CQ Article: Bailout Watchdog Calls for Financial System Overhaul, but GOP Dissents

The panel installed to oversee the $700 billion bailout of the financial industry issued a report Thursday calling for a complete overhaul of the regulatory structure of the nation's financial system.

The Congressional Oversight Panel (COP) outlined proposals to limit systemic risk in the financial system and increase regulations on an industry that has been criticized as too cavalier and risky in recent years. The panel monitors the Troubled Asset Relief Program (TARP) signed into law (PL 110-343) last fall.
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"Given the differences regarding our views of the systemic weaknesses that led to the crisis and, more importantly, policy recommendations for reform, we have chosen not to support the panel report as presented," the Republican report said. More...

THIS JUST IN(SERTED)
House Republicans are holding their annual winter retreat at The Homestead resort in Hot Springs, Va., about four hours from the Capitol. (Photo courtesy The Homestead)