The Financial Crisis Inquiry Commission (FCIC) is a ten-member commission appointed with goal of investigating the causes of the financial crisis of 2007–2010. The Commission was created by section 5 of the Fraud Enforcement and Recovery Act of 2009 (Public Law 111-21), signed into law by President Barack Obama on May 20, 2009
The Financial Crisis Inquiry Commission been nicknamed the Angelides Commission after the chairman, Phil Angelides. The Commission has been compared to the Pecora Commission, which investigated the causes of the Great Depression in the 1930s, and has been nicknamed the New Pecora Commission.
The first public hearings of the Financial Crisis Inquiry Commission will begin on January 13, 2010, with the testimony of various banking officials. This will continue during the whole year of 2010 with “hundreds” of other persons in business, academia, and government testifying, leading to a report due in December 2010.
A final report of the Financial Crisis Inquiry Commission regarding their investigations on the financial crisis is expected by December 15, 2010.
Members of the Financial Inquiry Commission are as follows:
