As Congressional lawmakers continue political maneuvering on the sweeping legislation to overhaul U.S. financial services regulation in the aftermath of the financial crisis, the independent panel investigating the causes of the crisis is setting its sights on sub-prime lending, securitization, and government-sponsored enterprises.
Representatives from the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, Citigroup, Fannie Mae, the Federal Housing Finance Agency and its predecessors, the Federal Housing Finance Board, and the Office of Federal Housing Enterprise Oversight, are among those set to come before the
Financial Crisis Inquiry Commission, which has scheduled
hearings for April 7- 9 in Washington D.C.
Some of those on the
guest list include: Alan Greenspan, former chairman of the Board of Governors of the Federal Reserve; former Citigroup Chairman and Chief Executive Officer Chuck Prince; Robert Rubin, former chairman of the Executive Committee of Citigroup's Board; Robert Levin, former Fannie Mae executive vice president and chief business officer; Daniel Mudd, former Fannie Mae President; and CEO and Armando Falcon Jr. and James Lockhart, both former directors of the Office of the Federal Housing Enterprise Oversight.
The hearings are the latest of dozens promised by 10-member commission, which was established last year under the
Fraud Enforcement and Recovery Act. Commission officials have said they'll hold hearings on more than 20 areas of inquiry related to the financial crisis. In January, the panel heard testimony from federal and state regulators and enforcement officials, banking executives, and analysts, among others.
In a
CNN interview this month, FCIC Chairman and former California State Treasurer Phil Angelides said the panel, which has 50 full-time investigators and researchers at work, has already received about 580,000 documents. The group's findings are due in a report to the president and Congress by mid-December.