A special commission appointed by U.S. lawmakers is set to begin its search for the root causes of the global financial crisis.
10-member Financial Crisis Inquiry Commission meets for the first time
Thursday, about a year after the collapse of prominent U.S. financial
firm Lehman Brothers signaled the start of the meltdown.
commission has the power to require witnesses to testify about the
events that led to the crisis. It must submit its findings to the U.S.
Congress by December 2010.
Some economists have blamed the
crisis on a series of events that included the collapse of the U.S.
housing market and the subsequent decline in value of complex
Others have raised concerns about weak financial regulations.
from the world's top industrialized nations, the Group of 20, have been
looking at ways to strengthen financial regulations and will consider
proposals when they meet in the U.S. city of Pittsburgh later this
Meanwhile, efforts within the United States to overhaul the financial regulatory system have met with some resistance.
President Barack Obama has proposed giving the Federal Reserve (the
U.S. central bank) the power to regulate financial firms that are so
large they could hurt the country's economy if they fail.
lawmakers have questioned that approach, arguing instead in favor of a
council of regulators from agencies that monitor the economy.
Some information for this report was provided by AP and Reuters.