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New Congress Listened To Americans, Raised Minimum Wage

July 19th, 2007

For too long, leaders in control of Congress neglected the needs of working Americans. But our new Congress listened to what working Americans said last November. It heard their call for change and acted on its principles, giving a raise to the people who need it most.

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By AFL-CIO President John Sweeney

This entry was posted on Thursday, July 19th, 2007 at 1:23 pm and is filed under Labor, Politics .

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The Hill : We spoke to several members of the Senate Banking Committee about the Administration's plan to Regulate the Financial sector.

Erica Wisniewski : Are you supportive of Secretary Geithner’s plan to put more regulatory power in the Federal Reserve? And what about the idea of a new council being used to perform oversight?

Sen. Corker : I think all of us would like to see appropriate consumer protection. I think this sort of twin peaks way of looking at this, where you have this agency that in many ways could end up being a real stifler of innovation is of concern.

Sen. Warner : Too much power of concentration in the Fed in terms of systemic risk could pose a potential conflict with its primary goal of monetary policy. I actually think a systemic council that would have an independent chair that would include the chairman of the Fed, and the treasury secretary and all the day-to-day regulators. That sole responsibility was evaluating and preventing systemic risk is a better model.

Sen. Crapo : I do believe there is a real risk in giving too much power to the Fed in the oversight. I’m much more comfortable with the notion of creating a council for reviewing systemic risk and then having the council advise those other regulators, so we don’t get into a situation where we empower the Fed too much.
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New Congress Listened To Americans, Raised Minimum Wage

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