Pelosi To Meet With Reid Tonight About Wall Street Commission

|
April 21, 2009 1:41 p.m.

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.

Pelosi plans to speak with House Financial Services Chairman Barney Frank about a new Pecora commission later this week. Frank has also articulated support for the idea.

I’m awaiting a response from Senate Banking Committee Chairman Chris Dodd’s office on whether he’d support a process along these lines, and will report back when it comes in.

Support The TPM Journalism Fund
  • Contributions allow us to hire more journalists
  • Contributions allow us to provide free memberships to those who cannot afford them
  • Contributions support independent, non-corporate journalism
Comments
advertisement
Masthead Masthead
Founder & Editor-in-Chief:
Executive Editor:
Managing Editor:
Senior Editor:
Special Projects Editor:
Editor at Large:
General Counsel:
Publisher:
Head of Product:
Director of Technology:
Associate Publisher:
Front-End Developer:
Senior Designer:
SPECIAL DEAL FOR PAST TPM MEMBERS
40% OFF AN ANNUAL PRIME MEMBERSHIP
REJOIN FOR JUST $30