'09 Bipartisan Financial Oversight Committee

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    Senate Majority Leader Harry Reid
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Excerpts from a March 8, 2009, Washington Post article by Democratic Senator Byron Dorgan and Republican Senator John McCain:

"More than $9 trillion -- in taxpayer dollars -- has been pledged, committed, lent or spent by the federal government in response to the economic crisis. Some say that if the economy continues to deteriorate, trillions more might be necessary to prevent another Great Depression.

"Yet no one has investigated how this crisis happened. That is irresponsible. A comprehensive investigation is essential to prevent this from happening again."

We, the undersigned, fully agree with the above remarks made by Senators Dorgan and McCain, including their conclusion that, "The recovery and growth of our economy depend on the confidence of the American people. That will be restored only when we have investigated, analyzed and fixed the things that caused today's economic crisis." That is why we strongly support the bipartisan legislation (S.RES. 62) they submitted on March 3rd, which is:

"A resolution establishing a select committee of the Senate to make a thorough and complete study and investigation of the facts and circumstances giving rise to the economic crisis facing the United States and to make recommendations to prevent a future recurrence of such a crisis."

We therefore respectfully ask that you schedule this legislation to be debated and voted on at the earliest available opportunity. The sooner that this or a similar Bipartisan Financial Oversight Committee is created, the sooner that Congress and the Obama Administration will be able to forge a bipartisan consensus on the best economic policies for our country to pursue in the years ahead!

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  • Tom Foreman
    • Comments
    • It took over a year of intense lobbying by the families of the 9-11 victims before The National Commission on Terrorist Attacks Upon the United States (www.9-11commission.gov) was created in 2002. And in spite of strong citizen group efforts (for example: www.political.moveon.org/katrinacommission), no Independent Katrina Commission was ever established in 2005-2006. So don't expect it to be easy this time around either. The odds are certainly stacked against the establishment of any type of independent Financial Oversight Commission, but that hasn't stopped Senators Dorgan and McCain from trying. I think they have earned our support, don't you?
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