Friday, September 23, 2016

Garrett Blasts Treasury Secretary Jack Lew Over the Different set of rules for Government Officials for lavish Wall Street Pay Packages

September 23,2016

the staff of the Ridgewood blog

Ridgewood NJ, Rep. Scott Garrett, (NJ-05) Chairman of the subcommittee on Capital Markets and Government-Sponsored Enterprises,  delivered the following opening remarks at Financial Services Committee hearing entitled, “The Annual Report of the Financial Stability Oversight Council” featuring Treasury Secretary Jack Lew:

Congressman Scott Garrett’s opening remarks as prepared for delivery:

Mr. Secretary, it’s great to see you again.  I understand you were a tough man to nail down to testify today – I guess I would be too if my job was defending FSOC

So we’re starting to get to that point in this Administration’s tenure where people inevitably start to talk about the “legacy” it will leave behind

Unfortunately, when it comes to FSOC, the Obama Administration’s legacy will be remembered as one of secrecy, obfuscation, and a continued refusal to answer questions or provide transparency to either Congress or the American public

Thankfully, it’s not just us in the legislative branch that have taken notice

The recent court decision invalidating the designation of MetLife is a reminder to all of us we live in a system governed by the rule of law and not the rule of bureaucrats. 

I hope the Treasury Secretary understands this as well, and I look forward to his answers before our Committee today.

Rep. Scott Garrett had a lively interaction with Treasury Secretary Jack Lew at yesterday's Financial Services Committee oversight hearing. Garrett addressed Lew's scandal ridden record at Citibank directly causing the layoff of over 50,000 employees requiring a taxpayer bailout.

When the dust settled, we learned that as usual there are a different set of rules and standards for high-ranking government officials--like Secretary Lew--when it comes to lavish Wall Street pay packages.

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