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Future of the Card Check Bill

December 17th, 2008

Ian Swanson and Michael Sandler, Associate Editors at The Hill talk about what issues the Employee Free Choice Act will meet when the Senate takes it up in 2009.

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This entry was posted on Wednesday, December 17th, 2008 at 6:09 pm and is filed under Labor, Politics, The Administration .

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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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