N.C. lawmakers weigh in on financial crisis

CHARLOTTE, N.C. -- The men behind the federal financial system bailout -- Secretary of the Treasury Henry Paulson and Federal Reserve Chairman Ben Bernanke -- will sell this idea to Congress in hearings this week.

Paulson will go to the Senate Banking Committee Tuesday. Sen. Elizabeth Dole (R-N.C._ is a member and just last week she called for a hearing on the crisis.

"In the past two weeks, the Federal Reserve and the Treasury Department have spent at least $300 billion taxpayer dollars to bail out or loan money to private enterprises, and the American people deserve to know that their hard earned money is being spent wisely, effectively and only out of absolute necessity," said Dole in a press release posted on her Web site before the announcement of this latest bailout.

U.S. Rep. Patrick McHenry (R-10th District) sits on the U.S. House's version of that committee -- the Financial Services committee. That hearing is Wednesday and McHenry will go back to Washington for it.

"I understand Secretary Paulson and Chairman Bernanke believe their plan is absolutely necessary to stabilize our financial markets," McHenry told NewsChannel 36. "Ultimately, my responsibility is to the American taxpayer, who will be the underwriter of this dramatic proposal. On Wednesday morning, Secretary Paulson and Chairman Bernanke are scheduled to testify in front of the House Financial Services Committee, of which I am a member. I hope to hear in much greater detail the specifics of their proposal, and I look forward to the opportunity to question them on my concerns.”

U.S. Rep. Mel Watt (D-12th District) is also on the House Financial Services Committee and also on his way back to Washington.

The president wants Congress to vote quickly on this bailout and to give the Treasury complete control.

Most analysts say that's not likely. Many lawmakers, including both presidential candidates, are calling for more oversight.

Sen. Dole also released the following statement in response to the proposal:

"I remain skeptical of this proposal. This is an absolutely staggering sum of money, and I have very serious concerns that this 'rescue plan' could leave taxpayers footing the bill for Wall Street's irresponsible decisions. I'm just as frustrated about this situation as the many North Carolinians I'm hearing from, and remain committed to protecting the best interest of the taxpayer as negotiations move forward on this legislative package."