Congressman Frank and Senator Dodd: Stop Passing the Buck

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Thursday December 04, 2008 · 5:56 PM PST

2008/12/04 · 17:56

I apologize for the brevity of this diary but I have to rant. My head almost exploded when I read this article. Congressman Frank and Senator Dodd think that President-elect Obama has some special powers. Last time I checked, Frank and Dodd had more power and authority than President-elect Obama.

As Chairman of the House Financial Services Committee and Chairman the Senate Banking Committee both could have and should do more to provide leadership and oversight during this economic crisis. Congressman/Chairman Frank said:

"At a time of great crisis with mortgage foreclosures and autos, he [President-elect Obama] says we only have one president at a time. I'm afraid that overstates the number of presidents we have. He's got to remedy that situation."

And how do you propose President-elect Obama do that Congressman/Chairman? Would you like him to hold a hearing? Would like for him to use the non-existent "Bully Pulpit"?

Senator/Chairman Dodd said:

"The Obama team has to step up. In the minds of the people, this is the Obama administration. I don't think we can wait until January 20."

President-elect Obama is not a senator anymore, Chairman Dodd. President Bush and Secretary Paulson have free reign over $350 billion of TARP money. What are you going to do about that Senator/Chairman Dodd?

Dodd and Frank had an opportunity to do something. They could have held true committee hearings regarding the Wall Street Bailout Act. They could have demanded transparency in the process.

Now that Secretary Paulson has given $150 billion to financial institutions with no strings attached on your watch - you both are crying about how President-elect Obama needs to be more "hands-on". How about this - do your job and provide the necessary oversight. Demand that Secretary Paulson answer for the lack of internal controls. Demand that the financial institutions that received the TARP money explain what they are doing with the money. Oh, I forgot congress is not in session.

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