A September 11 style commission of experts is set to be created in a bid to investigate the true causes of the financial crisis and prevent the occurrence of such a meltdown again.
US lawmakers last night voted 367 to 59 to set up such a panel, modeled on the commission that investigated the terrorist attacks of 2001, The Australian reported today.
Republican representative Darrell Issa, who has been advocating the investigation, said such a commission was essential for recovery and prevention of a recurrence.
"You cannot solve a problem until you've accurately diagnosed it,'' he said.
"A truly independent and nonpartisan commission can put forward an assessment that will help us avoid repeating the mistakes that got us into this crisis in the first place.''
The role of US regulators and the Federal Reserve, fraud, accounting practices and exotic investment tools would be some of the issues to be probed by the commission over an 18 month period.
The Senate must now vote on the Bill in order to send it to President Obama to sign into law.
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