COP - Congressional Oversight Panel - People

  • The panel consisted of five outside experts appointed as follows:
  1. Richard H. Neiman (43rd Superintendent of Banks of New York,) -  chosen by the Speaker of the House (Nancy Pelosi (D-CA) selected Richard H. Neiman on November 14, 2008)
  2. Jeb Hensarling (R-TX) - chosen by the minority leader of the House (John Boehner (R-OH) appointed Jeb Hensarling on November 19, 2008)
    • December 8, 2009 - Jeb Hensarling stepped down, replaced by Mark McWatters
    • 2.2 - Mark McWatters, a Dallas lawyer and certified public accountant who has served as an advisor to Hensarling
  3. Elizabeth Warren (D-MA) - chosen by the majority leader of the Senate (Harry Reid (D-NV) appointed Elizabeth Warren on November 14, 2008)
    • October 1, 2010, Senator Ted Kaufman of Delaware was appointed by Majority Leader Reid to replace Warren on the panel,
    • 3.2 - Ted Kaufman (D-DE)
  4. John E. Sununu -(R-NH) - chosen by the minority leader of the Senate (Mitch McConnell appointed John E. Sununu on December 17, 2008 after his original choice Judd Gregg had "stepped aside" December 1).
    • August 21 2009 - Senate Minority Leader Mitch McConnell (R-KY) appointed Paul S. Atkins
    • 4.2 - Paul Atkins - former Securities and Exchange Commissioner
  5. Damon Silvers (policy director for the AFL-CIO) - chosen by the Speaker of the House (Nancy Pelosi (D-CA) and the majority leader of the Senate (Harry Reid (D-NV), following consultation with the minority leaders of Congress (Damon Silvers) was appointed on November 14)
  • Damon Silvers - 2010 0526 - COP - TARP and Other Government Assistance for AIG - [PDF-241p,
    • (p218) - Mr. SILVERS. Is it not the case that in the week of September 15, 2008, that the cash calls that the company could not meet were in two lines of business and two lines of business only.
      • And but for those cash calls, none of this would have been necessary?
      • And those two lines of business were, and it depends on what— you know you can believe or not—you can argue I guess with the state insurance regulators, they certainly were the swaps business and they may have been the securities lending business.
      •   And but for those two enterprises, none of this would have occurred? Is that not so?
    • Mr. MILLSTEIN. That is not so. So let me——
    • Mr. SILVERS. Are you seriously asserting that if you wipe those two pieces of business off the books, that AIG was nonetheless insolvent?
    • Mr. MILLSTEIN. Let me——
    • Mr. SILVERS. And are you accusing the New York State Insurance Commissioner of lying to this panel?
  • Jim Millstein, Chief Restructuring Officer, U.S. Department of the Treasury
  • 2009 0114 - COP - Hearing - Modenizing America's Financial Regulatory Structure - [PDF-180p,
    • (p46) - Senator Sununu.
      • On the issue of consumer safety, Mr. Hillman used the phrase ‘‘working to ensure that consumers are best protected’’ and talked a little bit about the Twin Peaks Model which separates this responsibility for consumer protection.
      • But that can create significant problems in that there are elements of consumer protection or consumer services that could and would have a direct effect on the safety and soundness of the institution.
      • It would be a mistake to have an agency or an organization responsible for those consumer protection initiatives without also having an obligation and a responsibility to think through exactly what the effect on this regulation would be on safety and soundness.