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New York Governor Says Include States in Bailout Oversight Panel

New York Governor David A. Paterson (D) sent a letter to congressional leaders in which he urges them to include state representation in a congressional...
November 4, 2008

New York Governor David A. Paterson (D) sent a letter to congressional leaders in which he urges them to include state representation in a congressional oversight panel charged with monitoring the implementation of a $700 billion rescue package. Section 125 of the Emergency Economic Stabilization Act (Pub. L. No. 110-343), enacted October 3 created a Congressional Oversight Panel to supervise the Treasury Department's implementation of EESA and its $700 billion Troubled Asset Relief Program. The law also charges the panel with producing a special report on regulatory reform of the U.S. financial system no later than January 20.

In the letter addressed to House Speaker Nancy Pelosi (D-Calif.), Senate Majority Leader Harry Reid (D-Nev.), Senate Minority Leader Mitch McConnell (R-Ky.), and House Minority Leader John Boehner (R-Ohio), Paterson said the oversight panel should include representation from the states because of the importance financial institutions have on state economies and the effect of housing foreclosures on states and their communities.