Financial Crisis Could Be Probed By Panel Modeled After 9/11 Commission

Demand is growing in both parties in Congress for an investigation of the causes of the nation's financial crisis, with many members calling for an independent commission modeled after the one that investigated the Sept. 11, 2001, terrorist attacks.

Leaders of the House and Senate had previously shown little interest in studying what led to reckless mortgage lending and the spread of high-risk investments throughout the financial system. But support for an in-depth examination is gaining traction, with dozens of lawmakers from both parties signing onto bills that would create a commission. Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee, said Tuesday that such a serious probe is imperative. He called on his own committee to conduct one as it did during the Great Depression.

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