McHenry takes chair of subcommittee overseeing bank bailouts
U.S. Rep. Patrick McHenry will take over as chairman of the congressional oversight subcommittee overseeing bank bailouts, a role in which he pledges to probe the Obama administration.
McHenry, a Cherryville Republican, will become chairman of the Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs. It will be part of the House Oversight and Government Reform Committee.
“Over the past three years, our government has committed trillions of taxpayer dollars to bail out private institutions without proper oversight. Fannie Mae and Freddie Mac are at the core of this economic crisis, yet continue to have access to the taxpayers’ pocketbook,” said McHenry in a statement.
“This administration has taken unprecedented action in the financial and capital markets – now it’s time we hold them accountable. I look forward to leading this committee’s charge to bring transparency, openness, and solutions for the challenges facing our financial system.”
The incoming committee chairman, U.S. Rep. Darrell Issa of California, said McHenry will lead the committee’s relationship with the financial industry and make sure that government and private enterprises are held accountable with taxpayer dollars.
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