April 16, 2008
WASHINGTON, APRIL 16, 2008 - "I am concerned with the unilateral action of the Federal Reserve in providing nearly $30 billion in loan guarantees to J.P. Morgan Chase to take over Bear Stearns and with the risk it poses to American taxpayers," said Rep. Cliff Stearns (R-FL). "I have joined Rep. Scott Garrett (R-NJ) in sending a letter to Treasury Secretary Henry Paulson and Chairman of the Federal Reserve Ben Bernanke with specific questions regarding this arrangement with J.P. Morgan Chase.
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