Independent, Bipartisan Financial Crisis Commission Would Have Subpoena Power

 

WASHINGTON – U.S. Senator Johnny Isakson, R-Ga., today praised Congressional passage of a financial fraud bill that includes his proposal to create a Financial Crisis Inquiry Commission charged with fully investigating the causes of the near collapse of our financial markets and our economy. The bill now goes to the President for his signature into law.

 

 

 

“The only way to get an objective evaluation of where mistakes were made is to create an independent commission of experts to ask what went right, what went wrong and what could we have done to prevent this. We need a forensic audit of the laws of the United States as it relates to the financial markets and our economy,” Isakson said. “I want to thank Senator Conrad who has been diligent in his effort to help pass this legislation. I’m pleased this Congress understand the importance of making sure we don’t miss the mark, that we stay focused, and we get the answers to what caused this financial collapse. It’s what the American people deserve.”

 

 

 

Isakson and U.S. Senator Kent Conrad, D-N.D., originally introduced legislation in January 2009 to examine the causes of the current economic crisis. On April 22, the Senate overwhelmingly passed an amendment by Isakson and Conrad to the Senate’s version of the financial fraud bill that would create a Financial Crisis Commission. 

 

On May 6, the House of Representatives passed the financial fraud bill, including the Financial Crisis Commission, with amendments by a vote of 367 to 59. On May 14, the Senate, on a unanimous consent motion, agreed to relatively small changes to the bill and sent it back to the House. On May 18, the House agreed to the Senate’s changes and sent the bill to President Obama for his signature.

 

The 10-member, bipartisan Financial Crisis Commission will have until December 2010 to investigate all the circumstances that led to this financial crisis. The panel will have subpoena power and will 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 its findings and conclusions to the Congress and the President.

 

 

 

This bipartisan Commission will be appointed by Democrats and Republicans in Congress. The Speaker and Senate Democratic Leader would choose the commission’s chair. The Senate and House Republican Leaders would select the vice-chair. Members of Congress as well as federal and state employees would be prohibited from serving on the Commission.

 

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