How ironic that President Obama’s jobs summit should be scheduled on the same date (Thursday, December 3) that the Senate Banking Committee has scheduled the reconfirmation hearing of Federal Reserve Chairman, Ben Bernanke. more »
Reps. Ron Paul and Alan Grayson are trying to get the Federal Reserve audited. Last week the House Financial Services Committee passed an amendment to their financial regulatory reform bill that would mandate an audit. more »
There was a major victory for accountability this week in the financial reform fight, but there was also a demonstration that when it comes to protecting the profits of bankers at the expense of ordinary people, no institution does it better than the Party of No. more »
This post is an excerpt of testimony presented to the Senate Agriculture Committee on November 18, 2009 in a hearing on legislation reforming regulation of financial markets. The testimony was presented on behalf of Americans for Financial Reform.more »
The Financial Crisis Inquiry Commission, the panel created by Congress to investigate the causes of last year's financial market meltdown, held its inaugural meeting September 17 as the nation observed the one-year anniversary of the nadir of the Wall Street economic collapse. more »
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Today the new Financial Crisis Inquiry Commission, modeled after the New Deal-era Pecora Commission, begins its investigation into possible misconduct by the financial sector causing last year's market meltdown. Campaign for America's Future co-director Robert Borosage released the following statement on what the commission needs to do to fulfill its mission. Below that is a set of recommendations proposed by 40 organizations to the Commission in a letter today.
Statement from Robert L. Borosage
We are pleased that the Financial Crisis Commission is coming together, under the leadership of chair Phil Angelides. It has enormous challenge before it.
As Phil suggests in his opening statement, the Commission should aspire to be the modern day version of the Senate Banking Hearings in the 1930s that came to be named after the chief counsel, Ferdinand Pecora.
In the 1930s, Wall Street excesses, fraud, and speculation helped feed a bubble that burst and contributed to the Great Depression. FDR stepped into save the banks, reorganize them, and stave off financial panic.
In their first meeting Wednesday, members of the Financial Crisis Inquiry Commission—often characterized as the second coming of the Pecora Commission that investigated the causes of the Great Depression—clarified how they see their mission and what we can expect. more »
The reappointment of Ben Bernanke as Chairman of the Federal Reserve -- cleverly timed to defuse the news of burgeoning federal deficits -- was preordained. The "markets" demanded it, and as James Carville noted, when the markets speak, presidents listen. more »