House Will Vote on Creating Financial Crisis Commission

Posted May 4, 2009 at 5:25pm

After reaching a bipartisan agreement on Monday, House Democratic leaders are lining up a Wednesday vote on legislation to form a 9/11-style commission to investigate the financial crisis.The bill, which is being readied for the suspension calendar, would create an independent, 10-member commission to examine what led to the financial sector meltdown. The bill precludes elected officials from serving on the board and grants subpoena power. Bills on the suspension calendar require a two-thirds vote for passage.The Senate overwhelmingly passed the bill by Sen. Patrick Leahy (D-Vt.) two weeks ago, at which point Speaker Nancy Pelosi (D-Calif.) signaled her desire to follow suit in the House. The bill also has strong support from Oversight and Government Reform ranking member Darrell Issa (R-Calif.), who introduced similar legislation in October and again in January. Momentum for the legislation began picking up in mid-February, after the “hoopla of the inauguration— and when “unemployment was escalating every week and markets were fluctuating up and down,— said Issa spokesman Kurt Bardella.“I’ve not heard any kind of opposition to this from anybody. This is as bipartisan as you can get,— Bardella said.