Obama Citizenship

Sen. Isakson Calls for 9/11-Style Investigation for Banking Crisis

By Phil

From the AtlantaJournalConstitution:

WASHINGTON ? U.S. Sen. Johnny Isakson of Georgia wants to launch a full-scale congressional investigation into the near-collapse of the banking system that has roiled financial markets worldwide.

Isakson, a Republican, and Sen. Kent Conrad (D-N.D.) introduced legislation Thursday that if approved would create a seven-member Financial Markets Commission to try to determine how U.S. banks have lost tens of trillions of dollars and put borrowers, taxpayers and the world economy at risk.

The commission is being modeled after the bipartisan Sept. 11 commission that investigated the 2001 terrorist attacks.

It would have full subpoena powers, a $3 million budget and would refer any evidence of illegality to federal and state prosecutors and regulators.

?I can tell you ? the gravity of this situation and the size of it happened because some things went on that should have not gone on,? said Isakson, a former real estate broker. ?It?s about time we found what went wrong, why it went wrong and correct it.?

Members of the commission would be appointed by President Obama, House and Senate leaders and Federal Reserve Chairman Ben Bernanke.

The question is, will this actually happen and, if so, will fingers point to certain House and Senate Democratic Committee Chairs who had roles in Fannie Mae and Freddie Mack?

-Phil

Full post as published by The Right Side of Life on January 22, 2009 (boomark / email).