AIG CEO Liddy to Appear Before House Committee Today

American International Group CEO and Chairman Edward Liddy is among those scheduled to testify before a House subcomittee today on Capitol Hill.

The hearing of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises will be web cast live at 10:00 a.m EST.

Congressman Paul E. Kanjorski, D.Pa.,chairman of the subcommittee, said the hearing will examine AIG, how it got into its current situation, why it has received so much federal assistance, and how to move forward.

“The federal government has provided AIG with access to well over $150 billion in federal aid to protect the global economy,” said Kanjorski. “Unfortunately, taxpayers do not understand how AIG ended up in such a terrible situation, nor do they understand why the federal government continues to give it money. We must assess AIG’s progress, as well as how we move forward to ensure that any taxpayer money AIG receives is spent efficiently and effectively.”

In addition to Liddy, the witness list includes:

Scott Polakoff, Acting Director, Office of Thrift Supervision

Joel Ario, Insurance Commissioner, Pennsylvania Insurance Department, on behalf of the National Association of Insurance Commissioners

Orice M. Williams, Director, Financial Markets and Community Investment, Government Accountability Office

Clark, Managing Director, Insurance Ratings, Standard & Poor’s