The Financial Crisis Inquiry Report

Analysis and Commentary

Robert Bloom, PhD

Established by Congress in 2009 with an $8 million budget, the Financial Crisis Inquiry Commission consisted of 10 members—six Democrats and four Republicans—who were appointed to investigate the causes underlying the 2007-2009 financial crisis. Recommendations for reform fall under the jurisdiction of the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed by Congress in July 2010. The commission focused on several topics underlying the crisis, holding 19 hearings and interviewing 700 witnesses. In January 2011, it produced a majority report signed by the Democrats and two dissenting minority reports, the first from three Republicans, the second from one Republican. The term “report” is used below to refer to the entire set of three reports unless one of the individual reports is specified.