News & Press Releases
Video Footage of Financial Crisis Inquiry Commission Available Now
February 04,2010
News Description:
On May 20, 2009, the Fraud Enforcement and Recovery Act of 2009 was signed into law by President Obama, creating the Financial Crisis Inquiry Commission. The Commission was established to "examine the causes, domestic and global, of the current financial and economic crisis in the United States."
The bi-partisan Commission, appointed on July 15, 2009 by Congress, is composed of 10 members (6 of whom were selected by the Democrats and 4 of whom were selected by the Republicans) who are prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection. The Commission's Chair is Phil Angelides and the Vice Chair is Bill Thomas.
The FCIC is charged with conducting a comprehensive examination of 22 specific and substantive areas of inquiry related to the financial crisis. The Commission is called upon to examine the causes of major financial institutions which failed, or were likely to have failed, had they not received exceptional government assistance.
In its work, the Commission is authorized to hold hearings; issue subpoenas either for witness testimony or documents; and refer to the Attorney General or the appropriate state Attorney General any person who may violated US law in relations to the financial crisis.
A report of the Commission's findings is due to the Congree, President, and the American people on December 15, 2010.
The hearings that were held as part of the FCIC inquiry took place on January 13 & 14, 2010. Video footage of the hearings can be viewed at the following URL: http://www.fcic.gov/watch/ with more general information on the FCIC at http://www.fcic.gov.
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