President Signs Delahunt Bill To Investigate Financial Crisis

05/20/2009
WASHINGTON, DC – In an Oval Office ceremony, President Obama today signed into law legislation sponsored by Congressman Bill Delahunt that will create a Financial Markets Commission to fully investigate the near-collapse of the banking system and the loss of tens of trillions of dollars.  

“I am pleased that President Obama has signed this legislation which will create and independent investigation into the causes of the current financial crisis.”  Delahunt said.  “The American people have lost trillions in investment income and in equity, while investors around the world have lost confidence in our markets.”

The legislation to create the seven-member, bi-partisan Financial Markets Commission was introduced earlier this month by Delahunt and U.S. Rep. Steve LaTourette (R-OH). The panel will be modeled after the 9-11 Commission, which independently investigated the failures leading up to the September 11, 2001, terrorist attacks and made sound recommendations on measures to prevent another attack in the future.

It will include two appointees by the President and one appointee each from the Speaker of the House, the House Republican Leader, the Senate Democratic Leader, the Senate Republican Leader and the Chairman of the Board of Governors of the Federal Reserve System.

The Financial Markets Commission will have one year to investigate all the circumstances that led to the current financial crisis and have the authority to refer to the U.S. Attorney General and state attorneys general any evidence that institutions or individuals may have violated existing laws. At the end of its investigation, the Commission will report to the President and to the Congress its recommendations for statutory or regulatory changes necessary to protect our country from a repeat of this financial collapse. 

 

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