Georges Marciano for Governor of California 2010

May 21, 2009

President Obama: To start independent investigations of Financial Crime… I hope Judge Elizabeth White is taking notice…Justice should be equal and without bias

Filed under: Uncategorized — Georges Marciano @ 1:33 am

Obama Signs Financial Bill, Creating Investigative Panel

President Obama on Wednesday signed legislation aimed at curbing financial fraud in the mortgage and other industries, including a provision that created an independent panel to investigate the root causes of the nation’s economic downturn.

Congressional lawmakers from House Speaker Nancy Pelosi to prominent Democratic senators, with significant Republican support, had called for creation of a commission modeled after the Sept. 11 panel and a Depression-era set of financial hearings called the Pecora commission.

This one would have subpoena power; Democratic congressional leaders would choose six members and Republican leaders four commissioners, but its work would be independent of Congress.

But after signing the bill, the White House issued what is called a signing statement by Mr. Obama, which includes this advisory to agencies about the financial panel’s potential reach:

Section 5(d) of the Act requires every department, agency, bureau, board, commission, office, independent establishment, or instrumentality of the United States to furnish to the Financial Crisis Inquiry Commission, a legislative entity, any information related to any Commission inquiry. As my administration communicated to the Congress during the legislative process, the executive branch will construe this subsection of the bill not to abrogate any constitutional privilege.

In other words, the president is reserving the right to claim executive privilege if the commission seeks information or documents that the White House considers to be beyond the bounds of public information and/or privileged communications and negotiations within the executive branch.

The Obama administration hasn’t been shy in using signing statements for recent pieces of legislation like the omnibus public lands bill. In that case, however, the president directly challenged a portion of the law.

Signing statements have been used by other presidents, but the practice became highly controversial under former President George W. Bush, who advanced disputed theories of executive power through their issuance and challenged more provisions than his predecessors had.

As far as the financial commission’s mission, lawmakers have described their hopes for it to delve into nearly every facet of the economic recession. After the bill signing on Wednesday, Representative John Larson, the chairman of the Democratic caucus from Connecticut, issued this statement: “The American people are demanding answers about the collapse of our financial system. As we work to reform and rebuild the financial sector we also need to look back and learn from the mistakes of the past. In the past twenty years, our economy has suffered through the bursting of three major financial bubbles. We can’t afford to let that happen again.”

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1 Comment »

  1. HAVE YOU HEARD ABOUT THAT “NATIONAL POLL” WHICH STATES THAT MOST AMERICANS SUPPORT OBAMA’S POLICIES? LET’S PUT THAT IN PROPER PERSPECTIVE.

    IN A COMPARISON OF 10,000 AMERICAN HIGH SCHOOL SENIORS VERSUS A SIMILAR NUMBER FROM 25 “DEVELOPED” COUNTRIES, THE AMERICAN CONTINGENT PLACED DEAD LAST IN EVERY SEGMENT FROM LANGUAGE TO HISTORY TO GEOGRAPHY TO PHILOSOPHY. WE DID EDGE OUT MEXICO IN MATH BUT, I SUSPECT THAT THE TEST WAS GIVEN IN ENGLISH.

    SINCE CHILDREN REFLECT THEIR PARENTS AND THEIR ENVIRONMENT, IT’S SAFE TO SAY THAT THEIR PARENTS ARE JUST AS STUPID AND JUST AS IGNORANT. NOW DO YOU BELIVE THAT POLL?

    Comment by llabesab — May 21, 2009 @ 2:51 am | Reply


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