McCain Seeks to Recast Commerce Committee Duties
By Michael D. Shear
Sen. John McCain doesn't say much these days about his work in Congress, preferring to run against the institution that he has been part of for the past 26 years.
"The old-boy network and the corruption in Washington is directly involved and one of the causes of this financial crisis that we're in today," he said this morning on ABC's "Good Morning America."
But in several interviews this morning, he also bragged about being the chairman of the Senate Commerce Committee, claiming that experience gives him the knowledge to fix the economy.
"I know how to fix this economy. I have had great experience on these issues as chairman of the Commerce Committee," he said on Fox's "Morning Joe."
On CNBC's "Squak Box," he added: "I understand the economy. I was chairman of the Commerce Committee that oversights every part of our economy."
In fact, it is the Senate Banking Committee that has oversight of "banks, banking and financial institutions; control of prices of commodities, rents and services; federal monetary policy, including the Federal Reserve System; financial aid to commerce and industry and money and credit, including currency and coinage."
According to its Web site, the Commerce Committee oversees 13 areas, beginning with the Coast Guard, and continuing through "regulation of consumer products and services ... except for credit, financial services, and housing" -- the very areas now in crisis.
The full list of Commerce Committee oversight areas follows:
1. Coast Guard.
2. Coastal zone management.
4. Highway safety.
5. Inland waterways, except construction.
6. Interstate commerce.
7. Marine and ocean navigation, safety, and transportation, including
navigational aspects of deepwater ports.
8. Marine fisheries.
9. Merchant marine and navigation.
10. Nonmilitary aeronautical and space sciences.
11. Oceans, weather, and atmospheric activities.
12. Panama Canal and interoceanic canals generally, except as provided
in subparagraph (c).
13. Regulation of consumer products and services, including testing
related to toxic substances, other than pesticides, and except for
credit, financial services, and housing.
14. Regulation of interstate common carriers, including railroads,
buses, trucks, vessels, pipelines, and civil aviation.
15. Science, engineering, and technology research and development and
17. Standards and measurement.
19. Transportation and commerce aspects of Outer Continental Shelf
Posted at 9:50 AM ET on Sep 16, 2008
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