Phil Angelides, former California state treasurer, was named chairman of the 10-member Financial Crisis Inquiry Commission, established by Congress to examine the domestic and global causes of the financial crisis.
The commission will examine and hold hearings on more than 20 areas related to the financial crisis, including fraud and abuse in the financial sector; state and federal regulatory enforcement; credit rating agencies, corporate governance and executive compensation, according to a news release from House Speaker Nancy Pelosi’s office. It will also examine the downfall of major financial institutions and what caused them to fail.
The commission will present its findings to Congress on Dec. 15.
Mr. Angelides was appointed by Ms. Pelosi, along with Brooksley Born, chairwoman of the Commodities Futures Trading Commission from 1996 to 1999, and John W. Thompson, chairman of the board of directors and former CEO of Symantec Corp.
Senate Majority Leader Harry Reid appointed Bob Graham, former U.S. senator and Florida governor; Heather Murren, a retired managing director for global securities research and economics at Merrill Lynch, and Byron Georgiou, an attorney at Coughlin Stoia Geller Rudman & Robbins.
House Minority Leader John Boehner and Senate Minority Leader Mitch McConnell will each appoint two more people to the commission.