***Please Note UPDATED Details Below***

WASHINGTON, D.C.—The Congressional Oversight Panel today announced additional details about the public hearing on regulatory reform of the financial sector that will be held TOMORROW, January 14th, 2009 in Washington, D.C. The Panel is in the process of preparing a special report on regulatory reform, and the hearing will provide an opportunity for the Panel members to seek information from a variety of experts on the regulation of the financial industry. The goal of the hearing will be to achieve a better understanding of current regulations and how the existing regulatory structure contributed to the ongoing financial and mortgage crises in order to determine what, if any, reforms are needed.

The Panel will hear testimony from experts representing a wide variety of backgrounds, areas of expertise, and political affiliations.

The following witnesses are expected to testify at the hearing:

• Joseph E. Stiglitz, Ph.D., Nobel Laureate and University Professor at Columbia Business School
• Robert Schiller, Economist at Yale University
• Gene L. Dodaro, Acting Comptroller General of the United States, Government Accountability Office
• Joel Seligman, President of the University of Rochester
• Peter J. Wallison, Fellow at the American Enterprise Institute
• Marc Summerlin, Managing Director and Co-Founder at the Lindsey Group
• Sarah Bloom Raskin, Commissioner of the Maryland Office of Financial Regulation

The Panel is required by law to produce a special report for Congress on regulatory reform “analyzing the current state of the regulatory system and its effectiveness at overseeing the participants in the financial system and protecting consumers, and providing recommendations for improvement.” The statute specifically mandates that the Panel examine whether “participants in the financial markets that are currently outside the regulatory system should become subject to the regulatory system…and whether there are any gaps in existing consumer protections.”

In addition to the hearing, the Panel is encouraging all Americans to pose their own questions, make their own suggestions, and share their personal stories through its website at COP.Senate.gov.

The Congressional Oversight Panel was created to oversee the expenditure of Troubled Asset Relief Program (TARP) funds authorized by Congress in the Emergency Economic Stabilization Act of 2008 (EESA) and to provide recommendations on regulatory reform. The Panel members are: Congressman Jeb Hensarling (R-TX), Richard H. Neiman, Superintendent of Banks for the State of New York, Damon Silvers, Associate General Counsel of the AFL-CIO, former US Senator John E. Sununu (R-NH), and Elizabeth Warren, Leo Gottlieb Professor of Law at Harvard Law School.

Event Details

Who	Members of the TARP Congressional Oversight Panel
What	Congressional Oversight Panel Hearing on Regulatory Reform
When	Wednesday, January 14, 2009 9:00 am
Where	Russell Senate Office Building, Room 253 Washington, D.C.