The Hill Blog» Blog Archive » My Constituents Are in Strong Opposition to Bailout Bill (Rep. Kenny Marchant)

My Constituents Are in Strong Opposition to Bailout Bill (Rep. Kenny Marchant)

September 29th, 2008

My constituents are very opposed to this bill. I’ve tried in every way I can to be in support of it, but even today my phone calls, letters, and emails are running 10-1 against it.

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By Texas GOP Rep. Kenny Marchant

This entry was posted on Monday, September 29th, 2008 at 5:14 pm and is filed under Uncategorized .

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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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My Constituents Are in Strong Opposition to Bailout Bill (Rep. Kenny Marchant)

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