Search form

The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (ePub eBook)

Title:
The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (ePub eBook)
Format:
EPUB
USA Price: 
Stock:
Digital Download
GPO Stock Number:
052-300-00007-0
ISBN:
9780160883590
Description

In the wake of the most significant financial crisis since the Great Depression, the President signed into law on May 20, 2009, the Fraud Enforcement and Recovery Act of 2009, creating the Financial Crisis Inquiry Commission. The Commission was established to "examine the causes, domestic and global, of the current financial and economic crisis in the United States."

The 10 members of the bi-partisan Commission, prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection, were appointed by Congress on July 15, 2009. The Chair, Phil Angelides, and Vice Chair, Bill Thomas, were selected jointly by the House and Senate Majority and Minority Leadership.

The FCIC was charged with conducting a comprehensive examination of 22 specific and substantive areas of inquiry related to the financial crisis. Some of these areas include:

  • fraud and abuse in the financial sector, including fraud and abuse towards consumers in the mortgage sector;
  • Federal and State financial regulators, including the extent to which they enforced, or failed to enforce statutory, regulatory, or supervisory requirements;
  • the global imbalance of savings, international capital flows, and fiscal imbalances of various governments;
  • monetary policy and the availability and terms of credit;
  • accounting practices, including, mark-to-market and fair value rules, and treatment of off-balance sheet vehicles;
  • tax treatment of financial products and investments;
  • credit rating agencies in the financial system, including, reliance on credit ratings by financial institutions and Federal financial regulators, the use of credit ratings in financial regulation, and the use of credit ratings in the securitization markets;
  • lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk;
  • and more

The Commission is called upon to examine the causes of major financial institutions which failed, or were likely to have failed, had they not received exceptional government assistance.

In its work, the Commission is authorized to hold hearings; issue subpoenas either for witness testimony or documents; and refer to the Attorney General or the appropriate state Attorney General any person who may have violated U.S. law in relation to the financial crisis.

 

Related items:

Budget Control Act of 2011, Public Law 112-25 is available here: https://bookstore.gpo.gov/products/sku/069-000-00206-4

Congressional Oversight Panel September Oversight Report: Assessing the TARP on the Eve of Its Expiration, September 16, 2010 is available here: https://bookstore.gpo.gov/products/sku/052-071-01536-1

The Department of the Treasury Blueprint for a Modernized Financial Regulatory Structure, March 2008 is available here: https://bookstore.gpo.gov/products/sku/048-000-00562-4

Audience

Members of the general public in the banking and mortgage sectors, government oversight agencies, agencies that monitor economic fraud, economists, policymakers, and any member of the general public interested in the causes and effects of the economic depression that began under the George W. Bush administration will be interested in this publication.

Reviews

Rated 4 out of 5 stars on Goodreads.com!

Hiro wrote "The book provides a thorough overview of the causes of the financial crisis even for those who have little knowledge of the modern financial system."

Paul W. wrote: "For those who work in the financial services industry, I'd have this as one book you must read."

Christopher wrote: "A well written book with fluent prose. It provides information on the historical decisions that laid the ground for the onslaught of the financial crisis, points out those responsible and attempts to describe the inter-relation between them."

Thomas G. wrote: "A must-read, and very readable. This report explains a lot of what happened and is invaluable to an intelligent understanding of the Financial free-fall."

Mike wrote: "This is excellent. Select chapters from this book ought to be required reading for high-schoolers."

http://www.goodreads.com/book/show/9924926-the-financial-crisis-inquiry-report

Product Details

Publisher:
National Commission on the Causes of the Financial and Economic Crisis
Author:
  • Financial Crisis Inquiry Commission (U.S.)
Year/Pages:
2011/662
Back to Top