I've seen several diaries today on how the GOP has become nothing more than the Party of No, hell-bent on stopping anything from being done by our government if it risks having Dems get any credit. As though following the command of Limbaugh, they want to make very certain that our President, and thus our nation, fails.
CQ Politics is reporting that the Congressional Oversight Panel, responsible for monitoring TARP money, has issued its report that calls for a complete overhaul of our financial system, by tighter regulation and empowering new regulators. Well, of course it needs that, you say. Who would deny that? And the answer is........ The Party of No.
From CQ's article:
Among the proposals is having a single agency take responsibility for regulating the systemic risk of the financial system. This falls along the lines of several suggestions by other panels and experts that a "super-regulator" take control of regulating the entire system. Some have proposed that the Federal Reserve take that role.
The report also recommends tighter regulation of credit rating agencies and the "shadow banking system" created by the hedge fund and derivatives markets.
The committee itself is a 5-person panel consisting of 3 Dems and 2 from the GOP. The Repugs being Rep. Jeb Hensarling (R-Texas) and former Sen. John E. Sununu (R-N.H.). So how did the vote come out? OF COURSE- 3 to 2! As they did in pretending to have substantive differences with Pres. Obama's stimulus bill, they complained that
Panel Republicans released their own dissenting report on Wednesday night, arguing that the full report did not fully address their views.
Bipartisanship for the GOP means they get everything they want. Everything.
What logic is there for not supporting more oversight given our current morass? Well the article, citing no one in particular states:
Critics of a regulatory overhaul complain that a strong governmental presence in the private markets could upset the delicate balance that exists in a free market system. They fear overregulation could constrict the free flow of ideas and competitiveness that drives the financial arena.
So the GOP is obviously concerned we've got to protect that delicate balance that has kept competitive those corporations now lining up for bailout money. Ummmm. Am I missing something in the logic there?
As for the adult side of the panel- the Chairwoman, Elizabeth Warren from Harvard said that the report utilized
views of academics, people in the business world, economists, people from many different professional backgrounds and many different points of view to try and help us understand what went wrong and what kinds of recommendations garnered substantial support. That's what we got and that's where we focused our report."
And her reaction to the zero support from the Party of No?
Are you asking me if I'm surprised if two Republicans have a different view of regulation?" Warren said rhetorically
No one is surprised by the Party of No anymore. And we're not even a month into our new administration.