As featured on p. 218 of "Bloggers on the Bus," under the name "a MyDD blogger."

Tuesday, April 21, 2009

Pecora Talk


House Speaker Nancy Pelosi will meet with Sen. Majority Leader Harry Reid tonight--a weekly meeting--and will discuss the creation of a congressional panel to investigate the causes of the financial crisis and worsening recession, Hill sources say.

In 1933, a Sicilian-born American lawyer named Ferdinand Pecora became the chief counsel to the Senate Banking Committee, and conducted a wide-ranging investigation on the causes of the financial crisis that prefigured the Great Depression. Today, Pelosi says she wants Congress to take a similar look into the collapse on Wall Street.

Reid spokesman Jim Manley says that the majority leader is broadly sympathetic to the idea of congressional action, but notes that a panel could be figured in a number of different ways.

A Pecora Commission with broad powers and the ability to convert those powers into action would be very powerful. To be a fly on the wall of that conversation...

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