Eight top executives in the financial world will gather on Capitol Hill on Wednesday to discuss the way they used the funds given to them through the government’s Troubled Asset Relief Program, a source tells FOX Business. The CEOs are also expected to shed light on how they plan to reimburse taxpayers.
The hearing, arranged by the House Committee on Financial Services, responds to a letter signed by Rep. John Boehner (R.-Ohio), Rep. Spencer Bachus (R-Ala.) and 81 other Republicans demanding more information about the distribution and usage of the government’s bailout funds.
The eight CEOs asked to testify include:
1. Ken Lewis, chairman, CEO and president of Bank of America (BAC)
2. Jamie Dimon, chairman, CEO and president of JPMorgan Chase (JPM)
3. Vikram Pandit, CEO of Citigroup (C)
4. John Mack, chairman and CEO of Morgan Stanley (MS)
5. Lloyd Blankfein, chairman and CEO of Goldman Sachs (GS)
6. John Stumpf, president and CEO of Wells Fargo (WFC)
7. Ronald Logue, chairman and CEO of State Street Bank (STT)
8. Robert Kelly, chairman and CEO of Bank of New York (BK)
Merrill Lynch will not participate in the panel due to its purchase by Bank of America.
The TARP hearing is slated to occur just a day after the Committee examines the Federal Reserve's actions to bolster the credit markets. Federal Reserve Chairman Ben Bernanke is set to testify at the one-panel hearing.
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