In light of the lax oversight that contributed to the BP oil spill, Senator Sheldon Whitehouse (D-RI) held a hearing Tuesday on the industry influence on government regulators. The concern is what is known as "agency capture," whereas the regulators themselves have been captured by industry to become an interest group of that industry.
This was most notably seen in the Minerals Management Service which has since been broken up by the Obama Administration to prevent a reoccurrence of the events that led to the catastrophic BP oil spill on the Gulf floor.
The entire hearing is available below. Opening statements by Senator Whitehouse, Senator Franken and Senator Kaufman are notable. The testimony by the witnesses is illuminating.
Transcript available here.
A significant speech by Senator Whitehouse on agency capture is available here.
LABELS: AL FRANKEN, BP, GULF OIL DISASTER, GULF OIL SPILL, MMS, POLITICS, POLLUTION,REGULATION, SHELDON WHITEHOUSE, TED KAUFMAN