Bank Execs Testify at First Financial Inquiry Panel Hearing
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Senators Conrad and Isakson Created the Bipartisan
Commission to Investigate Causes of Financial Meltdown 1/13/10 Senators Kent Conrad, D-N.D., and Johnny Isakson,
R-Ga., released the following statement today after members of
the bipartisan Financial Crisis Inquiry Commission questioned
top Wall Street executives at its first hearing to investigate
the circumstances that led to the near total collapse of the
nation’s economy. Senators Conrad and Isakson teamed up last
year to write legislation that created the commission.
“Even as the economy begins to turn the corner, it is more
important than ever to understand what factors contributed to
the near total collapse of our financial system. The American
people have every right to know where mistakes were made. If it
is discovered that laws were broken, those bad actors must be
held accountable,” Senator Conrad said. “Based on the questions that members of the commission are
asking today, it is clear they understand the critical
importance of making sure we stay focused and we get the answers
to what caused this financial collapse. It’s what the American
people deserve,” Senator Isakson said. “There are many ideas
about what happened and what should be done to fix it, but let's
first get all the facts on the table so we can move forward with
due knowledge and in due course.” Senators Conrad and Isakson said the 10-member, bipartisan
Financial Crisis Commission is modeled after the 9-11
Commission, which thoroughly and independently investigated the
failures leading up to the September 11, 2001, terrorist attacks
and made recommendations to prevent another attack in the
future. Along those lines, the Financial Crisis Commission has until
December of this year to investigate the circumstances that led
to the current economic crisis. The panel has full subpoena
power and 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. The Commission will
report its findings to the President, the Congress and the
American people by the end of 2010. The special independent commission is made up of leading experts in the field, including economists, academics and former members of Congress. |
State & National Politics |
