Primary Sources

PrintPrint EmailEmail ShareShare CiteCite


Report of the Congressional Oversight Panel for Economic Stabilization: Questions About the $700 Billion Emergency Economic Stabilization Funds

Published December 10, 2008

This is the first report by the Congressional Oversight Panel, chaired by Elizabeth Warren, that reports on the "Treasury Department's use of authority under the Emergency Economic Stabilization Act of 2008". The Panel, created as part of the Economic Act, is required to release a report every thirty days.

The report's introduction states,

"We are here to investigate, to analyze and to review the expenditure of taxpayer funds. But most importantly, we are here to ask the questions that we believe all Americans have a right to ask: who got the money, what have they done with it, how has it helped the country, and how has it helped ordinary people?

These questions, in greater detail, form the heart of this report.

This report, issued two weeks after the Oversight Panel’s first meeting, does not attempt
to answer the questions Congress and the American people have about the use of the
powers granted to Treasury under the Emergency Economic Stabilization Act of 2008.
Rather we seek to pose those questions clearly in the context of the events that have
occurred since the adoption of the Act in October. In doing so, we intend to set the
agenda for our future work and to advise the Congress as to the issues that it will need to
address in the next Administration."


More on This Topic

Foreign Affairs Article

What Caused the Crash?

Author: Athanasios Orphanides

Crises are an inevitable outgrowth of the modern capitalist economy. So argues Martin Wolf, chief economics commentator for the Financial...

Foreign Affairs Article

Can Economists Learn?

Author: Alan S. Blinder

A recent book of essays by top economists suggests that many of the lessons of the 2008 financial crisis were ones that should have been...


How the Fed Flubbed It

Author: Sebastian Mallaby
The Atlantic

CFR Senior Fellow Sebastian Mallaby reviews economic historian Barry Eichengreen's newest book Hall of Mirrors, which argues that history...