Special Inspector General for the Troubled Assest Relief Program Act of 2009
Floor Speech
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Ms. SPEIER. Thank you, Mr. Chairman, for your leadership.
I rise today in support of S. 383 to authorize the Special Inspector General to hire the essential staff needed to follow the money and provide accountability for the billions of dollars taxpayers have invested in financial institutions.
I must say, Madam Speaker, that this particular function is among the most critical in government today. Aggressive and competent oversight is absolutely necessary for any of these government programs to operate effectively.
Last year, when the House voted for the Emergency Economic Stabilization Act, I raised concerns about potential problems that could hamper TARP. Among them, conflicts of interest and a lack of transparency were the most serious. I was encouraged that leadership was committed to keep a close watch on taxpayer money. This bill honors that commitment.
Within weeks of the passage of the Stabilization Act I had an opportunity to speak with Gene Dodaro from the Government Accountability Office and Dr. Elizabeth Warren, Chair of the Congressional Oversight Panel. Their reports to Congress have been illuminating in what banks have and have not done with the TARP funds. And both of these individuals have stressed the need for competent and knowledgeable staff to provide proper oversight.
I first met Mr. Neal Barofsky, the Special Inspector General, at a hearing of the Oversight Investigation Subcommittee of the Financial Services Committee, and found his testimony and answers to questions to be frank and extremely well thought out.
Now, he may ruffle some feathers in this city that doesn't like having its feathers ruffled, but he is precisely the kind of person we need to do that job.
I was disappointed to hear that Mr. Barofsky lacked the staff he needed to oversee such a massive outlay of taxpayer money. This bill allows the Special Inspector General to hire 25 retired annuitants. These are people who are retired from Federal service but who have the know-how, who have the ability and who, frankly, will cost us less money because we are not paying for the retirement benefits. These employees are desperately needed, as the article in yesterday's Washington Post provided.
The SPEAKER pro tempore. The time of the gentlewoman has expired.
Mr. MOORE of Kansas. I yield an additional minute to the gentlewoman.
Ms. SPEIER. Madam Speaker, I have spoken with our subcommittee Chair, Mr. Moore, about the need to give similar hiring powers to Dr. Warren at the Congressional Oversight Panel, and soon will introduce legislation authorizing that.
We ask the American people to take a huge leap of faith with us when we pass the Emergency Economic Stabilization Act. It is imperative that we protect the taxpayers' investment by providing adequate staffing to conduct the vital oversight and accountability functions.
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