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-- well sometimes you know it seems.
Understandably so let the Democrats and Republicans in Washington could hardly a -- on anything well.
Two senators have reached across party lines and cosponsored an amendment.
To create a commission to get to the bottom of this financial crisis.
Joining us now for -- Fox Business exclusive is senator Johnny Isaacson.
Republican of Georgia and -- it will be working with senator Kent Conrad of North Dakota.
But to work together to bring about a financial markets -- -- -- welcome to the program thank you for joining us exclusively here on Fox Business.
Good to be with you Liz thank you very much what this commission -- -- would be modeled as I understand it after the 9/11 commission which ended up producing some pretty important revelations.
What would be the main mission here.
Well the main mission is to examine every aspect of the financial collapse everything from the hedge funds.
The insurance industry the rating agencies like Moody's and standard ourselves the members of the house and the senate and the legislation that we pass.
The banking system everybody up and down the latter this was -- financial tsunami for the American people.
Their 401K is their life savings were hurt very badly quite frankly we did some things wrong that some -- made some mistakes we need to make sure it never happens again.
Senator Conrad I believe that only through a thorough investigation.
Including subpoena power not -- alike elected officials about pointed people who are knowledgeable financial markets really give us the information we need.
Okay subpoena power certainly sounds like we're looking to a point some fingers here is that you want this thing to have teeth it sounds like.
If the bill encourages the voluntary donation of information and assistance.
Universities and other things tax but it also gives the power to subpoena anyone that the commission believes would have meaningful information to help answer the questions.
That's a powerful step to give but this was that they're very terrible situation.
We deserve the right to get unfettered access to every shred of information.
I'd like the fact the current members of congress would be barred from being -- it because I think that a lot of people had voted for certain things or against certain things like the TARP in the stimulus so.
Maybe that -- club decisions but who gets off this thing because honestly senator as we look at the ten bipartisan members who would be put -- this.
I would hope that there are people who are extremely.
In financial sort of forensics people who could pick apart things and know exactly what they're talking about.
Well the language specifically -- elected officials but specifically directs.
That they be knowledgeable people in the financial markets people of integrity.
People with the capacity to take the information and report back were they good basis to us so I think you'll have a I called -- commission every bit as good as the 9/11 commission with the type of information being every bit as -- -- -- that war.
OK now I -- I look at all that happened and I said you know what we need to do -- CSI on our own stupidity here because.
That may be needed but not so tight that it hurts competition however back then.
-- we had people saying that that look we have the sheriff kind of cheering on the cowboys and the Indians here people were fighting each other and and it was as if there was applause in the background and I'm sure -- look what happened we imploded what do you expect to find here.
Well my anticipation is first of all you'll find you've had absence of transparency.
Particular over hedge funds and over ancillary businesses like the credit default swaps which got AIG -- so much trouble.
Also believe we're gonna take a step back from Gramm Leach Bliley which repealed Glass-Steagall and recognize that the vertical integration that that allowed in the financial.
Markets in the financial institutions.
Probably bird the bird blurred the lines of credibility for the issuer of credit to make money on the sale of the product and that's too great a temptation.
I think that caused some of these instruments to be developed for monetary profit purposes I think transparency and good quality regulation.
Can be a solution to that.
OK in the end though the members of the commission who's going to be in charge.
Of picking up.
Well that it'll be a combination of the leadership of the Dem majority party in the house in the minority party in the house majority party in the senate.
And the minority party in the senate obviously the majority party will have a majority of the appointees.
But it is very balanced.
The subpoena powers granted when both the chair and the vice chair -- and the chair and vice chair of -- requirement must be a different parties and their persuasion.
So that gives you financial integrity if they disagree -- a majority of the commission can vote.
-- -- was -- so its balance it has integrity.
It has a five million dollar budget an eighteen month time table and subpoena powers which gives it the ability to be a very meaningful look -- -- what went wrong Wall Street.
Senator your partner in this Kent Conrad has really been somebody who has has looked across party lines -- at almost looked beyond party lines on several issues.
How encouraged are you.
That you and he have come together a Republican and a Democrat how much more of that do we really need to see in congress now to make things work.
Well we need this.
A lot of it in Kent Conrad is the chairman of the Budget Committee -- impeccable integrity he's a great Democrat but he's a great American first.
I'm honored to work -- them equally honored to work with senator Ted Kaufman.
Who replaced Joseph Biden -- a Democrat but you know I've introduced the legislation to put them at the uptick rule back on Wall Street.
These are things were Republicans and Democrats can work together fantastically -- the American people.
Senator Johnny Isaacson we have come and join us again and give us an update on this.
Anytime -- thank you.
We are very -- to have you senator Isaacson -- a Republican of Georgia and working with senator Kent Conrad on the financial commission.
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