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At her weekly press briefing today, House Speaker Nancy Pelosi cited the bipartisan creation of a Pecora-like Financial Markets Commission as a signal achievement of the 111th Congress. The Fraud Enforcement and Recovery Act--signed into law by the President this week--creates a 10-member panel to investigate the causes of the financial crisis. Crucially, two of those 10 members will be appointed by the Speaker and, this morning, Pelosi suggested she has her eyes on at least one Republican.
No word yet on who that Republican might be.
The restrictions on who can be appointed are actually fairly limited. The bill requires that members must be U.S. citizens with experience in fields like banking, market regulation, taxation, finance, economics, and housing; and further specifies that current members of Congress and and other government employees are automatically disqualified.
That leaves a great number of experts, frauds, and thieves eligible for service. So whether or not Pelosi picks a Republican, now might be a good time to place bets on whether GOP leaders will appoint this guy to be the commission's vice chair.