April 02, 2008


WASHINGTON, DC -- Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced the list of confirmed witnesses for Thursday's hearing on the response by federal financial regulators to ongoing turmoil in U.S. credit and mortgage markets and the near collapse of Bear Stearns. The following individuals have accepted the invitation to appear and testify before the Committee, the first Congressional examination of the recent steps taken by federal financial regulators to address recent market volatility, including to prevent the collapse of America's fifth largest investment bank, Bear Stearns. Testifying on the first panel will be: Ben Bernanke, Chairman of the Federal Reserve Board Chairman; Chris Cox, Chairman, Securities and Exchange Commission; Robert Steel, Undersecretary, Department of Treasury; and Timothy Geithner, President, New York Federal Reserve Bank. The witnesses on the second panel include Alan Schwartz, CEO of Bear Stearns, and James Dimon, CEO of JPMorgan Chase. "This hearing represents the first opportunity for the public and private principals involved in the rescue of Bear Stearns to come before Congress and explain to the American people the series of events which led to the unprecedented, historic action taken by the Federal Reserve; the rationale guiding those decisions; and the impact and implications of those actions on our financial markets, on American taxpayers, and on the future of financial regulation," said Dodd. "I am eager to hear the testimony of our witnesses, and expect a full, thorough airing of the relevant facts and information. When $30 billion of taxpayer money is placed at risk, it is our paramount responsibility to ensure that these actions were necessary and judicious. This hearing represents a critical first step toward that objective and the Committee's ongoing efforts to ensure the safe and sound operation of our financial markets." WHERE: DIRKSEN SENATE OFFICE BUILDING, ROOM SD-G50 WHEN: 10 A.M. TOMORROW, THURSDAY, APRIL 3RD