A Financial Markets Commission Deserves Support

U.S. Senator Johnny Isakson, R-GA., has called for the creation of a Financial Markets Commission to fully investigate the near collapse of the banking system and the loss of tens of trillions of dollars.

Savannah Daily News — Mar 23, 2009

“We were all reminded yesterday when word of the AIG bonus payouts hit the news of the frustration the American people have with the financial difficulties this nation is experiencing. We must begin to find the answers that all of us seek and that the American public demands,” Isakson said.

Isakson’s primary point was that the Federal government needs to learn from the mistakes that have been made, explain what is uncovered in a transparent way to the public and put the measures in place to insure it does not happen again.

On Jan. 22, Isakson and Kent Conrad, D-N.D., introduced legislation to create a seven-member, bipartisan Financial Markets Commission, modeled after the 9-11 Commission, which thoroughly and independently investigated the failures leading up to the September 11, 2001 terrorist attacks and made recommendations improvements needed to prevent another attack in the future. That commission brought to light the lack of cooperation between the FBI and CIA and other intelligence efforts of our government. And that is what is needed now relative to the banking and financial institutions U.S. financial system.

As the banks began to melt down even before the November election, one had the sense that no one actually knew what to do. Our Congressmen and Senators of both parties made statements - some political rhetoric that was unproductive - but the bottom line was you came away thinking…’They’re as confused as we are.’ For most, the topics and decisions they were being asked to vote on lay outside their areas of expertise.

Isakson proposes that the Financial Markets Commission have one year to investigate all the circumstances that led to this financial crisis, with authority to refer to the U.S. Attorney General and state attorneys general any evidence that institutions or individuals may have violated existing laws. “At the end of its investigation, the Commission will report to the President and to the Congress its recommendations for statutory or regulatory changes necessary to protect our country from a repeat of this financial collapse,” the Senators propose.

The Commission would include two appointees by the President and one appointee each from the Speaker of the House, the House Republican Leader, the Senate Democratic Leader, the Senate Republican Leader and the Chairman of the Board of Governors of the Federal Reserve System.

Our economic security is as vital as our physical security, with almost equal devastation now occurring in people’s lives.

Isakson’s idea - or a darn good alternative commission concept – needs the support of all of the Congressmen in our 10-county region, with some demonstrated cooperation between the distinguished members of the U.S. House and Senate.