WASHINGTON, D.C. — At a hearing scheduled for tomorrow in Washington, Congressman Zack Space (OH-18) plans to demand answers from Wall Street and government officials on the role they played in the financial crisis that has devastated America’s economy. The House Agriculture subcommittee on General Farm Commodities and Risk Management, of which Space is a member, plans to question officials from the Securities and Exchange Commission (SEC), as well as the Commodity Futures Trading Commission (CFTC), about the Administration’s lack of regulation, which lies at the heart of the devastating crisis.

That crisis has caused business owners to lay off workers, led to the closure of almost twenty banks across the country, and undercut the retirement security of millions of American seniors. It also precipitated the Emergency Economic Stabilization Act, a bi-partisan bill widely regarded as necessary to prevent total economic collapse.

“I’m returning to Washington to get some straight answers about how this crisis occurred,” Space said. “I want to know who and what are responsible for a situation that has been devastating to Ohioans who are losing their jobs, their homes, and their retirement savings.”

“Already, we’ve put in place better oversight, but we need to burrow down to the root causes of this crisis. How, exactly, were federal regulators so asleep at the wheel that they allowed big investment banks and speculators to run wild and drive us into this almost-near-meltdown? I’m going to stay in that room until I get some straight answers from the Administration on how its lack of regulation precipitated this crisis.”

Space returns to Washington to question officials from the SEC, CFTC, and the Chicago Mercantile Exchange to explore how the unregulated world of credit derivatives led to the credit and market downfall. Credit derivatives represent a facet of the financial world in which speculators attempt to hedge their bets on often risky investments in loans, bonds, or other financial assets. The lack of regulation is considered by many as one of the major components of the financial crisis. The House Committee on Agriculture has jurisdiction over the commodities markets.

“We did not get to this point without some very bad actors and some very bad practices,” said Space. “Our job is to get answers for the American people -- to discover the root causes of this crisis, punish the offenders, figure out ways to fix the problem, and prevent it from ever occurring again."

Congressman Space has represented Ohio's 18th Congressional District since 2007. He is working to restore integrity to the office, expand Ohio's economy, and support renewable energy.