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Financial Crisis Inquiry Commission Hearings – Day Two

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First Public Hearing of the Financial Crisis Inquiry Commission Day 2, January 14, 2010. Panel 1: Current Investigations into the Financial Crisis — Federal Officials. Panel 2: Current Investigations into the Financial Crisis — State and Local Officials.

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  • New York Times: “The need for tighter federal regulation was the dominant message sent on Thursday to the panel established by Congress to examine the causes of the financial crisis. Sheila C. Bair, chairwoman of the Federal Deposit Insurance Corporation, and Mary L. Schapiro, chairwoman of the Securities and Exchange Commission, agreed on several recommendations for regulatory reform, including regulation of over-the-counter derivatives. In addition, they said, financial institutions should not reach the point where they are deemed “too big to fail,” because a government bailout or a market collapse are the only possible outcomes.”
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