Monday, February 22, 2010

Financial Crisis Inquiry Committee holds hearings

Originally posted on Lexology:

On January 13th and 14th, the Financial Crisis Inquiry Committee held its first public hearings. The prepared statements of the Committee's commissioners and witnesses are available on the Committee's website, www.fcic.gov/hearings/. Witnesses included SEC Chairman Mary L. Schapiro, who stated that the SEC staff is broadly reviewing the regulation of asset-backed securities including disclosures, offering process, and reporting of asset-backed issuers. The staff is also considering several proposed changes designed to enhance investor protection. Schapiro Testimony. The Committee will seek testimony from Federal Reserve Board Chairman Ben Bernanke, as well as former regulators including Alan Greenspan and Christopher Cox. Future Witnesses. Lanny A. Breuer, assistant attorney general in the Justice Department's criminal division, testified that the division is investigating the underwriters of subprime mortgages as well as those who securitized and sold them. Criminal Investigations.

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