Greenspan To Testify Before House Committee

By Patrick O'Connor

(The Politico)  Former Federal Reserve Chairman Alan Greenspan will testify before the House Oversight and Government Reform Committee later this month about the role federal regulators played in allowing the credit crisis to blossom.

With a congressional rescue package for the financial markets still pending in the House, Oversight Chairman Henry Waxman (D-Calif.) announced the schedule on Thursday for three additional hearings this month about the financial meltdown - he had already scheduled hearings on the bankruptcy of Lehman Brothers and the administration's decision to invest $85 billion financial tital AIG.

The additional hearings will look into the role federal regulators played in the credit crisis, the regulation of hedge funds and their role creating a bubble in the financial markets and the failure of credit ratings to appraise a flood of bad debt that now clogs the economy.

“This financial crisis has shaken the global economy," Waxman said. "Congress cannot wait until a new administration arrives in January to examine what went wrong and who should be held accountable.”

Former Treasury Secretary John Snow and current SEC Chairman Chris Cox will appear with Greenspan at a hearing on Oct. 23. The full schedule is posted after the jump.
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