All Weekend, Every Weekend. On C-SPAN3.

Top Financial Chiefs Testify on Europe’s Debt Crisis

Washington, DC
Wednesday, March 21, 2012

Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke went before the House Oversight and Government Reform Committee Wednesday to discuss lessons learned from Europe’s sovereign debt crisis.

Chairman Ben Bernanke said the European debt crisis still poses risks to the U.S. economy, but recent stress tests on major U.S. banks shows that many would be able to survive an economic downturn.

Secretary Geithner responsed to questions about the U.S. housing market and hinted at the possibility of a deal that would allow principle reduction on mortgages backed by Fannie Mae and Freddie Mac.

The European Union has been struggling with a crisis over the huge debts faced by its weakest economies which were also the most battered by the global recession, a consequence of the global financial crisis 2008. 

Since the crisis, the Federal Reserve has assisted foreign counterparts by provide monetary support. In November, the Fed and it's worldwide counterparts announced a cut in the interest rate premium charged to over seas banks which borrow in dollars.  The monetary policy targeted struggling European banks.

In a Senate hearing earlier this year, leading economists also testified on the European debt crisis and the outlook for the eurozone. They said that the U.S. should treat the crisis as a wake-up call and urged lawmakers to bring down debt and spending to sustainable levels.

Updated: Wednesday, March 21, 2012 at 1:47pm (ET)

Related Events

Senate Budget Cmte. to Mark Up Budget for Fiscal Year 2014
Wednesday, March 13, 2013     

Senate Budget Chairwoman Patty Murray (D-WA) released her 2014 budget resolution for mark up Wednesday. It included significant tax increases on top of the $620 billion tax hike from the fiscal cliff deal.

House Budget Chairman Releases Budget Proposal
Tuesday, March 12, 2013     

House Budget Cmte. Chairman Rep. Paul Ryan (R-WI) and other GOP members on the budget committee release their proposal for a FY2014 budget. Rep. Ryan says his proposal will balance the budget in ten years and his calculations are based on repealing the Obama health care act.

Transportation Department Officials Address APTA Conference
Monday, March 11, 2013     

High ranking Transportation Department officials joined the American Public Transportation Association's annual legislative conference.  The day-long event addressed the need for funding and policies that support U.S. public transportation and rail systems.

Committee Holds Hearing On Government Waste
Tuesday, March 5, 2013     

Rep. Darrel Issa (R-CA) chaired a House Oversight Committee hearing on spending practices in the Departments of Education and Transportation.

Military Commanders Discuss the FY2014 Defense Funding Request
Tuesday, March 5, 2013     

Senator Carl Levin (D-MI) chaired a hearing of the Armed Services Committee on the defense authorization request for FY2014.

President Obama Holds News Briefing on Sequestration
Friday, March 1, 2013     

Following a meeting with Congressional leaders, President Obama holds a news briefing at the White House.

Education, HHS Secretaries Visit Maryland Elementary School
Friday, March 1, 2013     

Secretaries Arne Duncan and Kathleen Sebelius visit an elementary school in suburban Washington, D.C., to discuss head start programs and student health clinics.

House Armed Services Cmte. Holds News Conference
Friday, March 1, 2013     

Chairman Buck McKeon (R-CA) and the Subcommittee Chairmen from the House Armed Services Committee hold a morning news conference to talk about the sequester and defense spending cuts.

Joint Economic Committee Holds Hearing on Economy
Thursday, February 28, 2013     

The Joint Economic Committee meets to discuss the state of the U.S. economy and hears testimony from two former Chairs of the Council of Economic Advisers, Michael Boskin and Austan Goolsbee.

Finance Cmte. Looks at Economy; Approves Jacob Lew as Treasury Secretary
Tuesday, February 26, 2013     

The Senate Finance Committee voted 19-5 to approve Jack Lew’s nomination to be Treasury Secretary Tuesday, setting up a Senate floor vote in the next few days. Sen. Charles Grassley (R-IA)  was among the five Republicans Senators who opposed the president’s nominee, citing Mr. Lew’s years at Citigroup as the reason.

Share This Event Via Social Media

Related Resources

Photo Gallery

Book TV (late 2012)
Questions? Comments? Email us at AmericanHistoryTV@c-span.org