WASHINGTON /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi and Senate Majority Leader Harry Reid announced today the appointment of three members to the Congressional Oversight Panel, which will review and report to Congress on the current state of the financial markets and the regulatory system.
The panel is required to submit monthly reports to Congress on the use of the Treasury Secretary's authority under the Emergency Economic Stabilization Act, the impact of the government's asset purchases on financial markets, the effect of transactions' disclosure on market transparency, and the effectiveness of the program on mitigating foreclosures and maximizing taxpayer benefits. The oversight panel will deliver a report to Congress by January 20, 2009, analyzing the effectiveness of the current regulatory structure in overseeing the financial system and protecting consumers, and providing recommendations on improved regulation for market participants that fall outside of the current regulatory structure.
Speaker Pelosi appointed Richard H. Neiman, Superintendent of Banks in New York, and Majority Leader Reid appointed Elizabeth Warren of HarvardLawSchool. Pelosi and Reid jointly appointed Damon Silvers, AFL-CIO Associate General Counsel.
"The members of the Congressional Oversight Panel will provide independent and ongoing oversight to ensure that the recovery program is managed with full transparency and strict accountability," Speaker Pelosi said. "It is critical that taxpayers are protected as efforts continue to stabilize the financial markets and restore confidence, and the work of the oversight panel will further that goal. Richard Neiman, Elizabeth Warren, and Damon Silvers bring a wealth of knowledge and experience to the panel and will serve with distinction."
"I am very pleased with the breadth of experience our Democratic selections will bring to the Congressional Oversight Board," Reid said. "With their leadership, the Board will provide critical assistance to Congress in its work to improve the economy."
Richard Neiman was appointed to serve as New York State's Superintendent of Banks in March 2007. Prior to his appointment, Neiman was president and chief executive officer of TD Bank USA, N.A. He also serves on the board of the Conference of State Bank Supervisors and chairs Governor Paterson's taskforce, Halt Abusive Lending Transactions, to address the housing and foreclosure crisis.
Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard University, where her research areas include bankruptcy and commercial law and financially distressed companies. She serves on the FDIC's Advisory Committee on Economic Inclusion and previously served as vice president of the American Law Institute and as an advisor to the National Bankruptcy Review Commission.
Damon Silvers has served as Associate General Counsel at the AFL-CIO since September 1997, where he has represented the labor movement before the Securities and Exchange Commission. He also chairs the Subcommittee on Concentration and Competition in the Treasury Department's Advisory Committee on the Auditing Profession and serves on the Treasury Department's Investor's Practice Committee of the Presidents' Working Group on Financial Markets.
The panel will also include one member appointed by the House Minority Leader and one member appointed by the Senate Minority Leader.