Issa Introduces Legislation to Create a Bipartisan National Commission on the Financial Crisis


November 19, 2008

Washington, DC – Rep. Darrell Issa and eight original Republican cosponsors today introduced legislation, H.R. 7275, to create an independent panel to study and issue a report on the causes, handling, and way forward from the current financial crisis.

“Recent hearings held by House committees, while well intentioned, have largely been partisan, focusing on finding a fall guy rather than determining the root causes of the crisis,” wrote Issa in a recent letter to colleagues.  There are many bad actors and causes of our financial crisis, from lax lending practices to insufficient regulatory scrutiny, but we in Congress simply do not have the expertise to gain a full understanding of the complexities surrounding the crisis.  A Columbia University professor recently stated that any reform must begin with ‘a dispassionate and informed assessment of what went wrong.’”

The “Financial Oversight Commission Act of 2008” establishes a 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.  Modeled after the 9/11 Commission, the Financial Oversight Commission will examine and report on the facts and causes relating to the financial crisis of 2008.  The Commission will be bipartisan and will be made up of 10 members, appointed by the President, House and Senate.  The Commission will have one year to conduct investigations, make findings and report their recommendations to Congress and the President.  As economic conditions and the financial sector itself are not static, the panel will continue its review, and in addition, will evaluate the actions of Congress and the Executive Branch in response to its recommendations.

Rep. Issa has asked Democrats to support this proposal, but none have yet agreed to cosponsor.  “It’s unfortunate that after 9/11 and setbacks in Iraq, a Republican Congress agreed to have examinations by objective and bipartisan commissions, but now that Democrats are in charge they’re cool to the idea of using bipartisan national commissions to find answers the public can trust.  This legislation should be a bipartisan effort and I stand ready to work with my Democratic colleagues to make it a reality.”
A copy of H.R. 7275 is attached.

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