Pelosi on First Public Hearing of the Financial Crisis Inquiry Commission: 'Now is the Time for Answers'

Jan 13, 2010, 13:26 ET from Office of the Speaker of the House

WASHINGTON, Jan. 13 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today on the first public hearing being held today by the Financial Crisis Inquiry Commission:

"As we get fresh evidence that the Recovery Act is working to create and save millions of American jobs, work gets underway by the Financial Crisis Inquiry Commission — tasked by Congress with examining the root causes of the financial crisis and helping chart a course toward more accountability on Wall Street and greater stability and security on Main Street.

"Americans deserve nothing less than a full accounting of the reckless behavior of many in the financial industry and the failure by regulators to crack down on the industry's excessive financial risk.  Unchecked Wall Street risk-taking resulted in record foreclosures and losses in hard-earned pensions and college savings for millions of families.  Placing greed above responsibility forced an unprecedented government intervention in financial markets to prevent a slide toward economic collapse.  

"Now is the time for answers.  Today's hearing will begin to shed light on some of the worst abuses of Wall Street.  Under the bipartisan leadership of Chairman Phil Angelides and Vice Chairman Bill Thomas, the Commission will provide the American people with answers about how we descended into the worst economic crisis since the Great Depression and how we can prevent such as crisis in the future.

"In December, the House passed the Wall Street Reform and Consumer Protection Act, creating a new agency to protect Main Street investors, ending the era of taxpayer bailouts and 'too big to fail' financial institutions, reining in executive compensation, and outlawing predatory lending practices.  The Senate must take up these historic reforms.   Congress will rely on the ongoing work of this Commission as we take the necessary steps to ensure that a crisis of this depth and magnitude never again jeopardizes our financial future."

SOURCE Office of the Speaker of the House