8 bank CEOs invited to rescue accountability hearing

ROAD TO RESCUE

• Home prices up for 1st time in 3 years
• New home sales: 'Really good news'
• Wall Street: Here comes the hard part
• 7 regional banks fail
• Banker: "TARP helped avert a global calamity"

Should banks be forced to lend?

More Videos

Quick Vote

What do you think of Obama's crackdown on bank CEO pay?

• It will force banks to act more responsibly
• It's unwarranted interference in business
• It will make no difference

or View results

NEW YORK (CNNMoney.com) -- The chairman of the House Financial Services Committee, Rep. Barney Frank, D-Mass., invited CEOs from the first eight companies that received bailout funds to testify in an accountability hearing on the Troubled Asset Relief Program.

TARP is the $700 billion bank rescue enacted last October that was intended to spur lending and ease the credit crunch.

The Financial Services Committee will hold a hearing next Wednesday.

The CEOs represent eight companies that received a total of $115 billion on Oct. 28, the first capital investment payment under TARP.

Those CEOs are: Ken Lewis, Bank of America (BAC, Fortune 500); Jamie Dimon, JPMorgan Chase & Co (JPM, Fortune 500); Vikram Pandit, Citi (C, Fortune 500); Ronald E. Logue, State Street; (STT, Fortune 500) Robert P.Kelly, Bank of New York (BK, Fortune 500); John Stumpf, Wells Fargo (WFC, Fortune 500); John Mack, Morgan Stanley (MS, Fortune 500); and Lloyd Blankfein, Goldman Sachs (GS, Fortune 500).

Of those eight, Citi and Bank of America have both received additional TARP money since the first infusion.

A press secretary declined to comment on whether any of the CEOs have accepted the invitation.