Time for FCIC to Get It's Act Together

Big Business
By Research Team at April 5, 2010 - 11:41pm

The Financial Crisis Inquiry Commission (FCIC) was supposed to get to the bottom of what caused the financial crisis. Instead, they're busy fighting among themselves:

In recent months, a top investigator resigned, frustrated by delays in assembling a staff. Behind closed doors the panel’s chairman and vice chairman have had heated disagreements over whether to make public preliminary findings or revelatory documents. Entities like Citigroup and the Treasury have complained that the panel’s requests for information have been vague and voluminous.

The people appointed to the Financial Crisis Inquiry Commission last July, six by Democrats and four by Republicans, say they hope to publish, by the Dec. 15 deadline, a volume much like the 9/11 Commission report, which was acclaimed for its narrative sweep and became a surprise best seller.

But that goal seems increasingly out of reach, given what the commissioners themselves acknowledge has been a haphazard approach and a lack of time and resources. Given the delays, the commission’s impact on policy could be modest; the House has already voted on a sweeping financial reform bill, and the Senate could vote on it by summer.

The FCIC meets this week. They will question Alan Greenspan and CitiGroup executives. It's time for the FCIC to put aside their petty disagreements and focus on the matter at hand: examining the roots of the financial crisis. Once they do, they'll realize that years of right wing driven deregulation gave Wall Street a blank check to develop a system that put their profits first and our economic health second.

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