Democrats Release Scathing Report Of Republicans Who Sat On Financial Crisis Commission

peter wallison

Photo: AP

The Democrats on the House Oversight Committee have just released a scathing report on the Republicans that sat on the Financial Crisis Inquiry Commission, accusing them of being driven by politics rather than seeking to find the truth about the cause of the crisis.Dems reviewed over 400,000 internal documents and found that Republican Commissioner Peter Wallison told fellow FCIC Republicans “to use their positions on the commission to help House Republicans in their efforts to repeal the Dodd-Frank Act.”

Remember, the FCIC panel was bipartisan, and eventually released three different reports on what caused the crisis, one of which was a Republican dissent spearheaded by Wallison.

The internal documents were originally requested by GOPers who accused Democrats of partisanship.

“The documents… raise a host of new ethical questions about Republican Commissioners and staff, including evidence that they leaked confidential information to outside parties on multiple occasions,” the report says. (Full report embedded below)

“Although the purpose of the Commission was supposed to be to conduct in-depth fact- finding to determine the causes of the economic crisis,” Wallison sent emails “urging his colleagues to use their positions on the Commission to help House Republicans in their efforts to repeal the Dodd- Frank Act.”

The report cites various communications between GOPers, including an email sent by Wallison to Douglas Holtz-Eakin the day after the Republicans swept to power in the mid-terms, which said: “It’s very important, I think, that what we say in our separate statements not undermine the ability of the new House GOP to modify or repeal Dodd-Frank.”

Dems also question why Republicans on the committee were leaking information to the CEO of a political consulting firm.

“Although some Commissioners utilized non-Commission staff for scheduling, appointments, and other administrative functions,” the report said, “Mr. Brill received confidential information about the Commission’s work and provided substantive input based on that information.”

Brill was supplied with confidential FCIC information including:

  • Copies of outlines of internal drafts of Commission staff memos
  • Information about internal conversations among Commissioners and staff about deliberations regarding potential witnesses for upcoming hearings
  • A media advisory that had not yet been made public
  • Information about the Commission’s plans to investigate foreign banks (including the identities of target banks)
  • Information about how the Commission staff would treat specific corporations under investigation, such as Citigroup.

Here’s what the FCIC report said >

Democrat Report On GOP Partisanship on FCIC Panel

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