYO. SEN. CHUCK HAGEL, R-NEB. SEN. JIM BUNNING, R-KY. SEN. MICHAEL D. CRAPO, R-IDAHO SEN. ELIZABETH DOLE, R-N.C. SEN. MEL MARTINEZ, R-FLA. SEN. BOB CORKER, R-TENN.
WITNESSES: SECRETARY OF THE TREASURY HENRY M. PAULSON JR.
FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS CHAIRMAN BEN BERNANKE
SECURITIES AND EXCHANGE COMMISSION CHAIRMAN CHRISTOPHER COX
DIRECTOR OF THE FEDERAL HOUSING FINANCE AGENCY JAMES LOCKHART
[*] DODD: Good morning, all of you. I thank my colleagues, thank our witnesses, those who are in attendance. This morning the committee will come to order.
And this morning we meet for a hearing on the turmoil of U.S. credit markets, recent actions regarding government-sponsored entities, investment banks and other financial institutions.
We want to welcome our distinguished witnesses here this morning. We thank the secretary of the treasury, Hank Paulson, who's here; the Honorable Ben Bernanke, of course, the chairman of the Federal Reserve; Christopher Cox, chairman of the Securities and Exchange Commission; and Jim Lockhart, the director of the Federal Housing Finance Agency.
The way we're going to proceed this morning is I'll make a brief opening statement, turn to my colleague from Alabama, Senator Shelby, a former chairman of the committee, to make his opening remarks.
And given the magnitude of this issue and the seriousness of it, I'm going to ask if my colleagues would like to make any brief opening comments quickly, and then we'll get to our witnesses.
My goal would be that we terminate the hearing sometime around noon, if we can. We all recognize the gravity of the situation, the importance of these witnesses to be able to get back and do the work they're doing.