Financial Crisis Commission Act

Support Johnny Isakson visit http://johnnyisakson.com/

In response to the financial crisis that continues to plague our economy, I introduced legislation with U.S. Senator Kent Conrad, D-N.D., to create a Financial Crisis Commission that will be charged with fully investigating the near collapse of the banking system and the loss of tens of trillions of dollars. It is imperative that we gather all the facts and not rush to legislate as we seek to recover from today’s financial crisis.

On April 22, the Senate overwhelmingly passed my amendment with Senator Conrad to the Senate’s version of the financial fraud bill that would create a Financial Crisis Commission. The House passed the financial fraud bill, 367-59, on May 6 with amended language that included the Financial Crisis Commission. On May 14, the Senate, on a unanimous consent motion, agreed to relatively small changes to the bill and sent it back to the House. On May 18, the House agreed to the Senate’s changes. On May 20, President Obama signed the legislation into law.

The 10-member, bipartisan Financial Markets 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 on where we needed to improve to prevent another attack in the future.

Likewise, the Financial Markets Commission will have until December 2010 to investigate all the circumstances that led to this financial crisis. The panel will have 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. At the end of its investigation, the Commission will report its findings and conclusions to the Congress and the President.

This bipartisan Commission will include two appointees each by the Speaker of the House and the Senate Democratic Leader as well as one appointee each from the House Republican Leader, the Senate Republican Leader, the Chairman and the Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, as well as the Chairman and the Ranking Member of the House Financial Services Committee.

The Speaker and Senate Democratic Leader will choose the commission’s chair. The Senate and House Republican Leaders will select the vice-chair. Members of Congress as well as federal and state employees are prohibited from serving on the Commission.

I believe we must not rush to legislate and regulate without all the facts. This legislation will help Congress understand exactly what happened to our financial system and why. I firmly believe a bipartisan and independent commission is best way to investigate what led to the failures in our banking system.

Visit http://2010-senate-election.blogspot.com/