US financial crisis commission begins work

September 19, 2009 10:10:38 AM

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A congressionally-mandated commission has begun its investigation into the causes of the financial crisis, one year after the collapse of Wall Street investment bank Lehman Brothers.

The Financial Crisis Inquiry Commission (FCIC), which counts 10 members -- six nominated by the Democratic majority and four by Republicans -- is modeled after a commission established in the wake of the September 11, 2001 attacks on New York and Washington.

The panel will organize public hearings and will have 18 months to examine what led to the worst economic recession in the United States since the Great Depression of the 1930s.

The FCIC will also warn the Justice Department if any institutions or individuals have broken the law.

During the FCIC's first hearing in Congress on Thursday, commission chairman Phil Angelides, who is close to the Democrats, said the bipartisan panel had been given a "critical mission" that "must be conducted without politics or partisanship of any kind.

"It is my hope that the findings of this commission can help the president, Congress, market participants and the public reach the best judgements about how to fix our financial system," Angelides said.

Both chambers of Congress approved the FCIC's creation in May as part of an anti-fraud law that also seeks to bolster the fight against financial fraud.