: Financial Services Committee Chairman Spencer Bachus announced the Committee will convene a hearing to review the reports issued by the Financial Crisis Inquiry Commission. The hearing will take place on Wednesday, February 16 at 10 am in room 2128 Rayburn.
Chairman Bachus said, “More than two years after the peak of the crisis, the taxpayer has been handed a $10 million bill for a 500-plus page book that failed to reach consensus on its causes. In its effort to assign blame to Wall Street generally, the majority report significantly diminishes the role that Fannie Mae, Freddie Mac and misguided government housing policies played in sparking the meltdown.”
In 2009, Congress established the Financial Crisis Inquiry Commission, comprising six Democrats and four Republicans, to investigate the causes of the financial crisis and report its findings to Congress on December 15. The Commission missed its deadline and failed to reach consensus on the causes of the crisis. More than a month after its deadline, the Commission published three reports: one written by the Democratic Commissioners, a second written by three of the Republican Commissioners, and a third one by the fourth Republican Commissioner. The statute creating the Commission requires the Financial Services Committee to hold a hearing on the Commission’s findings not later than 120 days after it issues its final report.
Witnesses scheduled to testify at the hearing are:
Panel I
The Honorable Phil Angelides, Chairman, Financial Crisis Inquiry Commission
The Honorable Bill Thomas, Vice Chairman, Financial Crisis Inquiry Commission
Panel II
The Honorable Brooksley Born, Commissioner, Financial Crisis Inquiry Commission
Dr. Douglas Holtz-Eakin, Commissioner, Financial Crisis Inquiry Commission
Ms. Heather Murren, Commissioner, Financial Crisis Inquiry Commission
Mr. Peter Wallison, Commissioner, Financial Crisis Inquiry Commission