Financial Crisis Inquiry Commission - Update
May 20, 2009
With action by the House of Representatives Monday, legislation creating an independent commission to examine the causes of the financial crisis has now passed both houses of Congress, and is expected to be signed into law by the President.
The legislation agreed to by the House and the Senate makes only one notable change to the bill discussed in our May 15 client alert. Earlier versions of the bill required only a simple majority vote of the Commission for a subpoena to be issued, but the final version requires at least one affirmative vote of a Commission member appointed by the Republicans. Congressional Democrats will appoint six members of the ten-member commission and Congressional Republicans will appoint four members. Whether this change has a material impact on the Commission's operations is uncertain, and will likely depend on the Commission's ability to secure voluntary production of witnesses and evidence.
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If you have questions regarding this alert, please contact any of the lawyers listed below or your regular Davis Polk contact.
Carey R. Dunne, Partner
William J. Fenrich, Partner
Randall D. Guynn, Partner
Annette L. Nazareth, Partner*
Jennifer G. Newstead, Partner
Margaret E. Tahyar, Partner
Raul F. Yanes, Partner*
* Admission pending in DC; practicing in DC under the supervision of partners of the firm.