Bank execs defend use of bailout fund to Congress

The lawmakers of House Financial Service Committee on Wednesday are holding a hearing with chief executive officers of eight banks that received injections of capital from the government's Troubled Asset Relief Program.

It is expected that lawmakers will seize the opportunity to grill the bank CEOs scheduled to testify, and to vent rising public anger over the economic crisis, according to Reuters.

According to written testimony released by the committee on its Web site suggests chief executives will reply that their institutions have used taxpayer funds responsibly.

Taxpayers want us to manage our expenses carefully, and provide transparency about how we are putting their money to work to restart the economy. These expectations are appropriate and we are working to meet them, Bank of America Corp CEO Kenneth Lewis says in his prepared remarks.

Chief executives from the financial institutions include Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., and Wells Fargo and Co., each of which received $25 billion; The Goldman Sachs Group Inc. and Morgan Stanley, each go $10 billion and Street Corp,. and the Bank of New York Mellon, received smaller amounts. The ninth institution, Merrill Lynch merged with Bank of America.