Since October Heritage has been writing about the need for an Independent Financial Markets Commission to look into causes and remedies of the market crisis. Now, thanks to Senator Johnny Isakson, the idea has been approved by the U.S. Senate in a remarkable 92-4 vote.
The independent voices, and independent inquiry, involved can provide an important counterpoint to the biases of internal government efforts: whether by Congressional committees or bureaucrats. The broad support for the Isakson Amendment shows that good ideas can still win the day in Washington, even in the current political environment.
Speaker Nancy Pelosi acknowledged the need for a special inquiry yesterday. If the House will agree that the effort needs to be independent, rather than under the thumb of Congressional leadership, an Independent Commission could be at work in weeks. House members should look at the Senate vote for as a pointer to a truly bipartisan step to address the financial crisis.