Press Release

McHenry Named Chairman of Oversight Subcommittee on Bailouts, Financial Services

Washington, D.C., December 20, 2010 | Michael Babyak (202.225.2576)
Last Friday, House Oversight and Government Reform Committee incoming Chairman Darrell Issa (R-CA) named Congressman Patrick McHenry (NC-10) the Chairman of the Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs.
Last Friday, House Oversight and Government Reform Committee incoming Chairman Darrell Issa (R-CA) named Congressman Patrick McHenry (NC-10) the Chairman of the Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs.

“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.  “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.”

“Patrick will be at the heart of our Committee’s effort to make the federal bureaucracy more accountable for how it spends the American people’s money,” Issa said.  “On this Subcommittee, Patrick will be able to champion the American people’s right to know – fighting for more transparency and more answers on what led to this financial meltdown and how we can avoid a similar collapse in the future.  He will help lead this Committee’s interface with the financial services industry and ensure that both government and private enterprises are held accountable for how they spend taxpayer dollars.”
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