Congress poised to launch 9/11-styled commission on financial crisis

The House of Representatives came to agreement on Monday afternoon on the establishment of a 9/11-styled commission that would be independent of Congress and granted the power of subpoena to investigate the origins of the financial crisis.

Aides on the Hill said that the House will likely vote on the measure Wednesday, adding that the chances of passage were high. The office of the bill's cosponsor, Congressman Darrell Issa, said the legislation would be similar to that recently passed by the Senate.

The concept of the commission is pegged to the investigative body that looked into the intelligence collapse precededing the terrorist attacks on 9/11.

The key, in this case, is that the body - eight or (likely) ten members, split evenly by party affiliation - would have the power of subpoena, compelling the key players to testify. "It is," said one staffer involved in the creating of this legislation, "essential."

Aides familiar with the proposal say that, "in terms of the committee's functions," it would focus on "the very broad root causes of the crisis, issues of fraud and abuse in the financial sector, and the role [or lack thereof] played by financial regulators."

"There is not anything that isn't under this commission's purview when it comes to the financial crisis," one Republican Hill staffer concluded, adding that the commission would also have a "global outlook" when it came to monetary policy and credit.

As to the concerns of some firms, that such an investigation could expose proprietary or sensitive information, the staffer said that the committee would try to respect materials that would deeply affect the future of these firms or banks. "At the same time," he added, "this crisis happened and it happened under their watch and in order to address this, there is nothing that the commission should not have access to."

Elected officials on the state, local, and federal level would be forbidden from serving on the commission. Instead, a bipartisan group of individuals - whose qualifications were agreed upon - would serve. The goal, the Republican aide said, would be to have some report produced within the next three or four months, with a drop-dead deadline by the end of December.

As for the White House's involvement in this process, the Republican staffer said: "They have done nothing to indicate they are not supportive of this."

My Blood Pressure.

It rises every time I hear people supporting a "9/11-style commission" on this or that.

"9/11-style commission"

I believe the oft repeated phrase: "9/11-style commission" is meant to reinforce in the minds of the SOMNAMBULISTS the idea that that was one investigation that got it right. It sickens me too to hear it.

We know the real meaning is that they will select commissioners with conflicts of interest, proceed from their conclusion, hide anything that doesn't fit, assign no blame, cover up the real evidence, fabricate evidence that fits the conclusion, and slap each other on the back for having done a "heckuva job".

as someone on this site commented

calling an investigation a "9/11 style commission" is probably the MSM code word to establishmentarians that the "investigation" will be a whitewash, anything important will be covered up, the findings and conclusions will be spun to promote and perpetuate the established order that the corporate/elites profit from without doing anything useful or good, and it will be highly publicized by the MSM as a thorough and independent investigation.

As predicted by a number of observers in 1999, the repeal of Glass-Steagal by Gramm-Leach-Bliley led to the current disaster- recall that bill was championed by the likes of Obushma's economic advisor Larry Summers, as it deregulated the financial sector, paved the way for these risk-socializing/gain-privatizing criminal wall street corpses to get "too big to fail", necessitating massive taxpayer bailouts:


I'll bet a declining dollar this "9/11-style Commission" finds the repeal of Glass-Steagal had little to do with the crisis, not to mention mismanagement by Geithner and the Fed.