President Obama Approves Conrad Plan to Investigate Financial Markets Meltdown

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Senator's Commission Signed Into Law, Will Hold Lawbreakers Accountable

May 20, 2009 -- Washington – President Obama today signed into law legislation authored by U.S. Senators Kent Conrad, D-N.D., and Johnny Isakson, R-Ga., that will create a Financial Crisis Inquiry Commission, a bipartisan task force charged with investigating the causes of America’s economic crisis.

“My constituents deserve answers. The American people deserve answers. They have every right to know where mistakes were made, and why our financial system spiraled downward so far, so fast. If it is discovered that laws were broken or any wrongdoing led our nation down this path, people must be held accountable,” Senator Conrad said.

“This is a great day for the American people, who demand and deserve some answers. I’m pleased the President understood the importance of signing this bill into law quickly so we can get those answers to what caused this financial collapse,” Senator Isakson said. “We need a forensic audit of the damage to the financial markets and our economy so we can find out where mistakes were made and ensure we don’t make them again.”

The ten-member, bipartisan Financial Crisis Commission will be modeled after the 9-11 Commission, which thoroughly and independently investigated the failures leading up to the September 11, 2001, terrorist attacks and made sound recommendations to prevent another attack in the future.

Along those lines, the Financial Crisis Commission will have until December of next year to delve into the circumstances that led to the current economic crisis. The panel will have 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 will not include any elected officials. Rather, it will be made up of leading experts in their field, including economists, academics or former members of Congress. They will be appointed by the Majority and Minority Leaders of the Senate, and the Speaker and Minority Leader in the House of Representatives.

“We need to walk away from this financial meltdown with a better understanding of what went wrong. And we must establish rules to shore up our national economy and ensure this never happens again,” Senator Conrad said.

Source: Senator Kent Conrad