House oversite subcom. to look at TARP fund use


U.S. Rep. Bob Etheridge (D-Lillington) and the Subcommittee on Oversight of the House Ways and Means Committee will hold a hearing on Thursday, March 19, 2009 at 10:00 a.m. to examine the use of federal funds for the Troubled Asset Relief Program.

Etheridge is the only N.C. member of the Ways and Means Committee.

Executive compensation and bonuses at firms receiving federal aid will be among the topics discussed at the hearing. Etheridge sent a letter to Treasury Secretary Geithner Tuesday asking him to intervene to halt $168 million in bonuses that American International Group plans to award to its top employees. AIG has received $170 billion The company plans to award the bonuses claiming they are contractually bound to do so, even though Congress has passed legislation to limit executive pay for firms receiving financial aid. Etheridge is also working on the Ways and Means Committee to develop a legislative solution.

The TARP was intended to restore liquidity and stability to the financial system of the United States. Neil Barofsky, the Special Inspector General for TARP, and Gene Dodaro, the Comptroller General of the United States, will testify.