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Time To Get To Work, Fossella Says

Rep. Vito Fossella (R-N.Y.) today asked House Speaker Nancy Pelosi (D-Calif.) to call Congress back from recess early to respond to the on-going mess in the financial markets.

He’s not the only one who thinks lawmakers have had enough vacation, either. Sen. Arlen Specter said Sunday on CNN’s “Late Edition” that it would send a good signal to markets if lawmakers returned early to work on responses.

“The recent market turmoil, combined with unprecedented action by the Federal Reserve over the past week, reinforces the need to modernize oversight of our financial markets in an increasingly complex industry,” Fossella wrote to Pelosi. “Congress must meet the current economic challenges head-on and not allow more time to pass without action. The first step is to cut Easter recess short and reconvene Congress this week to resume the important work of our nation.”

Fossella plans to introduce a proposal “within the next several weeks” to overhaul regulation of U.S. financial markets, a project he’s been working on for the last year.
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