In the wake of the Great Depression, a Congressional panel known as the Pecora Commission investigated Wall Street’s actions and set the stage for financial
“„The House of Representatives came to agreement on Monday afternoon on the establishment of a 9/11-styled commission that would be independent of Congress and granted the power of subpoena to investigate the origins of the financial crisis.
“„Aides on the Hill said that the House will likely vote on the measure Wednesday, adding that the chances of passage were high. The office of the bill’s cosponsor, Congressman Darrell Issa, said the legislation would be similar to that recently passed by the Senate.
“„The concept of the commission is pegged to the investigative body that looked into the intelligence collapse precededing the terrorist attacks on 9/11.
“„The key, in this case, is that the body – eight or (likely) ten members, split evenly by party affiliation – would have the power of subpoena, compelling the key players to testify. “It is,” said one staffer involved in the creating of this legislation, “essential.”