What is the Financial Inquiry Commission?

The Commission for Inquiry Commission for the Financial Crisis is a committee that has appointed the United States Congress to explore the causes of the United States (USA) from 2007 to 2010. This ten -member Bipartisan group was charged with tasks contributing to financial agencies. As with the Peoria Commission, which investigated the reasons for the Great Economic Crisis, the Financial Inquiry for Financial Crisis was to demonstrate wide authority for bank officials, executives and government employees for testimony and to force agencies and companies to take over their records, books, memorands and other documentation to the Commission. After a year, the Commission issued its report on 28 January 2011, in which it agreed that the financial crisis could be prevented. The report quoted varieties of failure, violations and errors of government regulatory agencies, corporations, consumers, banks and politicians that culminated in the collapse of the financial system.

In 2009, Section 5 of the Fraud and Recovery Act called for the creation of the Commission for Investigation of the Financial Crisis. The Senate and the House Majority and Mension Leaders participated in the selection of members of the commission, which they chose from national recognized US citizens who had considerable knowledge and experience in finance, banking, mortgages, consumer security and economics. House Nancy Pelosi, along with the leader of the majority of the Senate Harry Reid, appointed Phil Angelides to chair the commission, while the leader of the minority of House John Boehner and the leader of the minority of the Mitch McConnell chose Bill Thomas as Deputy Chairman. The whole committee consisted of six Democats and four Republicans.

The

Commission for the Financial Crisis was first met on September 17, 2009. During the following year, the Committee listened to the testimony of Goldman Sachs and Bear Stearns, former chairman of the securities (SEC) Christopher Cox, Alan Greenspan, Henry Paulson,and secretary of the Treasury Ministry Tim Geithner. Based on the information obtained by the SEC Commission, Goldman Sachs subsequently sued for fraudulent marketing of secured debt liabilities associated with mortgages with Subprime. In the course of 2010, the Commission warmly discussed where it should divide responsibility, resulting in resignation and replacing some members.

among the main culprits quoted in the report of the Commission for the Financial Crisis, the Federal Reserve and Bank Regulatory Authorities have been criticized for failing to identify and manage growing levels of mortgages with defective or fraudulent documentation. Lenpostu Dingu Ding, which allowed brokers to write mortgages and immediately distribute them to another society have transferred the risk and led to the origin of lax mortgages. Securitization of fraudulent loans provided investors a false sense of security and corporation gambling the investor's money for highly lever derivatives and credit swaps. In addition, the Commission report stated that the key creators of politicians and regulatory bodies postRádIf sufficient knowledge so that they can properly oversee and regulate the financial system, and in all participating sectors there has been extensive violations of obligations, responsibility and ethical behavior.