Friday, April 17, 2009

Pelosi calls for Pecora-type commission

House speaker Nancy Pelosi said she wants a a Pecora-type commission to examine the causes of the financial crisis.

"We're going to have a commission ... even if it is only in the House of Representatives," Pelosi said, according to a report in The San Francisco Chronicle.

According to the Chronicle, the Pecora Commission was a bipartisan investigative body established by the U.S. Senate in 1932 to examine the causes and abuses of the Wall Street crash of 1929. Its recommendations lead to the creation of the SEC.