On April 22, the Senate approved an amendment to S. 386, the Fraud Enforcement and Recovery Act of 2009 (FERA), offered by Senator John Isakson, which provides for the establishment of a Financial Markets Commission (FMC). The FMC would be a congressionally appointed commission whose members would be drawn from the private sector and required to have significant experience in fields such as banking, regulation of markets, taxation, finance, economics and housing. The FMC would have a broad charter to “examine all causes, domestic and global, of the current financial and economic crisis in the United States,” including investigating the causes of collapse of major financial institutions that failed (or likely would have failed if not for government intervention). The FMC would be empowered to hold hearings, issue subpoenas and refer potential cases of wrongdoing to the Department of Justice or appropriate state attorney general. A report of the FMC’s findings and conclusions would be required to be submitted to the President and Congress on December 15, 2010. Senate consideration of S. 386 continues.
For more information on FERA and the amendment, click here.