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Political Economy Archive: Financial Crisis Inquiry Commission

Highlights from Bernanke's testimony to financial crisis panel

Here are the highlights from Federal Reserve Chairman Ben Bernanke's testimony on Thursday to the Financial Crisis Inquiry Commission. On the causes of the crisis: Before the crisis, the shadow banking system had come to play a major role...

By Ariana Eunjung Cha  |  September 2, 2010; 1:26 PM ET  |  Permalink  |  Comments (1)
Categories:  Federal Reserve , Financial Crisis Inquiry Commission  
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Bernanke: U.S. regulators fell short before financial crisis

U.S. regulators fell short in using their powers "forcefully or effectively" to stop risky practices by banks and were slow to identify and address abuses in subprime mortgage lending before the financial crisis, Federal Reserve Chairman Ben S. Bernanke said in prepared remarks. In testimony delivered Thursday before a Congressionally appointed committee investigating the financial crisis, Bernanke said that statutory gaps were an important contributor to the buildup of risk in the system but that even when regulators had the tools they needed to stem those risks, they did not use them well.

By Ariana Eunjung Cha  |  September 2, 2010; 12:44 PM ET  |  Permalink  |  Comments (55)
Categories:  Federal Reserve , Financial Crisis Inquiry Commission  
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Lehman's Fuld: U.S. regulators had 'flawed information' when denying bailout help

U.S. regulators acting on "flawed information" denied Lehman Brothers the bailout assistance that its Wall Street competitors received, dooming the bank to collapse, former company CEO Richard S. Fuld said Wednesday.

By Ariana Eunjung Cha  |  September 1, 2010; 9:09 AM ET  |  Permalink  |  Comments (3)
Categories:  Congress , Financial Crisis Inquiry Commission  
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