Posted on 10/27/2008 1:25:37 PM PDT by markomalley
WASHINGTON -- Congressional leaders are considering whether to create a special bipartisan panel to draft legislation to overhaul financial-services regulations next year. The hope is that a single committee, possibly comprising senior lawmakers from the House and Senate, could help cut through the turf wars that often come with industry overhauls. Having a separate group of staffers also could help relieve the pressure on existing financial-committee staffers, some of whom have had to put on the back burner less-pressing responsibilities in order to deal with the financial crisis. Similar panels have been established in the past, including after the Sept. 11, 2001, terrorist attacks. But the idea of setting up a single panel to address financial regulation remains in the conceptual stage and is far from being finalized, partly because some committee leaders would have to give up power. Members of think tanks and lawmakers had tossed the idea around in a House Financial Services Committee hearing this week on financial-system regulation. Democratic Rep. Paul E. Kanjorski of Pennsylvania, chairman of the House subcommittee on capital markets, had expressed interest in how such a committee might be set up. A streamlined, narrowly focused panel would present a sharp departure from the current situation, with at least 10 congressional committees having some jurisdiction over the financial-services sector. Last week, the House and Senate agriculture panels, which have authority over futures and commodities, held hearings on the financial crisis. Although Congress is technically in recess, various committees have been holding daily hearings on the financial upheaval. On Thursday, former Federal Reserve Chairman Alan Greenspan testified before the House Oversight Committee, while Federal Deposit Insurance Corp. Chairman Sheila Bair appeared before the Senate banking panel.
(Excerpt) Read more at online.wsj.com ...
I hope the Repubs don't compromise their integrity for a few minor gains. It isn't worth it.
I believe that McCain suggested this several weeks ago and obama criticized him for the idea(same old GWB stuff).
There needs to be some updating to the laws passed in the 1930s.
Yes,like going back to them, they worked.
Are you kidding? All the Repubs do is compromise. Or maybe not. Compromise does require principles.
Let’s just hire the fox as the architect to draw plans to remodel the hen house.
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