British Steel

Debate between Pat McFadden and Greg Clark

Wednesday 24th July 2019 Commons Chamber

[Greg Clark]

As my hon. Friend says, much steel production requires coking coal, so it needs to be provided. I understand that there was broad cross-party support for the operation that she describes. One of the imperatives is to move steelmaking to be cleaner and greener in its energy efficiency and use of other fuels. That feature of the industrial strategy programme applies very much to the steel industry.

[Mr Pat McFadden (Wolverhampton South East) (Lab)]

I echo the comments of my hon. Friend the Member for Redcar (Anna Turley) in thanking the Secretary of State for his approach to the industry in general and this issue in particular. He has reminded us today and on previous occasions that we cannot just turn on and off a steelworks like a tap. If it is allowed to go cold, it is very expensive and difficult to set up again. The indemnity has been the key thing in enabling operations to continue while a buyer is found. What assurance can he give the House that that indemnity will continue for as long as it takes to finish the process of finding a buyer?

[Greg Clark]

I am grateful to the right hon. Gentleman; he knows about the manufacturing industry, and he is right in his description of it. I have to report that my request for the indemnity was granted readily; I think the lessons of the Redcar closure have been learned. I have no reason to suppose that the incoming Prime Minister will take a different view—in fact, quite the reverse. I have met him and his competitor, and during the days ahead I hope and expect that that support will continue to be available. But I should be clear with the House: British Steel is in the hands of the official receiver. Neither I nor any other Minister determines its future, so it will be important to conclude a sale to a long-term investor in it. That is not in the bag yet, but I think it is evident that everyone is doing everything they can to secure it.

British Steel

Debate between Pat McFadden and Greg Clark

Wednesday 22nd May 2019 Commons Chamber

[Greg Clark]

I am grateful to my hon. Friend for the hard work that he put into understanding and helping the steel industry during his time as a Minister. I know that it was well appreciated. I echo his tribute to Roy Rickhuss. My hon. Friend, the new Minister and I have always had a good relationship with the trade unions. I spoke to Roy Rickhuss and Steve Turner of Unite this morning, and they share the intention of everyone in this House to get the best possible future for British Steel.

One reason, although it is not the only reason, for the problems that British Steel is experiencing is the uncertainty around whether our future relationship with the European Union will involve tariffs—at least that is what the management say. Like my hon. Friend, I have a high regard for the management of British Steel, which needs to be taken at its word. We should resolve that uncertainty as quickly as possible, because that would be a major contribution that we can make to the future of British Steel.

[Mr Pat McFadden (Wolverhampton South East) (Lab)]

I am grateful to the Secretary of State for his approach in recent weeks and for his statement today. I thank him for his comments about the difficulty of turning off steel mills like a tap, because they cannot be turned off and on like that. We are all grateful to hear that the wages will continue to be paid for the moment and that the company continues to trade. Will he say anything more about the official receiver’s capacity to keep the situation going so that a new buyer can be found?

[Greg Clark]

I am grateful for what the right hon. Gentleman says. It is important that I should state, and that the House should recognise, that the official receiver is independently appointed by the court. The official receiver has a team of special managers from Ernst & Young who were appointed today, and their responsibility is to secure the best possible resolution for the assets they inherit. They have strict duties to the court, and they cannot be directed by me. My experience of the Insolvency Service and the official receiver is that they will want to recognise the importance of continuity, which I contend will help to secure the best value for the future of the site. From my conversations, I know they have that very much in mind, but it is important to emphasise that they are independent and do not take direction from me.

Leaving the EU: Airbus Risk Assessment

Debate between Pat McFadden and Greg Clark

Monday 25th June 2018 Commons Chamber

[Greg Clark]

I disagree with my hon. Friend. I think that the company has set out what it requires to be agreed in the negotiations so that it can continue to prosper. It is true that the company, like most companies in the aerospace sector, has been part of a successful investment with the Government in innovation and training. That is one foundation of our success, and I very much want that to continue.

[Mr Pat McFadden (Wolverhampton South East) (Lab)]

Fourteen thousand jobs directly affected; over 100,000 in the supply chain, including in our crucial aerospace cluster in Wolverhampton. What does the Secretary of State think is in the minds of leading Brexiteers when they hear warnings like this, which are anything but ridiculous? Does he think that they take them to the heart, or do they in the end believe that this is a price worth paying, because the overall imperative of controlling immigration comes before any economic or employment consideration?

[Greg Clark]

My experience gives me confidence that the evidence and the facts will ultimately determine the outcome of the negotiations; respect for the facts on both sides of the negotiations will be what determines a solution in the interests of both sides. That is what I am determined to pursue. When companies offer evidence, as others are completely free to do, it should be considered in a serious and sober way, and used to inform those discussions.

Industrial Strategy

Debate between Pat McFadden and Greg Clark

Wednesday 18th April 2018 Commons Chamber

[Greg Clark]

I am coming on to talk about that, but I will say now that one of the major breakthroughs in the industrial strategy is to recognise the utmost importance of investment in research and development, not only on the part of the private sector but on the public sector side as well. All around the world, advanced nations are investing in the future through R&D, and we have in the industrial strategy the biggest increase in research and development that we have ever seen in this country. It is a matter of pride that we were able to achieve that.

[Mr Pat McFadden (Wolverhampton South East) (Lab)]

I very much welcome the fact that the Government are committed to the industrial strategy. When I was a Minister in the Secretary of State’s Department some years ago, we rebooted and renewed the belief in an industrial strategy in the wake of the financial crisis. I am glad that it has survived and that there has been a lot of continuity through the years of the coalition Government to his tenure. This is a welcome move away from the laissez-faire approach that we had in the 1980s, but it will only work if it is bought into by others beyond his Department. Given that many other countries are trying to do similar things, is he confident that he has the commitment right across the Government and the scale of resources and buy-in necessary from the Treasury and others to make this a success?

[Greg Clark]

The right hon. Gentleman makes an excellent point. First, in terms of what was achieved before, he is right to recognise that we are building on what have been successes. Successful arrangements that have been put in place in the process industries, for example, are recognised and built on in the strategy. It is very important that we have a long-term approach. He is absolutely right; this is not my Department’s industrial strategy, my industrial strategy or even the Government’s industrial strategy. The ambition for this strategy is to unite all the nations of the United Kingdom and the UK Government certainly, but also the leaders of our cities, towns, counties and universities. The approach we have taken in developing the strategy is precisely for that purpose.

I have a set of responsibilities which the right hon. Gentleman will know, from his tenure in my Department, are limited to those allocated to the Business Department. However, when it comes to skills or investment in transport infrastructure, for example, it is vital that all join together. One of the strategy’s purposes is that we can clearly brigade in a way that reinforces the different contributions.

Vauxhall/Opel: Proposed Takeover

Debate between Pat McFadden and Greg Clark

Monday 20th February 2017 Commons Chamber

[Greg Clark]

As my right hon. Friend knows, the independent Pensions Regulator is the arbiter of any changes to pension arrangements. It is absolutely right that such robust independence is in place. I emphasise that discussions are still continuing. No agreement has yet been reached but, as I have said to a number of colleagues across the House, the future of pensioners is very important to me, as it is to all Members.

[Mr Pat McFadden (Wolverhampton South East) (Lab)]

I was involved in the discussions that took place the last time that GM considered selling its European brands in the wake of the financial crisis. At that time, we had a successful resolution, in that the company decided to retain the brands. The Secretary of State is right that Vauxhall is tremendously successful. The Astra and Corsa are among the top 10 best-selling cars in the UK, but those cars are made by a Europe-wide company that has a Europe-wide supply chain. In any of the discussions that he has had in the past week, have exchange rate movements over the past year been raised?

[Greg Clark]

We have of course discussed all aspects of Brexit. One feature of the decisions that are being made about investment is the opportunity to locate more of the supply chain firms nearer to the production facilities. Across the board, it is important to emphasise our commitment to negotiating the best possible access to the single market, and also that the intrinsic competitiveness of the UK makes it attractive to overseas investors.

Financial Services (Banking Reform) Bill

Debate between Pat McFadden and Greg Clark

Tuesday 9th July 2013 Commons Chamber

[Mr McFadden]

This is an unusual Bill, in that at the same time that it has sought to implement a reform recommended by the Vickers commission two years ago, it has run in parallel with the Parliamentary Commission on Banking Standards, which periodically has produced reports and asked the Government to use the Bill to implement their findings.

I place on record my thanks to colleagues who served on the commission and all its staff. It was an intense effort and I do not think we could have produced our reports without the able efforts of the many staff who worked for us, led by Colin Lee, who is a great servant of this House.

I want to draw the Minister’s attention back to yesterday’s official response from the Government to the commission’s report of a few weeks ago. We read in yesterday’s newspapers that the Government were going to accept the vast bulk of the recommendations and the Minister opened the debate by saying something very similar. However, I have looked through the Government document in detail and wonder whether the Minister could confirm that the position is not that simple.

Paragraphs 2.32 and 2.33 reject part of our recommendations on pay. Paragraph 4.5 makes no commitment to legislation on access to basic bank accounts. Paragraph 3.24 passes to the regulator only consideration of the changes that we recommended on the corporate governance responsibilities of executives and bank chairmen. Paragraphs 3.34 and 3.35 in effect reject our recommendation for gender reports on operations on the trading floor. Paragraph 5.11 rejects our recommendation to consider splitting RBS into regional banks as part of the Government’s study on RBS. Paragraph 5.28 rejects our recommendations on the governance of the Bank of England. Paragraph 5.31 rejects our recommendations on the chairmanship of the Prudential Regulation Authority.

As my hon. Friend the Member for Nottingham East (Chris Leslie) said, the Government have also rejected recommendations on leveraging and ring-fencing, in particular ring-fencing in respect of the sector as a whole. When it comes to the implementation of recommendations, the chairman of the parliamentary commission yesterday described the attempt to ring-fence one particular group as “virtually useless”.

I stress to the Minister that it is not accurate to say that the Government have accepted the vast majority of the parliamentary commission’s recommendations. The document that was published yesterday is full of excuses and sleights of hand that pass on to the regulator for consideration firm recommendations that we made. I stress to those in another place, who may have a greater opportunity to amend the Bill, that they should read the document that was published yesterday with a careful eye to see what has been accepted and what has not.

[Greg Clark]

The right hon. Gentleman is not giving the response a fair reading. First, not all of the recommendations were addressed to the Government. Some of them were addressed to the regulators. Secondly, some of the recommendations that were made to the Government have been taken forward through actions that can be taken by the regulators. When colleagues look at the response, they will see that it is a broad endorsement of what was an excellent report.

[Mr McFadden]

Perhaps the Minister and I have different interpretations of the word “broad”. He may be able to persuade the hon. Member for Chichester (Mr Tyrie), on the basis of some warm words, that these are great concessions, but I remain to be convinced.

The Government have a great deal more to do to convince Parliament—this House and the other House—that they endorse the vast majority of the recommendations. The more one reads the report that was published yesterday, the less one comes to that conclusion. I hope that those who are in a position to amend the Bill in future take heed of that and press with greater determination than Members of this House the amendments that would fully and faithfully implement the recommendations of the Parliamentary Commission on Banking Standards.

Financial Services (Banking Reform) Bill

Debate between Pat McFadden and Greg Clark

Monday 8th July 2013 Commons Chamber

[Greg Clark]

I do not agree with that. We will come on to talk about what the commission referred to as the electrification of the ring fence, and whether it is appropriate to have a power to break up the whole system, so I will address that in a second, if I may. Amendments 6 to 10 concern that electrification of the ring fence, to use the memorable phrase of my hon. Friend the Member for Chichester—or, I dare say, the whole commission.

[Mr McFadden]

The Minister is being generous in giving way. I would like to take him back to the intervention by my hon. Friend the Member for Edmonton (Mr Love). Will the Minister confirm that paragraph 5.11 of the publication that his Department published today states:

“The Government does not believe that the case for breaking RBS’s core operations into multiple entities meets the objectives of maximising the banks’ ability to support the British economy”?

In layperson’s terms, the Government have today rejected the notion that their review will look at regional banks, as distinct from a good bank/bad bank split. Is that how we should read that?

[Greg Clark]

No. The right hon. Gentleman has not got it quite right. We are absolutely enthusiastic about creating regional banks, and the exchange that I had with my hon. Friend the Member for Hexham, and the changes made by the regulator to the approvals process, underline that. The right hon. Member for Wolverhampton South East (Mr McFadden) asks a specific question about whether RBS, in which we, of course, have a very substantial stake, should be broken up in that way. It is important that we have regard to value for the taxpayer. I suspect that we will talk about these things tomorrow, but I confirm that it is the Government’s view that we should not damage the potential value to the taxpayer in that way.

As members of the Bill Committee will recall, I made a commitment to introduce on Report amendments to implement electrification, and here they are. The amendments give powers to the regulator, with the consent of the Treasury, to require a group to separate completely its retail and wholesale banking operations. The regulator would be able to require the group either to sell its interests in ring-fenced or non-ring-fenced entities, or to transfer specified businesses to outside ownership. The regulator will be able to require separation if it is satisfied either that the group’s ring-fenced bank is not sufficiently independent of the rest of the group or that the conduct of any member of the group is such that it undermines the regulator’s ability to achieve its new statutory objective to ensure the continuity of core services.

The amendments set out a process for the exercise of that power. The first step is that the regulator must notify all affected members of a group that it is minded to exercise its powers and how it proposes to do so. The affected bank has the right to make representations following the receipt of each notice. Following that stage, the regulator is required to allow members of the group at least a year to take action to rectify the position. If, after that period, the regulator wishes to proceed it must issue a warning notice before a requirement to separate is imposed. The regulator would then allow five years to complete the separation required in line with the disposals required under competition law, particularly state aid interventions.

As the parliamentary commission recommended, the Treasury’s approval is required before that action can be taken. We agree with the commission that providing for a deterrent against any bank that seeks to game or evade the ring fence is a sensible reinforcement in keeping with the recommendations of the Independent Commission on Banking. Government amendments 11,12, 13 and 14 make technical adjustments to ensure that all the necessary components of structural reform comply with the ring fence and are brought within the scope of the ring-fencing transfer scheme.

--- Later in debate ---

[Greg Clark]

The hon. Gentleman gets to the nub of the matter, because of course any attempt to evade the ring fence or to nibble the electric fence, as dangerous to health as that would be, could be undertaken only on the part of a particular institution, not the system. That is why we agreed with the commission’s report—it was not part of the Vickers report—that it was necessary, for exactly the reasons the hon. Gentleman mentions, to have a sanction against that type of behaviour, and that is what we have done.

A further power to separate the whole system could not be triggered by an individual and could not punish the actions of an individual institution. That is why I think that is a very different policy. It commands the support of some very distinguished and influential people. The Glass–Steagall approach, which of course the policy is modelled on, has its place in history, but I think that history also reveals that the Glass–Steagall arrangements were not immune to the very dangers my hon. Friend the Member for North East Cambridgeshire (Stephen Barclay) pointed to. It is a good job my hon. Friend the Member for Chichester secured his amendment to the programme motion, because we are having a very interesting debate, but I would like to conclude, because there are other amendments that hon. Members would like to speak to. On that point, however, I urge the House not to allow at this stage the introduction of a very different policy into the Bill.

Let me turn to the amendments tabled by my hon. Friend the Member for Chichester, who I dare say will speak for himself in a few moments. I know that some of them were tabled to afford us the opportunity to discuss his commission’s report, and I think that this is now established as a very relevant opportunity. I will of course listen carefully to what he says. I am confident that the amendment the Government have tabled in response to the commission’s report can be improved during the Bill’s passage to take into account whatever concerns are embodied in his amendments.

Amendment (a) to Government amendment 6 would add a new condition under which the separation powers could be used: namely, when the regulator

“judges that there are serious failings in the culture and standards of the ring-fenced body or another member of its group.”

Of course, under the Government’s amendment the regulator would have the ability to separate the group if its conduct threatened to undermine the regulator’s ability to meet its continuity objective, but I think that, as the commission’s extensive deliberations showed, cultural failings might be present in banks that can result, for example, in significant harm to individual consumers or groups of consumers but nevertheless do not have systemic consequences. I think that the relevance of the proposed new power to take into account the culture is adequately covered under the provisions already in the Bill.

Amendments (b) to (p) concern the procedures for exercising the separation power. They would remove from the process: the second and third preliminary notice stages that extend to six weeks the time for banks to make representations; the requirement that the group be given a minimum of five years to effect separation; and the requirement for Treasury consent before a group can be required to separate. It is, of course, essential that a clear process be established for the exercise of the separation power. As I have said, I will listen carefully to what my hon. Friend says about reducing the number of warnings, which I think is the essence of what he is recommending, and about departing from the standard practice in financial services of allowing 14 days, rather than the six weeks that he proposes, for representations.

[Mr McFadden]

I want to compare the Minister’s six-year timetable with the one that the hon. Member for Chichester (Mr Tyrie) has set out in his amendments. What would be the difference for an individual group between moving to full separation under the Minister’s timetable and its doing so under the timetable that would apply if the amendments tabled by the hon. Member for Chichester were accepted?

[Greg Clark]

As I have said, I shall hear from my hon. Friend. I do not think there is any difference of intent between us; we have accepted the commission’s recommendation. We have taken the period of five years because that is the standard time for the disposal of assets when they are required through competition law proceedings.

I am certainly concerned, however, that the banks should be given a chance to address the concerns, and that chance would be lost if amendment (k) were followed. If amendment (p) were followed, we would deny banks the five-year period for divestments to be made that is typical under competition law. But as I have said, I remain open to considering these matters further during the Bill’s passage. I am confident that it can be improved to meet the concern, as I know that there is no disagreement in principle between me and my hon. Friend on the issue.

The requirement for Treasury consent follows from the commission’s own recommendation, without which the regulator could, on its own initiative, instigate radical structural reforms.

Amendment 19 is retabled as an alternative to Government amendment 6, providing for the specific full separation power. As I explained in Committee when the amendment was previously debated—when the hon. Member for Nottingham East was channelling my hon. Friend the Member for Chichester, as he frequently did—it suffers from technical flaws. That is why I committed to introducing a Government amendment to deliver its objectives.

Specifically, amendment 19 is rather vague, giving the regulator power to require a group to take steps to separate without specifying what those steps are. It also lacks provision for a minimum period over which groups must execute a separation, leaving the risk of the regulator’s ordering a rushed disposal that could be destabilising to the system.

The Government amendment is intended to address those technical problems, although I have signalled our willingness to make any further improvements that may be necessary as the Bill progresses. I hope that my hon. Friend the Member for Chichester will be able to withdraw his amendment at this stage, pending further consideration.

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[Greg Clark]

I am grateful for my hon. Friend’s intervention. I always take praise when it comes—especially from him, as he is often very flinty in issuing it. I do not think that what I said amounts to a concession, because it has always been our intention to reflect the spirit of his suggestion.

Let me make an important point on the process that my hon. Friend describes. In his amendments, he does not have a time period in mind for the exercise of the power.

[Mr McFadden]

rose—

[Greg Clark]

I have one minute left, so the right hon. Gentleman will understand that I cannot give way. The proposal that there be five years to implement the action has been discussed with the regulators; it reflects best regulatory practice. In point of fact, if there were no time limit in the Bill, which is what one of the amendments tabled by my hon. Friend would ensure, that would render the use of the power without limit, so I think we are in the same territory—the right territory—in wanting to specify that there should be a limit. It should be clearly understood that there is a limit to the use of the electrification powers, in terms of a timetable, and a deadline for action. Of course it is right that the regulators should advise on the appropriate use of that. In terms of the amendment—

Oral Answers to Questions

Debate between Pat McFadden and Greg Clark

Tuesday 14th May 2013 Commons Chamber

[Greg Clark]

As the hon. Lady knows—her colleague the right hon. Member for Wolverhampton South East (Mr McFadden) might also like to comment on this—the commission has been hard at work considering various representations, including those from Which? and the British Bankers Association, on whether there should be a code of conduct. I am sure that the House would expect us to wait for the commission’s recommendations and then to respond to them.

[Mr Pat McFadden (Wolverhampton South East) (Lab)]

Does the Minister agree that it was politically unwise for the Treasury to brief that it hoped the Parliamentary Commission on Banking Standards would endorse its politically motivated attacks on the previous Chancellor’s bail-out of the Royal Bank of Scotland? Does he further agree that the uppermost criterion for the reprivatisation of RBS must be the interests of the taxpayers who bailed it out, rather than any political or electoral timetable?

[Greg Clark]

It goes without saying that the interests of the taxpayer must be paramount, and I am not aware of any of the briefing that the right hon. Gentleman refers to.

Financial Services (Banking Reform) Bill

Debate between Pat McFadden and Greg Clark

Monday 11th March 2013 Commons Chamber

[Greg Clark]

The hon. Gentleman will discover that through our debates in Committee he will have plenty of opportunity to scrutinise the Bill. When we have the commission’s recommendations, if we think that they need more than a day on Report then I will make the case for that. Whatever happens, I will ensure that this House has the opportunity fully to consider these matters.

[Mr Pat McFadden (Wolverhampton South East) (Lab)]

I am afraid that I want to press the Minister further on the same point. He said that the Government would ensure that there was full consideration in this House of further recommendations from the Parliamentary Commission on Banking Standards, yet the timetabling motion that he will move later says:

“Proceedings in the Public Bill Committee shall…be brought to a conclusion on Thursday 18 April”.

That is before the date of the parliamentary commission’s final report. How meaningful will be his commitment to full consideration of those proposals, given that he is rushing the Bill through Committee before the commission, which I remind the House was set up by the Chancellor, has even issued its final report?

[Greg Clark]

The right hon. Gentleman will find that he is satisfied with the scrutiny that is available. It is a question of chickens and eggs. We have not yet had the recommendations of the commission, on which he serves. When it makes its recommendations, if we think that they require more time then we will certainly make sure that there is plenty of opportunity for the House to scrutinise these matters.

--- Later in debate ---

[Greg Clark]

I have taken to heart the need to allow into the market smaller players, whether they be building societies or banks. I will say something about that shortly which I hope will satisfy the hon. Gentleman.

[Mr McFadden]

I suggest to the Minister that he has just ducked the British dilemma that he set out at the beginning of his speech by saying on the one hand that we have a huge financial services sector, but on the other hand that we are going to go at the speed of the slowest ship out of Basel on the capital and leverage rules. Is not the proper response to having a huge financial services sector relative to our economy to ensure that we have adequate rules to protect the UK taxpayer, rather than always going for the lowest common denominator internationally on such standards?

[Greg Clark]

I think that the right hon. Gentleman would concede that what Vickers recommended will advantage us and protect the British taxpayer in a number of respects, including through ring-fencing and higher capital requirements. We are already doing those things. He will know that Vickers did not recommend an early increase in the leverage ratio. I have been candid with the House that we would like to see one. However, in line with what Vickers advised and given the discussions that are taking place in other jurisdictions, we think that it is right to have the consideration in 2017, with a view to introducing the higher leverage ratio later.

Banking Reform

Debate between Pat McFadden and Greg Clark

Monday 4th February 2013 Commons Chamber

[Greg Clark]

Of course. I pay tribute to my hon. Friend and the other members of the commission. It might not be known just how many hours of the day they are working on it, but they are doing a service to the country in doing so. We accept his recommendation. This is a high-level Bill and we have said that we will introduce amendments to reflect the recommendations. When we do that, we will invite him to consider whether they appropriately address his recommendations.

[Mr Pat McFadden (Wolverhampton South East) (Lab)]

I welcome the change of heart announced by the Chancellor today. It is in contrast to the dismissive noises that came from the Government when our report was published just before Christmas. I am sure that that change of heart had nothing to do with the vision of amendments in the other place being supported by one of the Chancellor’s predecessors, Lord Lawson, a former Cabinet permanent secretary and the new Archbishop of Canterbury.

I would like to ask the Minister why today’s response was silent on the commission’s recommendation for a general reserve power for the sector as a whole. I must correct him: if adopted, such a decision should not be left to the Bank of England, but be taken by the Chancellor.

[Greg Clark]

I am grateful for the right hon. Gentleman’s question, to whom I extend my thanks for serving with distinction on the commission.

I said that the Bank of England did not want a general reserve power, but the right hon. Gentleman made the perfectly valid point that it might not necessarily be a choice for the Bank. It seems to me, however, that the power to break up any individual bank is a very strong one, and quite rightly, as the commission recommended, it would make the ring fence more impenetrable. Nevertheless, to provide for a reserve power in this Bill that would change the whole system would, in effect, be a different policy. I understand the reasons for wanting to do that, as many distinguished members of the commission do, but changing the whole policy would deserve the scrutiny of a Bill of its own—any future Government would be free to introduce such a Bill. To have it as a rider to a Bill designed to implement the Vickers report would be the wrong step forward.

Finally, as for accepting amendments, there are several Members of this House who have served on Bill Committees with me in the past. My demeanour, now and throughout the passage of the Bill, will be to listen to good and sensible suggestions from wherever they come—not to treat this as an exercise in partisanship, but to try to find consensus on the best system for financial regulation in this country.