Thursday, January 14, 2010

Financial Crisis Inquiry Commission Holds First Hearing

On Wednesday the Financial Crisis Inquiry Commission (FCIC) held its first hearing with bankers and representatives from the financial services community. The Washington Post describes the hearing as an exchange in which bankers claimed they were "victims of circumstance." Members of the commission, including Chairman Philip Angelides, criticized the
financial CEOs and chairs for failing to take full responsibility for the failures of their financial firms.

The FCIC was created by the Fraud Enforcement and Recovery Act of 2009 (Public Law 111-21), which President Obama signed into law on May 20, 2009. It was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." The commission must issue a public report of its findings by December 15 of this year. You can find transcripts from Wednesday's hearing on this FCIC web page.

For related resources, take a look at our guide to Economic Crisis and Stimulus.

No comments:

Post a Comment