Financial crisis panel gets to work

TEXT OF STORY

Bill Radke: Today, the Financial Crisis Inquiry Commission, the panel set up to investigate the causes of the financial crisis, is getting down to business. Marketplace’s Amy Scott has that.

Amy Scott: The panel is modeled after the 9/11 Commission, with a budget of $5 million and the power to subpoena witnesses and documents. It’s charged with looking at everything from credit rating agencies to executive compensation.

Patricia McCoy: The concern that I have is whether it’ll be able to do that job.

Patricia McCoy teaches law at the University of Connecticut. She says politics may get in the way.

McCoy: It is stacked toward former politicians. People who were very high profile, but also have distinct causes of the crisis that they may want to deflect attention away from.

For example, McCoy says former lawmakers may not want to look too hard at Congress’s role in the crisis. Others say the panel is skewed to the left. The group has four members selected by Republicans and six chosen by Democrats.

The commission’s findings are due next December. The Obama Administration hopes Congress will already have passed new financial regulations by then.

In New York, I’m Amy Scott for Marketplace.