The Financial Crisis Inquiry Commission

You have to wonder whether Congress will overhaul its overhaul of financial regulations when the commission it assigned to study the matter issues its final report, due by Dec. 15 of this year.

From The FCIC:

In the wake of the most significant financial crisis since the Great Depression, the President signed into law on May 20, 2009, the Fraud Enforcement and Recovery Act of 2009, 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 10 members of the bi-partisan Commission, prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection, were appointed by Congress on July 15, 2009.

I like that the word "crisis" is in the name, but it took nearly two months to appoint people to this thing. The group has issued at least 7 reports so far, though, and say they will accept your comments here.

Wednesday update: Former House Majority Leader Dick Gephardt was in Raleigh today to push for more public funding and regulatory changes as part of his role with this group.

Gephardt is also a lobbyist / consultant for Goldman Sachs. There was little time for off-topic questions, but Gephardt said he thinks Congress did a good job with its overhaul of financial regulations, though there may be more changes after the crisis commission files its final report.

"A good first cut at this and there may be other additions," he said.


Bit of a hand talker.