Accountability Series: Financial Crisis Inquiry Commission

Last month Congressional leaders had appointed Financial Crisis Inquiry Commission. 6 Democrats and 4 Republicans took their picks at nominating members of the commission, with Nancy Pelosi appointing its chairman - Phil Angelides, former Treasurer of California.

According to some reports, Mr. Angelides argued for tougher regulations and corporate governance reform - a position similar to a part of our platform.

The commission is expected to issue its findings by the end of 2010.

Although Mr. Angelides promised not to leave a stone unturned, the limitations placed on the commission - for example, there must be a bipartisan agreement from members of the commission in order to issue a subpoena - raise serious doubts about its future effectiveness.

That's is probably why a number of economists, academics and politicians wrote a letter to the commission requesting adoption of tough guidelines increasing the chance of success of its work. The letter is available at http://www.whatcausedthecrisis.com.