US votes for 9/11-style commission to probe financial crisis | world | Hindustan Times
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US votes for 9/11-style commission to probe financial crisis

world Updated: May 07, 2009 11:06 IST

US lawmakers voted to create a 9/11-style commission of experts to probe the causes of last year’s financial meltdown and to draw lessons to prevent its recurrence.

The House of Representatives voted 367-59 yesterday to set up an independent panel modeled on the bipartisan commission that investigated the September 11 attacks of 2001.

Republican Representative Darrell Issa, who has been pushing for the new commission since last fall, said the United States should drop its “shoot first, aim second approach in dealing with the current financial crisis.”

“You cannot solve a problem until you’ve accurately diagnosed it,” he said in a statement after the House vote. “A truly independent and nonpartisan commission can put forward an assessment that will help us avoid repeating the mistakes that got us into this crisis in the first place.”

The commission proposal was included in House legislation aimed at curbing financial fraud.

The Senate, which approved its own version of the bill in late April, must now vote on the House version in order to send it to President Barack Obama to sign into law.

The independent inquiry would be made up of 10 members chosen among US citizens with “significant experience in such fields as banking, regulation of markets, taxation, finance, economics and housing.”