August 2, 1994 - Part 1
August 2, 1994 - Part 1
(09:30:00) PBS funding credits (09:30:12) Whitwater coverage title screen (09:30:22) In tv studio hearing coverage hosts KEN BODE and NINA TOTENBERG introduce the day's hearing (09:36:18) Hearing begins: HEARINGS RELATING TO MADISON GUARANTY S&L AND THE WHITEWATER DEVEL OPMENT CORPORATION-WASHINGTON, DC PHASE TUESDAY, AUGUST 2,1994 U.S. SENATE, COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS, Washington, DC. The Committee met at 9:35 a.m., in room 106 of the Dirksen Senate Office Building, Senator Donald W. Riegle, Jr. (Chairman of the Committee) presiding. OPENING STATEMENT OF CHAIRMAN DONALD W. RIEGLE, JR. The CHAIRMAN. The Committee will come to order. Let me welcome all those in attendance this morning, and invite those present to find seats so, that we can begin the hearing. I have a very brief opening comment that will introduce our panel. Then we will hear from today's witnesses. Some I know have prepared statements and after we have sworn the witnesses, we will have them give those statements, and then we will go to the questions. I want to announce for all the Committee Members that it's my intention to break for the two party caucus luncheons that occur today at about 1:15 p.m. and to reconvene at about 2:15 p.m. That's the plan so that everybody can make arrangements accordingly. Today, we have the third day of our hearings by our Committee on Banking, Housing, and Urban Affairs, operating under the resolution that was passed by the Senate, giving us responsibility to carry out this investigative process in these hearings. In that conjunction, we have two panels that will appear today. The first panel, which is now seated here in the Committee room, will include Mr. Joshua Steiner who is the Chief of Staff to the Secretary of the Treasury and a former Special Assistant to the Deputy Secretary of the Treasury; Mr. Dennis Foreman, Deputy General Counsel and Designated Agency Ethics Officer to the U.S. Department of the Treasury; Mr. Jack DeVore, who is a former Assistant Secretary of the Treasury for Public Affairs; and our final Person on this morning's panel will be Mr. Benjamin Nye, who is the current Special Assistant to the Deputy Secretary of the Treasury. Then later in the day, the second panel will consist of Mr. Roger Altman who is the Deputy Secretary of the Treasury and former interim' CEO of the Resolution Trust Corporation. 320 As with our prior hearings, we 're looking forward to hearing from these witnesses so they'll be able to elaborate on events relating to that aspect of our resolution dealing with whether improper conduct took place in regard to communications between officials of the White House and the Department of the Treasury for the Resolution Trust Corporation, relating to the Whitewater Development Corporation and the Madison Guaranty Savings & Loan Association. I might say that we have deposed all these witnesses previously I they've given statements under oath, so they'll be here today to add to that record, and to respond to questions from the Committee. Let me now ask you, if you would, to stand and raise your right hand and take the oath. [Witnesses sworn.] The CHAIRMAN. Gentlemen, be seated if you would. Mr. Steiner, we're going to start with you this morning. It's my understanding that you have a statement to make, and I gather we all have copies of it. Why don't you begin. STATEMENT OF JOSHUA L. STEINER, CHIEF OF STAFF TO THE SECRETARY OF THE TREASURY, U.S. DEPARTMENT OF THE TREASURY; FORMER SPECIAL ASSISTANT TO THE DEPUTY SECRETARY OF THE TREASURY, WASHINGTON, DC Mr. STEiNER. Mr. Chairman, Senator DAmato, Members of this Committee, my name is Joshua Steiner, I serve as the Chief of Staff of the Department of the Treasury. Before joining the Treasury Department, I was executive assistant to Timothy Healy, the president of the New York Public Library.