Congressman Al Green Has First Financial Services Oversight and Investigations Subcommittee Hearing as Ranking Member

(Washington, DC)—On March 14, 2013, Congressman Al Green participated in his first Financial Services Oversight and Investigations Subcommittee hearing as Ranking Member.  The hearing was entitled “Who is Too Big to Fail? The Government Accountability Office's (GAO) Assessment of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR).”

“I want to assure all that I take this opportunity seriously. I want to let those who are consumers know that I understand that consumers have rights, and those who are in the financial services community know that I understand their community has needs,” Congressman Al Green said.  “It is this subcommittee’s responsibility as well as its duty to balance those needs and rights: The rights of consumers and the needs of those in the financial services community. I am honored to have this opportunity to do so.”

The Oversight and Investigations Subcommittee examined the GAO’s recommendations, on rule-making, transparency, and efficiency, for the FSOC and OFR. Three witness testified in front of the subcommittee: Nicole Clowers, Director of Financial Markets and Community Investment, Government Accountability Office; Richard Berner, Director of the Office of Financial Research, U.S. Department of the Treasury; and Amias M. Gerety, Secretary for the Financial Stability Oversight Council, U.S. Department of the Treasury. Through the testimony of the witnesses and the answers they gave in response to questions from the Members of Congress present, the subcommittee sought to determine how best to proceed based on the GAO’s recommendations.

“I don’t find anything in the Government Accountability Report that is exceedingly detrimental. The truth is that they have made some recommendations that we need to take seriously,” Congressman Al Green said. “I look forward to working with the two entities and with other members of this committee to make sure we find a good way to move forward with institutions that are dearly needed for the benefit of consumers and financial entities.”