Financial crisis hearings resume

Wall Street sign 2As the bipartisan Congressional commission looking into the financial meltdown resumes hearings, law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and former counsel to the Fed Board of Governors, stops to take a look at where we’ve come and where we might be going.

“While ‘Alice in Wonderland’ tops the box office, a version of the film is playing out in Washington.

“Now in the third year of our national economic crisis starting with the implosion of Bear Stearns in March ‘08, Congress is suddenly rushing to pass timid legislation while a fact-finding commission of Congress’s own creation is searching for the causes of the crisis.

“The Financial Crisis Inquiry Commission has been underfunded, under-staffed, and lethargic in its early moves. Despite its shortcomings, we are coming to the point where it would be better to await the Commission’s December findings than to pass obviously flawed legislation.”

Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu

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