WASHINGTON, Dec 23 (Reuters) - The U.S. House Financial
Services Committee will hold a hearing on Jan. 7 to discuss the
Treasury Department's use of a $700 billion financial services
bailout fund and the priorities of the new administration.

Rep. Barney Frank, a Massachusetts Democrat and chairman of
the panel, also said his committee would hold another hearing
on Jan. 9 to discuss the federal government's oversight of home
mortgage loan originators.

Witnesses have not been announced for either hearing, Frank
said in a statement.

The new Congress meets on Jan. 6 and President-elect Barack
Obama will be sworn into office on Jan. 20.

Frank and other lawmakers have criticized the Treasury
Department's oversight of the Troubled Asset Relief Program
(TARP), which has drawn down the first half of the $700 billion
program. The Bush administration has yet to initiate the formal
action needed to request the remaining money, after which
Congress has 15 days to block release of the money.

Some lawmakers have said that Congress has little appetite
to release the money unless the Treasury Department does more
to prevent home foreclosures and is willing to use TARP funds
for that purpose.

Treasury Secretary Henry Paulson has focused the use of the
first $350 billion on bolstering the capital of banks and other
financial services companies, although some of the money is
also going to support U.S. automakers.