Congressional Second Graders Oct 22, 2009
Edolphus Towns (D-N.Y.), chairman of the House Oversight Committee, changed the locks on the committee s main chamber, a decision made without the Republican members of the committee. The Republicans were later informed that the Democrats would control access to the room by holding the only set of keys. (Human Events Online)
Towns Walks on Thin Caucus Ice Oct 22, 2009
Oversight and Government Reform Chairman Edolphus Towns (D-N.Y.) is facing heat from up and down the Democratic ladder after locking Republicans out of his committee room this week in an ongoing spat over a mortgage lending controversy. Towns move set off alarms in House Democratic leadership, with top staffers voicing growing concern Wednesday that the Oversight chairman is losing control of his panel amid a showdown with ranking member Darrell Issa (R-Calif. (Roll Call)
Merrill Deal Caused Heartburn at Bank of America Oct 22, 2009
Oversight Chairman Edolphus Towns, D-N.Y., has suggested the $20 billion aid package provided to Bank of America in order to close the deal was a "shakedown.". "We have run the idea of BAC applying for a piece of the new administration infrastructure spend past numerous people ... and have got a very positive reaction," Morris wrote to Price on Dec. 17. (SmartMoney)
Bank of America hesitated on Merrill Lynch deal, probe finds Oct 22, 2009
Edolphus Towns, D-N.Y., now wants to interview both directors as well as consumer banking executive Brian Moynihan, who also played a role in the bank's talks with the government. Declining to discuss specific documents, Bank of America spokesman Larry Di Rita said, "Selective review of individual documents does not change the facts: The full record of these documents reveals business people and their legal advisers dealing with complex issues in unprecedented times to make decisions based on... (Fresno Bee -- Lifestyle)
Towns Pays for Unlisted Receipts Oct 22, 2009
House Oversight and Government Reform Chairman Edolphus Towns (D-N.Y.) paid a Federal Election Commission fine of nearly $5,000 in September, according to his most recent campaign finance report. Attorney Charles Simpson, a partner at the New York-based law firm Windels Marx Lane ndorf, said Wednesday that the payment involved a technical issue. (Roll Call)
Republicans Feel Locked Out Again — Literally This Time Oct 21, 2009
Jenny Thalheimer Rosenberg, a spokeswoman for Oversight and Government Reform Chairman Edolphus Towns (D-N.Y.), acknowledged the move was retaliatory. Towns said it was done because they don t know how to behave, according to Rosenberg. (Roll Call)
Congress calls on BofA directors to testify: source Oct 17, 2009
Search Type Choose a search type from the items below. By Rachelle Younglai and Joe Rauch Rachelle Younglai And Joe Rauch. (Yahoo News -- Top Stories)
Full Story » Oct 17, 2009
Congress calls on BofA directors to testify: source - Yahoo. Search Type Choose a search type from the items below. (Yahoo News -- Top Stories)
E-mails show Bank of America concern over Merrill Lynch deal Oct 15, 2009
Edolphus Towns, D-N.Y., said this week that he also plans to interview several of the bank's board members. A few rules are needed to help foster a feeling of community. (Fresno Bee -- Lifestyle)
House Oversight Chairman Locks Horns With Ranking Member Oct 2, 2009
The once-cordial relationship between House Oversight and Government Reform Chairman Edolphus Towns (D-N.Y.) and ranking member Darrell Issa (R-Calif. is quickly turning sour in an escalating spat over failed mortgage giant Countrywide s controversial loans to public officials. (Roll Call)
Read Hannity's America Oct 2, 2009
At a House Oversight Committee hearing Wednesday, Issa urged Chairman Edolphus Towns to subpoena Bank of American to turn over their records and their recordings related to the VIP loan program. (BEGIN VIDEO CLIP). (Fox News)
BofA CEO Ken Lewis to Retire Dec. 31 Oct 2, 2009
" Lewis completed two huge mergers in the past two years - mortgage lender Countrywide Financial and Wall Street titan Merrill Lynch - that cemented Bank of America's position as a massive financial conglomerate headquartered in Charlotte, N.C. Both deals were initially seen as rescues that helped secure a teetering financial system. Ultimately, though, he became enmeshed in the troubles Bank of America acquired with Merrill Lynch, whose losses spiked between the deal's signing and its closing.... (SmartMoney)
Lewis steps down at Bank of America Oct 1, 2009
Our investigation has uncovered troubling facts about Bank of Americas acquisition of Merrill Lynch, and Mr. Lewis was at the center of this controversy," House Oversight Committee Chairman Edolphus Towns (D-N.Y.) said after learning about the CEO's retirement. "We hope that Bank of Americas new leadership will quickly repay American taxpayers and help us finally resolve unanswered questioned about this merger," he added.At the same time, shareholders have grown increasingly unhappy with... (TheHill.com)
One deal too many - BofA chief falls on sword Oct 1, 2009
House Oversight and Government Reform panel chairman Edolphus Towns said he hoped the bank's new leadership would "quickly repay" taxpayers and resolve unanswered questions about the merger. It also restokes speculation about the bank's Charlotte headquarters potentially moving to New York. (Sydney Morning Herald -- Business)
An embarrassment of Recovery Act riches Sep 30, 2009
"These additional costs can exacerbate states' existing fiscal stress, . But help could be on the way. As reported earlier this month by , a newspaper that covers Congress, Rep. Edolphus Towns (D-N.Y.), chairman of the House Oversight and Government Reform Committee, and Sen. Joe Lieberman (I-Conn.), chairman of the Senate Homeland Security and Governmental Affairs Committee, have crafted a bill that would help state and local agencies bear the added cost of stimulus-related planning and... (FCW.com)
Countrywide Destroyed Tapes with Public Officials Discussing Mortgages... Sep 30, 2009
Edolphus Towns, has turned down that request. The committee's Republican staff investigators have spent months looking into the VIP program, and learned of. (The Drudge Report)
Colo. brother-in-law of Dem fundraiser is charged Sep 26, 2009
Edolphus Towns, D-N.Y., said Bank of America failed to provide key information regarding its knowledge of growing problems at New York-based Merrill to shareholders. Towns, who is chairman of House Committee on Oversight and Government Reform, said in the letter sent Friday that Bank of America was hiding behind attorney-client privilege, which Congress can refuse to recognize during its investigations. (Fresno Bee -- Nation)
The Deadly Silence of the Electric Car Sep 24, 2009
Edolphus Towns (D-N.Y.) has introduced a bill that would require the Department of Transportation to establish a safety standard under which cars would have to be equipped to issue "non-visual alerts" so that pedestrians can determine the vehicle's location, motion and speed. It has garnered 139 sponsors, among them Cliff Stearns (R-Fla. (CBS News)
> Congressional committee targets BofA Sep 23, 2009
Edolphus Towns, chairman of the House Committee on Oversight and Government Reform, says is refusing to provide the committee with key documents relating to the bank s acquisition of Merrill Lynch & Co.. Towns cites the bank s response to a letter the committee sent last week to BofA Chief Executive Kenneth Lewis urging the bank to comply with the committee s previous request for documents. (Charlotte Business Journal, NC)
* SEC taking Bank of America to court on bonuses Sep 23, 2009
The news came as Bank of America executive Anne Finucane prepared to meet yesterday with Representative Edolphus Towns, a Democrat, about BofAs takeover of the troubled investment bank. BofA missed a deadline on Monday to turn over details of the hastily arranged acquisition to a congressional committee. (Taipei Times, Taiwan -- Business)
Bank Of America To Face SEC Trial Sep 23, 2009
Edolphus Towns, D-N.Y., about BofA's takeover of the troubled investment bank ... Edolphus Towns, D-N.Y. and chairman of House Committee on Oversight and Government Reform, told the bank in a letter Friday that it was hiding behind attorney-client privilege, which Congress can refuse to recognize during its investigations. (KSBW 8, CA)
Bank of America Will Give Congress More Documents Sep 23, 2009
The bank will provide the House Committee on Oversight and Government Reform all the documents it has requested, except for those protected by attorney-client privilege, committee chairman Edolphus Towns, D-N.Y., said in a statement Tuesday evening. Towns told the bank in a letter Friday that it was hiding behind attorney-client privilege, which Congress can refuse to recognize during its investigations. (ABC News -- Wire)
AIG banks that Hank gets it out of the tank Sep 22, 2009
Edolphus Towns (D-Brooklyn), whose House oversight panel is monitoring the bailout, said he'd ask the US Treasury and Federal Reserve to give AIG more breathing room to repay its rescue package ... Edolphus Towns (D-Brooklyn), whose House oversight panel is monitoring the bailout, said he'd ask the US Treasury and Federal Reserve to give AIG more breathing room to repay its rescue package. (New York Post -- Business)
House panel orders Band of America to turn over documents Sep 22, 2009
Edolphus Towns, D-N.Y., said Bank of America failed to provide key information regarding its knowledge of growing problems at New York-based Merrill to shareholders ... Edolphus Towns, D-N.Y., about BofA's takeover of the troubled investment bank ... In a letter Friday to chief executive Ken Lewis, the chairman of the House Oversight and Government Reform Committee, Edolphus Towns, said Congress has the right to reject the assertion of attorney-client privilege. (Fresno Bee -- Lifestyle)
AIG May Never Fully Pay Back U.S. Sep 22, 2009
Edolphus Towns, chairman of the House Oversight Committee, will have that panel study a plan by AIG's former CEO Maurice "Hank" Greenberg to reduce and restructure the company's bailout package, a committee spokeswoman said Monday. Towns, who has not spoken to the Treasury Department about the plan, met with Greenberg last week, the spokeswoman said. (CBS News)
BofA Misses Congressional Deadline for Merrill Merger Documents Sep 22, 2009
Edolphus Towns of New York, according to sources familiar with the matter. Brown declined to comment when reached by The Am Law Daily. (Law.com)
Rep. Towns eyes taking BofA to woodshed Sep 22, 2009
Edolphus Towns (D-Brooklyn) had requested the paperwork as part of his effort to lift the apparent veil of secrecy surrounding that deal, and gave the bank until high noon yesterday to 00001E72 comply ... Edolphus Towns (D-Brooklyn) had requested the paperwork as part of his effort to lift the apparent veil of secrecy surrounding that deal, and gave the bank until high noon yesterday to comply. (New York Post -- Business)
As AIG stabilizes, new bailout plan considered Sep 22, 2009
Edolphus Towns, a Democrat who chairs the Government Reform Committee, told staff to take a look at a proposal from former AIG Chief Executive Officer Hank Greenberg that could make it easier for the insurer to repay federal obligations, a committee spokeswoman told Reuters on Monday. The proposal would cut the government stake in AIG from the current 80 percent and trim interest rates on AIG's government loan. (MSNBC -- Business)
BofA to Face SEC Trial, Exits Loss-Sharing Deal Sep 22, 2009
Edolphus Towns, D-N.Y., about BofA's takeover of the troubled investment bank. BofA missed a Monday deadline to turn over details of the hastily arranged acquisition to a congressional committee. (ABC News -- Business)
Bank of America Appoints New Director Sep 22, 2009
Edolphus Towns, D-N.Y., said the company neglected to provide key information about growing problems at the investment bank to shareholders. It was not immediately known if Bank of America complied with the 12:00 p.m. EDT deadline to provide details about when the bank was aware of mounting losses and bonus payments at Merrill. (ABC News -- Wire)
AIG stabilized, US report says Sep 22, 2009
Representative Edolphus Towns of New York, chairman of the House Committee on Oversight and Government Reform, began considering debt relief after meeting last week with Maurice R. Greenberg, AIG s former CEO, according to a spokeswoman. Copyright 2009 Globe Newspaper Company. (Boston Globe)
Congress Demands BofA Details on Merrill Deal: Report Sep 21, 2009
The chairman of the House Committee on Oversight and Government Reform, Representative Edolphus Towns, has given the bank a deadline of noon EDT on Monday to provide answers and relevant legal documents about the merger, the Times said. The bank late on Saturday asked Towns for a delay until after Tuesday. (ABC News -- Business)
House votes to prevent Postal Service shortfall Sep 16, 2009
Edolphus Towns, D-N.Y., chairman of the House committee that oversees the Postal Service. The bill now goes to the Senate, which is considering similar legislation. (MSNBC -- Politics)
BofA Says Still in Talks to Exit Government Pact Sep 11, 2009
Edolphus Towns, chairman of the Committee on Oversight and Government Reform. Bank of America has been negotiating how much it must pay for an agreement -- part of a $20 billion bailout for the firm -- in which the government said it would share losses on $118 billion of toxic assets. (ABC News -- Business)
Congressman wants all 'czars' to testify Sep 10, 2009
McHenry wrote to committee chairman Edolphus Towns (D-N.Y.) and ranking member Darrell Issa (R-Calif. asking the appointed officials to testify. (TheHill.com)
Congressional support for 'Right to Repair Act' Sep 9, 2009
Edolphus Towns (D-NY), Anna Eshoo (D-CA) and George Miller (D-CA), would require car companies to make the same service information and tools capabilities available to independent repair shops that they provide to their franchised dealer networks. The legislation further provides car companies with strong protections for their trade secrets unless that information is provided to the franchised new car dealers. (AZCentral -- Business)
IT STILL REEKS Aug 20, 2009
The committee chairman, it turns out, is one Edolphus Towns (D-Brooklyn), who himself received a couple of loans from Countrywide. What a coincidence. (New York Post -- Opinions)
How Ethics Disappear Aug 15, 2009
The chairman of the committee, it turns out, is one Edolphus Towns, a Democratic congressman from New York, who himself received a couple of loans from Countrywide. What a coincidence. (Townhall.com)
New Twist in Countrywide Loan Probe Aug 8, 2009
House Committee on Oversight and Government Reform Chairman Edolphus Towns, D-N.Y. (AP Photo/Manuel Balce Ceneta) ... (CBS) Add Congressman Edolphus Towns to the growing list of influential Democratic and Republican VIP's who received loans from Countrywide Financial. (CBS News)
Political Grapevine Aug 8, 2009
The Wall Street Journal reports House Oversight Committee Chairman Edolphus Towns says his decision not to subpoena the records had nothing to do with his mortgages. He also maintains he did not know the loans were arranged through Countrywide's VIP program. (Fox News)
Conrad cleared, scolded Aug 8, 2009
Edolphus Towns, D-N.Y., said he will not subpoena witnesses to testify before the full committee. "It is unfortunate that you chose to damage my good name in your report without giving me the opportunity to provide my side of the story," Conrad wrote to Issa. (Bismarck Tribune, ND)
He said, he said: Experts weigh in on Conrad controversy Aug 2, 2009
Edolphus Towns, D-N.Y., has said he will not investigate the matter. "It's very unusual to have an investigation and only hear one side of the story," Conrad said, adding he wasn't given the chance to testify before the House panel. (Bismarck Tribune, ND)
Congress balks at bank bonuses Aug 1, 2009
Edolphus Towns, D-N.Y., chairman of the House Oversight and Government Reform Committee. President Barack Obama has proposed trying to discourage excessive corporate pay by giving shareholders a nonbinding vote on compensation packages and requiring that compensation committees not have financial relationships with the company and its executives. (Pocatello Idaho State Journal, ID)
No ‘rhyme or reason’ to bank bonuses Aug 1, 2009
Edolphus Towns, chairman of the House Oversight and Government Reform Committee, said: ;;This egregious behaviour proves that Wall Street still doesn;t get that times have changed and the old way of paying executives is long gone. . (Sydney Morning Herald -- Business)
Dems resist subpoenaing VIP mortgage records... Jul 31, 2009
Edolphus Towns, D-N.Y., chairman of the House Oversight and Government Reform Committee, said he has other work to do on the causes of and fixes for the financial crisis and will not interfere with other investigations of the VIP loans. Towns' committee in recent months has focused on how much pressure the Federal Reserve and former Treasury Secretary Henry Paulson put on Bank of America to take over brokerage giant Merrill Lynch, another financial company with losses in the billions of dollars. (The Drudge Report)
Bankers' bonuses beat profits as industry fell Jul 31, 2009
Edolphus Towns, D-N.Y., chairman of the House Oversight and Government Reform Committee, announced a hearing to examine pay practices, particularly at companies rescued by the federal government. "A few months ago, they were facing bankruptcy. Then, after being bailed out, they're giving huge bonuses," Towns said. (AZCentral -- News)
Steroids scandal hits home Jul 31, 2009
rez, the committee s chairman, Representative Edolphus Towns of New York, said. Towns, who became chairman earlier this year, did not lead the committee when it held hearings, most recently last year, on steroid use in Major League Baseball. (Boston Globe)
Top-secret Obama safe house leaked on LimeWire Jul 31, 2009
House Oversight and Government Reform Committee chairman Edolphus Towns said during a hearing on the safety of peer-to-peer software that he was astonished at privacy breaches involving LimeWire, operated by the Lime Group. LimeWire is used by internet users to find and share media files, which for the most part consists of illegally copied movies, music and games. (Sydney Morning Herald -- Technology)
Some U.S. Bank Pay "Unmoored" From Performance: Cuomo Jul 31, 2009
"This rationalization of the compensation and bonus system must be accomplished now," said the report, which was sent to Edolphus Towns, chairman of the U.S. House of Representatives Oversight and Government Reform Committee Chairman. Since nine banks received a total of $125 billion last October in taxpayer money under the Troubled Asset Relief Program (TARP) to help them survive the financial crisis, Cuomo has pressed them for details on billions of dollars paid to executives amid huge losses. (ABC News -- Wire)
Congressmen Ask GAO To Investigate Minority Undercount Allegations Against Arbitron's PPMs Jul 28, 2009
The Oversight Committee investigation was partly prompted by complaints from some of the Brooklyn constituents of committee Chairman Edolphus Towns (D-N.Y.). Arbitron had no comment on the Conyers initiative, but said of the Townes investigation when it was launched that the company was happy to talk about the meters with Congress, the FCC and stakeholders, pointing out it has already been doing that, as well as making improvements to the technology as a result of that dialog. (Multichannel News)
Bailout recipient Bank of America continues lobbying efforts Jul 23, 2009
Edolphus Towns of New York, chairman of the House Oversight and Government Reform Committee, and Sen ... Edolphus Towns of New York, chairman of the House Oversight and Government Reform Committee, and Sen. (Fresno Bee -- Lifestyle)
Senior Democrats call on Treasury to be more open Jul 22, 2009
Edolphus Towns of , chairman of the House Oversight and Government Reform Committee, and Sen. of Montana, who heads the Senate Finance Committee, insisted that Treasury Secretary adopt recommendations from a government watchdog that the department has resisted. (USA Today -- Money)
Paulson: I was protecting the taxpayers Jul 17, 2009
Edolphus Towns, D-N.Y., that he pressured Bank of America Corp. to go through with its plans to buy Merrill Lynch ... Edolphus Towns of New York, the panels Democratic chairman, said Paulson was all too willing to promise Lewis money after Lewis threatened to back out on the deal. (MSNBC -- Business)
Paulson defends BofA deal Jul 17, 2009
Edolphus Towns, D-New York, said the hearings shed some light on the events but left questions unanswered. He said the government-aided deal appeared to be a marriage of convenience to save both firms and prevent further declines in the financial markets. (South Florida Business Journal, FL)
PAULSON'S RIPPED Jul 17, 2009
Edolphus Towns (D-NY). "When you turn over complete authority to the Treasury Department or the Fed, with no accountability and no checks and balances, this is what you get: Oral commitments involving billions of dollars, seemingly arbitrary decision-making and residual suspicion.". (New York Post -- Business)
"Last of the Survivors" Jul 17, 2009
Paulson was shocked and offended by the litany of complaints thrown at him by members of the House Committee on Oversight and Government Reform, including: "misleading Congress to gain approval of the $700 billion rescue program, investing in banks on overly generous terms, failing to help homeowners facing foreclosure and allowing the nation to fall into economic crisis." Paulson's role in making sure that drew particular vitriol from lawmakers with Democrat Edolphus Towns, calling the... (Slate)
Lawmakers Chide Paulson Over Bank Deal Jul 17, 2009
Edolphus Towns of New York, the panel's Democratic chairman, said Paulson was all too willing to promise Lewis money after Lewis threatened to back out on the deal. "All of this happened against a backdrop of unchecked government power, with no transparency or accountability," Towns said. (Time.com)
Paulson didnt want BofA to exit deal Jul 17, 2009
Edolphus Towns (D-New York), the committee chairman, said the hearings shed some light on the events but left questions unanswered. He said the government-aided deal appeared to be a marriage of convenience to save both firms and prevent further declines in the financial markets. (Charlotte Business Journal, NC)
Street Fighting Jul 16, 2009
Edolphus Towns (D-Brooklyn) -- his first since leaving office -- is aimed at finding out if Lewis' protests were credible. Paulson called the merger vital to the economy's stability at the time, and said attempts by Lewis to block it would be a "colossal lack of judgment" that "would have threatened the stability of our entire financial system and the viability of both Bank of America and Merrill Lynch. "I explained to him that, under such circumstances, the Federal Reserve could exercise its... (New York Post -- Business)
Paulson testimony defends comments to BofA's Lewis Jul 16, 2009
Edolphus Towns of New York. She also said Republicans did not explain their need for more documents to the panel. (Fresno Bee -- Lifestyle)
Transportation officials trying to put stimulus cash to work Jul 15, 2009
Edolphus Towns, D-N.Y., chairman of the House oversight committee, also said last week that he was concerned transportation projects in economically distressed areas were being left out even though they are supposed to be a priority. Hammond said all 50 states met a June 30 deadline for obligating 50 percent of their highway stimulus funds, while 15 states have obligated 80 percent. (Longview Daily News, WA)
Broadcasters Seek Federal Aid... Jul 14, 2009
Ways and Means Committee Chairman Charles Rangel (D., N.Y.) and Oversight Committee Chairman Edolphus Towns, (D., N.Y.). At a hearing last week, National Association of Black Owned Broadcasters President James Winston told lawmakers that advertisers have severely cut investments in minority audiences at the same time minority broadcasters are having difficulty negotiating loan terms with banks. (The Drudge Report)
President Clinton Inducted Into Phi Beta Sigma Fraternity Jul 11, 2009
Notable members include James Weldon Johnson, George Washington Carver, Congressman John Lewis (GA), Congressman Edolphus Towns (NY), Former Mayor Harold Washington (Chicago), and African Presidents: Kwame Nkrumah (Ghana), Benjamin Nnamdi Azikiwe (Nigeria) and William Tolbert (Liberia). For more information, visit. (PR Newswire)
Rep. Towns: States need help managing stimulus money Jul 9, 2009
Edolphus Towns (D-N.Y.) at a committee hearing. But there is also bad news, he added. (FCW.com)
AMERICA'S ENDANGERED WATCHDOGS Jul 1, 2009
Edolphus Towns (D-NY) and Darrell Issa (R-Calif. announced a probe Monday into Amtrak's actions. (New York Post -- Opinions)
