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Congressional Oversight Panel hearing with Treasury Secretary Timothy Geithner

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COP Hearing with Treasury Secretary Timothy Geithner, June 22, 2010

  • Testimony by Tim Geitner: “Our economy is still going through an incredibly difficult period. Millions of Americans are still looking for work and are suffering from the damage of a deep recession. The impact of this crisis will be lasting. But the actions the government took have helped stabilize the financial system and restore economic growth. Many of these actions were unpopular. However, they were essential. And they have put our economy in a much stronger position to confront the challenges that lie ahead. Financial policies have lowered borrowing costs for homeowners, consumers, businesses, and state and local governments. They have supported small and community banks that have expanded lending to small businesses during the recession. They continue to help responsible, but at-risk Americans hold onto their homes and to repair essential channels of new credit. TARP has been critical to this progress, and it has helped restore financial stability at a much lower cost than anticipated. We have already recovered more than half of total disbursements under the program. And TARP investments have generated $24 billion in additional revenue for
    taxpayers.”

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