Democrats Pick Three for Oversight Panel

Posted November 14, 2008 at 4:45pm

Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) on Friday appointed three members to the Congressional Oversight Panel, which is charged with reviewing and reporting back to Congress on the state of financial markets.

Pelosi appointed Richard Neiman, New York superintendent of banks. Neiman serves on the board of the Conference of State Bank Supervisors and chairs a state task force targeting the housing and foreclosure crisis.

Reid appointed Elizabeth Warren of Harvard Law School. Warren’s research areas include bankruptcy and commercial law as well as financially distressed companies. She previously served as vice president of the American Law Institute and as an adviser to the National Bankruptcy Review Commission.

Pelosi and Reid jointly appointed Damon Silvers, who has served as AFL-CIO associate general counsel since 1997. He also serves on the Treasury Department’s Investor’s Practice Committee of the Presidents’ Working Group on Financial Markets.

The panel will deliver a report to Congress by Jan. 20 that examines the effectiveness of the current regulatory structure in overseeing the financial system and protecting consumers. They will also provide recommendations for improved regulations.

The panel awaits two more appointments: one by House Minority Leader John Boehner (R-Ohio) and one by Senate Minority Leader Mitch McConnell (R-Ky.).