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Politics : Politics for Pros- moderated

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From: LindyBill	7/15/2009 7:49:02 AM
	1 Recommendation Read Replies (3) of 793838

Waste of time and money Inquiry Intrigue Washington is buzzing because leadership on Capitol Hill could name as soon as Wednesday the 10 members of the Financial Crisis Inquiry Commission. The commission will be charged with investigating the causes of the financial crisis and the collapse of major institutions that failed or nearly failed. It will also be required to submit recommendations to help inform the looming overhaul of financial market rules. The commission will have the power to issue subpoenas, which is one of the main reasons it is attracting so much (nervous) attention. The committee is required to submit a report by the end of 2010 and refer any possible violations of law to state or federal prosecutors. It is modeled on the Pecora Commission, a Senate panel that investigated causes of the Great Depression during the 1930s. The Pecora Commission led to major changes in federal law. Democrats are able to pick six members of the commission and Republicans pick the other four. Democrats and Republicans have worked extremely hard to shroud their picks in secrecy, so as to not give any hints to the other party. Rumors are swirling on Capitol Hill about who is on the committee, and there is intense speculation over who Speaker of the House Nancy Pelosi selected to chair the panel. Democrats wanted to roll out the names weeks ago, but the process was held up when one of the members picked by House Democrats backed out late in the process. So far, names that are attracting the most attention as possible members of the panel are: Picks from Democrats: Brooksley Born, former chairman of the Commodity Futures Trading Commission Former Sen. Bob Graham of Florida Picks from Republicans: Former Sen. Fred Thompson of Tennessee Douglas Holtz-Eakin, former director of the Congressional Budget Office

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