October 22, 2008

Majority Democrats have repeatedly underscored their intention to legislate major changes to impose greater regulation on financial markets when a new Congress convenes next year.The hearing of the House Financial Services Committee covered numerous complex aspects of the sub-prime mortgage-based financial crisis, and the role played by complicated financial instruments.

Experts and lawmakers debated root causes, but agreed that further action is required. To accomplish that, Democrats and Republicans will have to agree on a way forward.
As of now, there is strong bipartisan agreement on the need to throughly examine how the crisis came about, to perform an autopsy as one lawmaker called it, as well as steps to ensure it does not recur.Here are Pennsylvania Democrat Paul Kanjorski, and New Jersey Republican Scott Garrett: