Local appointed to congressional commission on global recession
July 21, 2009
PITKIN COUNTY – A Roaring Fork Valley resident has been appointed to a bipartisan congressional commission exploring the causes of the ongoing global financial crisis.
Peter Wallison, co-director for financial policy studies at the American Enterprise Institute in Washington, D.C., lives in Old Snowmass. He also served the Reagan administration as White House counsel and general counsel of the U.S. Treasury Department.
Wallison was recently named by U.S. House Republican leader John Boehner of Ohio to serve on the 10-member Financial Crisis Inquiry Commission. The panel was established in a recent bill having to do with mortgage, securities and financial fraud, and is expected to submit a final report to Congress by Dec. 15, 2010.
Republicans named four members to the panel, and Democrats, who control both houses of Congress, named six.
“This commission is charged with examining the financial crisis that sent our nation into a severe recession, and it’s critical that it works in a bipartisan manner to do so,” Boehner said in announcing the appointments. “I am confident this commission will vigorously seek out the facts so Congress can move forward with common-sense reforms that restore confidence in our financial system.”
Said House Speaker Nancy Pelosi: “The American people deserve nothing less than a full explanation of why so many people lost their homes, their life’s savings and their hard-earned pensions. To avoid a financial crisis of this magnitude in the future, the commission will conduct a thorough, systematic and non-partisan examination of the failures in both government and financial markets.”
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Among the other Republican appointees were Doug Holtz-Eakin, former director of the Congressional Budget Office, and Keith Hennessey, former director of the National Economic Council.
The Democratic appointees included former California State Treasurer Phil Angelides, John W. Thompson, chairman of the board of software security company Symantec, and Heather Murren, a retired managing director for global securities research and economics at Merrill Lynch.