We thought it was important to point out what an exemplary job the Senate Permanent Subcommittee on Investigations (PSI) has been doing. For those who have read POGO's congressional oversight handbook, you may remember that we refer several times to PSI's effective oversight techniques. Lately, between its investigation into the Office of Thrift Supervision, its probe into the role of credit rating agencies on the financial crisis, and its hearing with Goldman Sachs executives, the Subcommittee has been conducting some top-notch congressional oversight. (Bonus kudos to Sen. Susan Collins, R-ME, for suggesting that Congress introduce a fiduciary duty requiring brokers to act in the interests of its clients.)
It has clearly been backbreaking work for the Hill staff — just look at the 2-foot thick binders of documents as evidence. All the elements have come into place: an outrage shared by both sides of the aisle; great prep work with the press so the media could cover the hearings with depth and could have familiarity with the best docs; relevance to current legislative activity; and not being scared off by current litigation. Keep up the good work!
-- Team POGO