Patrick McHenry Named Chairman of Oversight Subcommittee on Bailouts, Financial Services

Washington, D.C., Dec 20 - 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.” ###

Contact: Michael Babyak 202.225.2576

TEXT CREDIT: Congressman Patrick McHenry WASHINGTON, D.C. OFFICE 224 Cannon House Office Building Washington, D.C. 20515 Telephone: 202.225.2576 Fax: 202.225.0316

IMAGE CREDIT: This United States Congress image is in the public domain. This may be because it is an official Congressional portrait, because it was taken by an official employee of the Congress, or because it has been released into the public domain and posted on the official websites of a member of Congress. As a work of the U.S. federal government, the image is in the public domain.