Republican Members Call for National Commission on the Financial Crisis to Conduct 'Factual' Not 'Political' Investigation

Press Release

Republican Members Call for National Commission on the Financial Crisis to Conduct 'Factual' Not 'Political' Investigation

Panel Will be Modeled After Bipartisan 9/11 Commission and Iraq Study Group to Offer an Objective and Dispassionate Assessment of the Causes and Handling of the Financial Crisis

Rep. Darrell Issa (R-CA), the Ranking Republican Member of the Domestic Policy Subcommittee of the Committee on Oversight and Government Reform, and four Oversight and Government Reform Committee Republicans today held a press conference and unveiled legislation to create an independent panel modeled after the 9/11 Commission and Iraq Study Group to investigate the causes, handling, and way forward from the financial crisis of 2008.

"Members of Congress played too large a role in crafting the regulatory scheme that set the stage for this crisis and have received too much money from Fannie Mae, Freddie Mac, and Wall Street to conduct an unbiased investigation of what happened," said Issa. "The decision by House investigators to delay examination of the roles of Fannie Mae and Freddie Mac until after the election - but instead focus on CEO pay - has undermined the credibility of the investigation. The American people deserve an unbiased and objective report on the causes and handling of this crisis that only an independent commission can provide."

"We are in the midst of an economic crisis," said Rep. Chris Shays (R-CT). "We need an independent commission to ask the hard questions and examine Congress in a way that some members may be reluctant to do."

"People are tired of finger-pointing and we need to get to the root causes of this crisis," said Rep. Brian Bilbray (R-CA). "The political process should not get into the way of transparency. This independent and bipartisan commission is about giving the American people the answers they deserve so we can ensure that the mistakes of the past are never repeated again. The Congress should pass this legislation during the upcoming lameduck session so that we can begin to get the answers the American people are demanding."

Under the legislative proposal unveiled today, the National Commission on the Financial Crisis shall:

- Examine and report on the facts and causes relating to the financial crisis and to ascertain, evaluate, and report on the evidence developed by all relevant governmental agencies as well as key private sector and non-profit organizations regarding the facts and circumstances surrounding the crisis.

- Give the American people an objective and credible assessment, of the causes and handling of the financial crisis of 2008 . As with the 9/11 Commission, this report will be free of accusations of political showmanship and a partisan slant that have tainted the current Congressional investigation.

- In a report, make a full and complete accounting of the circumstances surrounding the crisis, the private sector and government role in causing the crisis, and the extent of the United States' preparedness for, and immediate response to the crisis. The report shall offer conclusions, and recommendations for corrective measures that can be taken to prevent further economic breakdown.

Oversight and Government Reform Committee Ranking Member Tom Davis (R-VA) and Rep. Mark Souder (R-IN) also spoke at the press conference. A copy of the legislation is linked below.

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