Congressional leaders are considering setting up a bipartisan panel next year to draft legislation to overhaul financial services regulation. Such a special committee, perhaps comprised of both House and Senate leaders, could smooth turf wars by concentrating legislative authority for the task in one super-committee. Currently, at least ten committees have some measure of jurisdiction over financial services. The idea has not been finalized, partly because some powerful committee chairmen would have to give up some of their power.

The Senate is planning on returning the week of November 17 for a “lame duck” session and the House has threatened to do the same. While the issues for a lame duck session have yet to be determined, it is likely that the next major initiative that will be considered is a new economic stimulus package, with action on regulatory changes not coming until early next year. Still, PIA will be on guard to ensure that H.R. 5800, the flawed Insurance Information Act of 2008, does not get revived during a lame duck session.

October 29, 2008