DeFazio said White House economic adviser Larry Summers was "an adviser from Wall Street," CBS News reported.
U.S. Treasury Secretary Timothy Geithner, he said, should step down or be asked to leave his position.
"They want to keep the TARP money either to continue to bail out Wall Street if there are future problems, or maybe … to pay down the deficit. That's absurd," he said.
Referring to government's massive financial firm bailouts, "instead of saying 'you bet, you lost,' they got paid back in full through AIG (American International Group). We channeled the money through them," the congressman said.
AIG, the country's largest insurer, received $180 billion in federal bailout funds.
The Congressional Progressive Caucus is reviewing the option of asking Obama to replace Geithner, CBS said.