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Angry Congress lashes out at Obama Posted on 11/20/2009
Growing discontent over the economy and frustration with efforts to speed its recovery boiled over Thursday on Capitol Hill.
A wave of criticism and outright anger directed at the Obama administration has come from both Republicans and Democrats .
Lawmakers have been flooded with stories of unemployment and economic hardship back home.
Congressional Black Caucus Blocks Financial Reform President Obama's allies in the Congressional Black Caucus are frustrated by the administration's handling of the economy.
They unexpectedly blocked one his top priorities, using a legislative maneuver to postpone the approval of financial reform legislation by a key House committee.
Rep. Frank Comments Rep. Barney Frank, D-MA, told a shocked committee room that passage of the financial reform bill would be delayed until Dec. 1 because the Congressional Black Caucus wanted the administration to do more to help African American communities suffering in the economic decline.
Frank told committee members that black lawmakers were "frustrated by the response to the economic situation by the administration."
He said the caucus had no issues with the legislation itself.
Rep. Frank said, "They want obviously to continue to have some bargaining power with the administration."
Rep. Waters Comments The caucus itself did not publicly detail its concerns Thursday, but Rep. Maxine Waters, D-CA, said, "The recession has created a unique systemic risk that threatens all parts of the African-American community, including the poor and the middle class."
Treasury Bailout Concerns Rep. Frank said the caucus had concerns about whether minorities were being fairly represented in helping carry out Treasury's bailout programs and other federal efforts to resolve the financial crisis.
The government has contracted out much of the work to Wall Street firms.
Need for New Jobs Congressional aides said the caucus's concerns are similar to those of the Democratic Party's liberal wing.
Caucus members are pushing for legislation that would directly lead to new jobs by providing tax benefits, for example, that would provide incentives for home renovations and funding for new infrastructure projects.
They also want to extend health-care and unemployment benefits.
Republican Attacks At a session of the Joint Economic Committee, Republicans elevated their attacks on Treasury Secretary Timothy Geithner, including a call for his resignation.
Rep. Brady Comments Rep. Kevin Brady, R-TX, said, "Conservatives agree that as point person, you failed. Liberals are growing in that consensus as well."
Brady told Secretary Geithner, "For the sake of our jobs, will you step down from your post?"
Rep. Burgess Comments Rep. Michael Burgess, R-TX, took a different tack.
Burgess told Geithner, "I don't think that you should be fired. I thought you should have never been hired."
Sen. Schumer Comments Even Sen. Chuck Schumer, D-NY, suggested that Geithner had been inconsistent in addressing China's practice of keeping its currency low against the dollar.
Rep. DeFazio Comments Rep. Peter DeFazio, D-OR, said Wednesday night on MSNBC 'The Ed Show' that he thinks Geithner should step down, pointing to his handling of the aftermath of AIG's meltdown.
Senators Oppose Regulatory Reform Senators have signaled their opposition to rushing regulatory reform.
While some Democrats voiced reservations about parts of the bill, Republicans went further, faulting Sen. Chris Dodd, D-CT, for pushing ahead before the roots of the crisis were understood.
Rep. Paul Amendment Perhaps most troubling for the administration was an amendment by Rep. Ron Paul, R-TX, that would subject the Federal Reserve to unprecedented scrutiny.
The amendment won bipartisan support in the House Financial Services Committee, despite the reservations of administration officials.
The proposal would allow the Government Accountability Office to audit all of the Fed's operations, including its decisions on interest rates and its transactions with foreign central banks.
300 Members Support Proposal Rep. Paul and more than 300 members of Congress have endorsed the measure.
The plan looks to increase oversight of an institution they consider partly to blame for the financial crisis.
Criticism at Geithner Secretary Geithner took a beating on Capitol Hill as he urged Congress to pass regulatory reform as quickly as possible.
Lawmakers sharply criticized him for his role in the crisis during the tense Joint Economic Committee meeting.
They were particularly critical of his involvement in the decision, as president of the New York Fed, to bail out AIG.
Secretary Geithner Comments But Geithner responded, "To ensure the vitality, the strength and the stability of our economy going forward, we must bring our system of financial regulation into the 21st century. Nobody in my job should ever be in the position again of having to come into a crisis like this without those basic authorities."
