January, 30 2009, 11:48am EDT
Sanders Proposes Investigation Into the Financial Crisis
In a letter to Senate leaders, Senator Bernie Sanders called
for a major investigation into what caused the worst financial crisis since
the Great Depression.
Sanders
proposed expanding a congressional review of how up to $700 billion in Wall
Street bailout funds are being spent to also investigate how the financial
crisis started in the first place.
WASHINGTON
In a letter to Senate leaders, Senator Bernie Sanders called
for a major investigation into what caused the worst financial crisis since
the Great Depression.
Sanders
proposed expanding a congressional review of how up to $700 billion in Wall
Street bailout funds are being spent to also investigate how the financial
crisis started in the first place.
"We
have an enormous responsibility to explain to the American people what led to
this financial crisis, how did we get here, who is responsible, and what we
can do to make sure that this never happens again," Sanders (I-Vt.)
wrote in a letter to Senate Majority Leader Harry Reid (D-Nev.).
Sanders
proposed that the Congressional Oversight Panel overseeing the Troubled Asset
Relief Program (TARP), chaired by Harvard University Law Professor Elizabeth
Warren, expand its scope and also investigate the causes of the economic
collapse.
"In
order to accomplish this very important goal," Sanders wrote, "We
need to examine what responsibility should be borne by individuals,
corporations, and institutions for the poor decisions and foolish investments
that have in large measure created this monumental crisis.
"The
TARP Oversight Panel is already in place. A sensible next step would be
to expand its charge from that of scrupulously examining how the TARP monies
are spent, to also exploring why the financial crisis occurred in the first
place. The panel should have subpoena power necessary to assure that it
receives sound information and direct answers to the questions it is charged
with answering."
The
letter is available here.
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