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Davis’s Farewell Advice

November 20th, 2008

The Hill’s Jim Mills interviews retiring Congressman Tom Davis(R-Virginia) about why he’s leaving the House and what advice he would offer to the GOP working with a democratic majority.

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This entry was posted on Thursday, November 20th, 2008 at 5:45 pm and is filed under Uncategorized .

This section is a Q&A slot featuring interviews with members of Congress and sometimes with senior aides, selected lobbyists and policy experts. The Hill will ask the questions, but we welcome your input; to help us shape the discussion please send your comment.
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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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