Rep. Henry Waxman (D-CA) spoke to reporters after the The House Democratic Caucus voted him to replace Rep. John Dingell (D-MI) as chairman of the Energy & Commerce Committee. Rep. Dale Kildee (D-MI) also spoke to reporters.

Rep. Pete Hoekstra (R-MI) held a press conference to discuss the declassification of a CIA report regarding the shootdown of a missionary plane in Peru in April of 2001.

Senator Ted Stevens (R-AK) delivered his farewell speech on the Floor of the Senate after serving for almost 40 years. Sen. Stevens recently lost his bid for re-election and has been convicted on multiple counts of making false statements.

Randall Kroszner, Board of Governors of the Federal Reserve System, went over the federal government’s response to the financial market situation. House Small Business Cmte. Chairwoman Nydia Velazquez (D-NY) held a hearing to investigate how small firms are assist-
ed and determine if more action is necessary.

Rep. Tim Ryan (D-OH) continues our discussion on the Congressional debate over a $25 billion loan to Big 3 Automakers in Detroit.

The Congressional Black Caucus announce their new leadership for the 111th Congress.

The Senate Banking Cmte. held a nomination hearing for Asst. U.S. Atty. Neil Barofsky to be Special Inspector General of the Troubled Assets Relief Program (TARP). If confirmed, Barofsky will work to protect funds within the program against fraud or abuse.

Sen. Tom Coburn (R-OK) continues with our discussion of federal aid to the auto industry. Rep. Coburn opposes current plans being considered in Congress for federal financial assistance to auto industry.

Rep. Carolyn Kikpatrick (D-MI) discusses federal aid to the auto industry. Rep. Kilpatrick supports federal intervention to aid the auto industry. She is also the outgoing chair of the Congressional Black Caucus.

Automobile industry executives testified about the financial state of the industry and their request for $25 billion in emergency federal aid to avoid collapse. Several committee members questioned the executives' dedication to reform and cost-cutting, noting that they had traveled to Washington on expensive corporate airplanes.