Though I knew it was coming but was not aware that it has already been set up. John Taylor in his blog points that first public hearing of the commission is slated to be held on 13 January 2010.
That public hearings are about to start is excellent news. Without such an investigation, followed by a clear explanation to the American people of what went wrong, the Congress is unlikely to enact financial reforms that actually fix the problem. To repeat a phrase from the Chairman of the Brady Commission on the 1987 crash (their report took only 4 months to complete), “You cannot fix what you cannot explain.”
Though not part of its Congressional mandate, I recommend that the FCIC follow the approach of the Brady Commission and the 911 Commission and make some recommendations. It could then even issue a report card on how the recommendations are implemented. Such a Report Card was issued by the 911 Commission and it proved quite useful.
It also has the objectives of the Commission and has 26 of them. The 10 members names are:
Speaker of the House Nancy Pelosi of California and Senate Majority Leader Harry Reid of Nevada each made three appointments, while House Minority Leader John Boehner of Ohio and Senate Minority Leader Mitch McConnell of Kentucky each made two appointments:
- Phil Angelides (chairman) – Pelosi (jointly chosen as chair by Pelosi and Reid)
- Bill Thomas (vice chairman) – Boehner (jointly chosen as vice chair by Boehner and McConnell)
- Brooksley Born (Pelosi)
- Byron Georgiou (Reid)
- Bob Graham (Reid)
- Keith Hennessey (McConnell)
- Douglas Holtz-Eakin (McConnell)
- Heather Murren (Reid)
- John W. Thompson (Pelosi)
- Peter Wallison (Boehner)
The resumes of 10 members of the commission are here.
Let’s see if the commission throws some more exciting insights of the crisis.