Act of Congress: How America's Essential Institution Works, and How It Doesn't
Robert G. Kaiser
Language: English
Pages: 464
ISBN: 0307744515
Format: PDF / Kindle (mobi) / ePub
A Washington Post Notable Book
An eye-opening account of how Congress today really works—and how it doesn’t—that follows the dramatic journey of the sweeping financial reform bill enacted in response to the Great Crash of 2008. Act of Congress focuses on two of the major players behind the legislation: colorful, wisecracking congressman Barney Frank, and careful, insightful senator Christopher Dodd, both of whom met regularly with Robert G. Kaiser during the eighteen months they worked on the bill. In this compelling narrative, staffers play a critical role, writing the legislation and often making the crucial deals. Kaiser’s rare insider access enabled him to illuminate the often-hidden intricacies of legislative enterprise and shows us the workings of Congress in all of its complexity, a clearer picture than any we have had of how Congress works best—or sometimes doesn’t work at all.
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down together late in the afternoon, our two staffs did, in a conference to begin working … [on] those things in financial regulation that need to be dealt with.” Steve Liesman, a CNBC anchor, asked Corker, “Are you stepping forward here and sort of replacing Senator Shelby when it comes to the negotiations on the Republican side?” “Well,” Corker replied, “I’m just one senator and I certainly would never say I’m going to replace Senator Shelby, somebody I respect and like a lot. But I am
were not impressed by members of the House and Senate who took positions on issues they did not comprehend. “The percentage of congressmen and senators who really understand how a bank works, or even what a hedge fund is, is small,” Dowd observed. He recalled one conference call with members in which some participants were misusing the term “proprietary trading.” He asked how they were defining it, and got some gibberish about secret trading formulas that banks used in the market—in other words,
work through the night had produced the result he hoped for. Despite the uncivilized hour, both Dodd and Frank lingered to celebrate, and to preen a little before the small band of reporters who had made it through the night. Dodd’s first move was to hug Amy Friend and Kara Stein, and to plant a kiss on the cheek of Blanche Lincoln. Frank gathered up his scrunched‑up copy of the previous day’s New York Times while his partner, Jim Ready, snapped pictures of him. When a dozen reporters had
think”: Ibid. “It takes me two weeks”: Notes of a participant, confidential source. “If what is at stake”: Notes of a participant, confidential source. “We have to have”: Notes of a participant, confidential source. “If we don’t help homeowners”: Bachus notes. “This is a national crisis”: Ibid. “We’re told not to worry”: “Area’s Lawmakers Evenly Split on Bailout Plan,” Los Angeles Daily News, Sept. 30, 2008. “Undermining the basic principles”: Tom Price press release, September 29, 2008.
would be respected now, Reid said. “Senator Dodd had the opportunity to be chair of a number of committees,” Reid continued. “To his credit, recognizing the amount of work ahead of him, he’s decided to stay as chairman of the Banking Committee.” Dodd then explained that “I want to complete the job” of financial regulatory reform. This was best for “the voters of Connecticut.” He added that he would also keep his promise to Kennedy “to fulfill the work left to be done on the health issue.” Dodd
