With Wall Street’s financial institutions in turmoil, Sen. John McCain (R-AZ) argued in a series of interviews today that his experience on the Senate Commerce Committee meant he knew “how to fix this economy.” “I understand the economy. I was chairman of the Commerce Committee that oversights every part of our economy,” McCain told CNBC’s Squawk Box. Watch it:
But, as the Washington Post points out, the Commerce Committee doesn’t oversee “every part of our economy,” let alone “the very areas now in crisis“:
In fact, it is the Senate Banking Committee that has oversight of “banks, banking and financial institutions; control of prices of commodities, rents and services; federal monetary policy, including the Federal Reserve System; financial aid to commerce and industry and money and credit, including currency and coinage.”
According to its Web site, the Commerce Committee oversees 13 areas, beginning with the Coast Guard, and continuing through “regulation of consumer products and services … except for credit, financial services, and housing” — the very areas now in crisis.
It’s not that surprising that McCain is confused about the Commerce Committee’s economic responsibilities, considering that he freely admits, “The issue of economics is not something I’ve understood as well as I should.”