“The Committee on Oversight and Government Reform held holding a hearing titled, The Financial Crisis and the Role of Federal Regulators on, Thursday, October 23, 2008. The hearing examined the roles and responsibilities of federal regulators in the current financial crisis. A preliminary hearing transcript (201 pages, PDF) is available for download.”
“Chairman Waxman: “Our focus today is financial regulation. But this deregulatory philosophy spread across government. It explains
why lead got into our children’s toys and why evacuees from Hurricane Katrina were housed in trailers filled with formaldehyde.”
Rep. Tom Davis, Virginia, Ranking Minority Member: “But this committee can take a broader view of the patchwork of Federal financial regulators built by accretion after each cyclical crisis and artificially subdivided behind Congress’ jurisdictional wa1ls. No single agency, by action or omission, caused this crisis, and no existing agency alone can repair the damage or prevent the next, some believable, inevitable, booming and bust.”
Related postings on financial system
Sorry, comments are closed for this post.