Witnesses testified about recent turmoil in the financial markets, regulation of investment banking procedures, and on the need to enact legislation quickly on the Bush Administration $700 billion bailout plan. They also talked about predictions that failure to act would result in recession with increased home foreclosures and unemployment. Committee members expressed reservations over government intervention in private markets, the sweeping powers to be given to the Treasury Secretary, the burden put on taxpayers, and the lack of time before Congress recesses for further consideration of the plan.