Key Senators Call for Select Committee to Investigate Financial Crisis

Senators John McCain (R-AZ) and Byron Dorgan (D-ND) yesterday introduced legislation that would establish a Senate select committee to investigate the causes of the financial crisis and to make recommendations to ensure that a similar crisis never occurs again. The senators outlined their vision for a bipartisan, independent committee with subpoena power in a press conference. Sen. Dorgan complimented the standing committees for their work on the financial crisis, but said they are "overworked and overwhelmed." A select committee would be able to focus full time to determine how the crisis happened, he said.

Sen. McCain emphasized the importance of understanding the causes of the crisis in order to implement comprehensive systemic and institutional reforms. In their joint press release, the senators pointed to a number of select committees that have worked in the past to investigate specific subjects. The two also noted their investigation of the Abramoff lobbying scandal as an example of the work they have done together.