02/20/2010 - In the midst of the bitter party feuds of the 111th Congress, Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., are trying to do the improbable: reach a bipartisan compromise on an issue that is central to one of the Obama administration's major policy priorities.
The two members of the Senate Banking, Housing, and Urban Affairs Committee have been working for almost a year on one of the thorniest topics inherent in overhauling the nation's financial regulatory system. A major lesson of the recent banking crisis is that one firm's failure can trigger a domino effect among its competitors because they are connected through various hedges, loans, and other contracts. Preventing an institution from becoming too big to fail is a major legislative challenge.
If the Corker-Warner effort is successful, the Pew Charitable Trusts will deserve a lot of credit. Last year, it assembled a financial reform project that brought together an array of voices on a mission to reach a compromise. The Pew task force issued its recommendations late last year, and the senators say they have been impressed by both its process and its product.
"What Pew did do was helpful," Corker said. "They put together a pretty broad swath of philosophical backgrounds and smart people to try and hash out many of these issues. They went about it in a very serious way. We sort of stayed in touch with them all the way through."
Read the full article Modeling Bipartisanship In Financial Regulation on the National Journal's Web site.
Pew is no longer active in this line of work, but for more information, visit the main Pew Financial Reform page.