Senators have adopted an amendment offered by Senators Johnny Isakson (R-GA) and Kent Conrad (D-ND) to the Fraud Enforcement and Recovery Act (S. 386) by a vote of 92 to 4.
It would create a ten-member commission to examine financial markets and other related entities that contributed to the financial collapse and current economic downturn. The group would be modeled closely to that of the 9/11 Commission, including being granted subpoena powers and proper funding (about $5 million in total).
It would not consist of any elected official, but would include members appointed by the Majority (2) and Minority (1) leaders in the Senate; Speaker of the House (1); Majority (1) and Minority (1) leaders in the House; Chair and Ranking Member of the Senate Banking Committee (2) & House Financial Services Committee (2).
The commission would be given the power to refer any evidence of criminal wrongdoing to the proper authorities for further investigation and / or prosecution.
A report with recommendations is to be issued by the group toward the end of next year.
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