Transcripts

Settling Into The New Capitol Hill

SUSIE GHARIB: It's official tonight. The Democrats now have control of both Houses of the 110th Congress. It came as Virginia Republican Senator George Allen conceded this afternoon to Democrat Jim Webb. Now that the dust has settled on just who's in charge, the next order of business will be significant for business. Stephanie Dhue takes a look at the key committee chairmanships.

STEPHANIE DHUE, NIGHTLY BUSINESS REPORT CORRESPONDENT: The changeover in Congress from Republicans to Democrats is most dramatic in committee. In the tax-writing Ways and Means Committee, for example, Charlie Rangel, one of the most liberal members of Congress, is taking the place of Bill Thomas, one of the most conservative. Former Congressman Charlie Stenholm expects Chairman Rangel to be more open to new ideas.

CHARLES STENHOLM, SR. POLICY ADVISOR, OLSSON, FRANK & WEEDA: I would be very surprised if he doesn't open with serious hearings on tax reform, instead of just talking about it every two years, about these new ideas and flat tax and all of these things and value added tax, actually hold hearings and actually get some discussion going.

DHUE: There may be a discussion of runaway CEO pay as Barney Frank takes over from Michael Oxley on the House financial services committee. The government reform committee under Henry Waxman could increase scrutiny on Halliburton, pharmaceutical companies and big tobacco. But the conversation on climate change may not be much different at the Energy and Commerce Committee under John Dingell as it was under Joe Barton.

JAMES THURBER, PROF. & DIR., CENTER FOR CONGRESSIONAL AND PRESIDENTIAL STUDIES, AMERICAN UNIVERSITY: Mr. Dingell is very close to Mr. Barton when it comes to the internal combustion engine, because he has United Auto Workers, Ford, GM, others that he represents. So he's been very careful about regulating the Clean Air Act, which has significant impact on business. So you have to look at the personalities, where they are from, very carefully.

DHUE: Business groups which largely supported Republicans expect the new Congress as a whole to be more moderate then the committee chairmen.

GREGORY CASEY, CEO, BUSINESS & INDUSTRY POLITICAL ACTION COMMITTEE: While we look skeptically at some of the leadership, we understand that there is the possibility that they will also want to work with us and we are open to that. And I think they're going to have some assistance because... I think that the conservative Democrats in both the House and the Senate have just expanded their ranks.

DHUE: The talk in Washington the last two days has been all about bipartisanship and cooperation. Experts say Democrats have a vested interest in proving they can work with Republicans to get things done. If Democrats succeed, they have a better shot at keeping control beyond the next two years. Stephanie Dhue, NIGHTLY BUSINESS REPORT, Washington.