The Senate passed an amendment to an anti-fraud bill yesterday that would create an independent outside commission, complete with subpoena power, to investigate the causes of the crisis on Wall Street. The amendment was written by Sen. Johnny Isakson (R-GA), but was cosponsored by, among others, Sen. Chris Dodd (D-CT)
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"Through dozens of hearings at the Banking Committee, we have documented a web of negligence, regulatory failures, and other abuses that caused this crisis in our financial system, and in the broader economy," Dodd said upon passage of the measure. "It will be the responsibility of this independent commission to build upon these findings, investigating every level of regulatory failure, and sniffing out any illegal or abusive activity within the financial services industry."
The vote was an overwhelming 92-4, which isn't surprising given obvious political problems with voting against an investigation of Wall Street at this particular time. The dissenters were Sens. Jim Bunning (R-KY), Chuck Grassley (R-IA), John Kyl (R-AZ), and John McCain (R-AZ).
McCain, however, is an interesting case.