The Financial Crisis Inquiry Commission: The FCIC’s First Public Meeting and Its Path for the Future

The first public meeting of the Financial Crisis Inquiry Commission (FCIC), held last week in Washington, D.C. on the anniversary of the collapse of the financial markets, emphasized the significant challenges and the enormous pressures the Commission must overcome to achieve the directives mandated by the Fraud Enforcement and Recovery Act of 2009 (FERA). As is customary in most inaugural meetings, each of the Commissioners gave prepared remarks discussing their individual views of the importance of the Commission’s charge to uncover the causes of the financial crisis, previewing certain issues that they believed should be closely examined, and stressing the need to act quickly. The session, as well as announcements and press reports prior to and following the meeting, also provided some insights about how the Commission intends to proceed and the challenges that may lie ahead for the financial services industry, involved regulators, and firms or companies that received government assistance through the Troubled Asset Relief Program (TARP).

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