House Republicans Hold a News Conference On Financial Markets

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House Republicans Hold a News Conference On Financial Markets

HOUSE REPUBLICANS HOLD A NEWS CONFERENCE ON FINANCIAL MARKETS

OCTOBER 22, 2008

SPEAKERS: REP. DARRELL ISSA, R-CALIF.

REP. THOMAS M. DAVIS III, R-VA.

REP. CHRISTOPHER SHAYS, R-CONN.

REP. MARK SOUDER, R-IND.

REP. BRIAN P. BILBRAY, R-CALIF.

[*] ISSA: I want to thank you all for coming here today. I'm joined by my colleagues, Mr. Souder, Mr. Shays, Mr. Bilbray. And Ranking Member Davis will be here shortly.

I'm Congressman Darrell Issa. And we are today presenting a draft bill that will be dropped on the first legislative day, but we're back in session after the election.

We're doing it today, because the financial crisis continues, and it cannot wait until the next Congress to begin action.

We're calling for a blue ribbon commission to oversee the post- crisis period, and we're doing it for two reasons.

First of all, we believe that this transcends so many parts of government, including congressional activities that have gone on for decades; and secondly, because this is going to be a problem that's going to need the kind of nonpartisan, or perhaps bipartisan, oversight that the 9/11 Commission provided.

The draft legislation, which is available to all of you here today, has an underpinning that is substantially similar in how we choose a chairman, ranking member and the total of 10 members for the commission. But this blue ribbon panel for this commission will be different than the 9/11 Commission. We envision it lasting at least five years.

One of the things we discovered with the 9/11 Commission: it did good work, and then it sunsetted. We believe that any legislation has to anticipate that they will do ...

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