“The financial crisis has taken a devastating toll on families and businesses at home and around the world. The American people have lost trillions in investment income and in equity while investors from around the world have lost confidence in our markets.” said Delahunt. “As we work our way through this crisis, we need an independent investigation, from a panel with real clout that can lay out a concise plan of action to prevent this from happening again.”
The seven-member, bipartisan Financial Markets Commission will be modeled after the 9-11 Commission, which thoroughly and independently investigated the failures leading up to the September 11, 2001, terrorist attacks and made sound recommendations on where we needed to improve 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 point is not to start a blame game or rehash old news, but to have a balanced, unbiased and thorough review of what went right and what went wrong, warts and all,” LaTourette said.
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.
The legislation mirrors a bill introduced in the Senate in January by U.S. Senators Kent Conrad, D-N.D., and Johnny Isakson, R-GA. For a copy of the proposal please click here.
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