Pelosi Calls for Probe Into Financial Crisis

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Source: WSJ

WASHINGTON -- House Speaker Nancy Pelosi is calling for a congressional commission to investigate the causes of the U.S. financial crisis, a spokesman for the California Democrat said.

Speaking to the Commonwealth Club of California, Ms. Pelosi said Wednesday she had spoken to Treasury Secretary Timothy Geithner about creating a panel modeled after the Pecora Commission, which studied the 1929 stock market crash. The Pecora Commission eventually helped pave the way for Securities Act of 1933 and the Securities Exchange Act of 1934 and the creation of the Securities and Exchange Commission in 1935.

Ms. Pelosi's comments were reported Thursday in the San Francisco Chronicle.

Details have yet to be sorted out. Pelosi spokesman Brendan Daly said the speaker plans to talk to fellow lawmakers next week about the proposal, when Congress reconvenes after a two-week recess. Mr. Daly said the commission "would be a congressional panel," rather than an outside commission.

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