Contact: Stephanie Nigro 202-225-4611

Washington, Dec 10 - Congressman John M. McHugh (NY-Pierrepont Manor) announced today that he is cosponsoring legislation to create a Financial Oversight Commission to examine and report on the facts and causes relating to the financial crisis of 2008. In recent weeks, Congressman McHugh has continued to call for increased accountability on Wall Street, in the federal government, and across U.S. companies as well as modernizing the U.S. regulatory system to keep up with the complexity of the financial world in the 21st Century.

“Every American is feeling the negative effects from our current economic recession and the associated financial crisis. I have personally heard from a countless number of my constituents who are angry about the conditions that led to this crisis, and I want to ensure that the federal government takes the appropriate steps to determine the root causes of the crisis,” said Congressman McHugh. “By creating a Commission to effectively study the causes and make recommendations for the future, we are making sure we fully understand the problem before we enact a solution. I will continue to work to protect American taxpayers, particularly New Yorkers, as Congress considers legislation to improve our country’s economy.

H.R. 7275, the Financial Oversight Commission Act of 2008, would establish the National Commission on the Financial Crisis to determine the causes of the breakdown of our financial system and make recommendations to Congress and the President. The Commission would be modeled after the 9/11 Commission, and would be a bipartisan panel made up of 10 members appointed by the President, House, and Senate. The Commission would be charged with conducting investigations and reporting their findings and recommendations to Congress and the President. Additionally, the Commission would also evaluate the actions of Congress and the Administration.

The bill is currently under consideration before the House Committee on Financial Services.