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Pelosi & Co. Prevent New Pecora Commission

July 2, 2009 (LPAC) — Democratic and Republican Congressional leaders have yet to nominate a single person to the Financial Crisis Inquiry Commission, the bipartisan investigative body created by Congress and signed into law by President Obama more than a month ago. The commission was allegedly to launch an investigation of the financial crisis in the spirit of the famous early 1930s hearings led by Ferdinand Pecora. Those famous investigative hearings produced the facts and momentum for the major New Deal financial reforms.

This failure substantiates the charge, made by LPAC at the time the Commission was voted up, that it was intended to sabotage a full-scale Pecora-style investigation by the Congress. Pelosi was instrumental in killing the demand, put in a bill by Rep. John Dingell, for a Congressional Pecora Commission, in order to set up this "independent" body. As it is, the Commission is not scheduled to issue a report until late 2010.

Technically, the commission would have broad authority to look into nearly every aspect of the financial system, including accounting practices, state and federal regulators, monetary policy, executive compensation, and derivatives. The commission can subpoena testimony and documents with agreement from at least one Republican-appointed member. The panel can also refer findings to federal and state law enforcement agencies for possible prosecution.

But, under Pelosi and Reid, it's doing nothing.


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