*  *  *  Chairman Frank, Ranking Member Bachus, and other members of the Committee, I appreciate having this opportunity to review some of the activities to date of the Treasury's Troubled Asset Relief Program, or TARP, and to discuss recent steps taken by the Federal Reserve and other agencies to support the normalization of credit markets.
The legislation that created the TARP put in place a Financial Stability Oversight Board to review the actions of the Treasury in administering the program.