Frequently Asked Questions about the Commission’s Work
- What is the Commission's process for requesting information?
- How many hearings does the Commission plan to have?
- What is the Commission doing when it is not holding public hearings?
- Will the Commission make the documents it gathers available to the general public?
- What about the requests for follow-up information that were referenced in the public hearing?
- Will you be swearing all witnesses before the Commission in?
- Will the Commission be able to deliver its report by December 15, 2010?
What is the Commission's process for requesting information?
The Commission is committed to getting the information it needs to conduct a fair and thorough investigation. The law creating the Commission (Section 5 of the Fraud Enforcement and Recovery Act of 2009) says the following regarding the tools we were given to gather documents and information:
The Commission may secure directly from any department, agency, bureau, board, commission, office, independent establishment, or instrumentality of the United States any information related to any inquiry of the Commission conducted under this section, including information of a confidential nature (which the Commission shall maintain in a secure manner). Each such department, agency, bureau, board, commission, office, independent establishment, or instrumentality shall furnish such information directly to the Commission upon request.
In addition, the Commission has the power to:
require, by subpoena or otherwise, the attendance and testimony of witnesses and the production of books, records, correspondence, memoranda, papers, and documents.
The Commission is moving forward expeditiously to obtain the information it needs to fulfill its mission. In that vein, the Commission will treat any delays with the utmost seriousness. Therefore, it is the standard practice that recipients of letters from the Commission requesting information confirm in writing that they will comply in a timely manner. In the event of a failure to provide confirmation of compliance, or if there is a failure to provide the requested materials in a timely manner, the Commission is committed to using its subpoena power to compel compliance.
How many hearings does the Commission plan to have?
The Commission will have a series of hearings over the course of its investigation.
What is the Commission doing when it is not holding public hearings?
The Commission has a full team of investigators and researchers working to examine the causes of the financial crisis. A portion of this work is done out of the public eye through meetings, interviews and review of public and private documents and information.
Will the Commission make the documents it gathers available to the general public?
It is important to the Commission that the American people are able to follow what the Commission is doing. If and when it is appropriate and in the public interest, and when making documents public will not hinder its ongoing investigation, the Commission will make them public. Information important to our conclusions will be referenced in our report and will become part of the Commission's records in accordance with federal archives requirements.
What about the requests for follow-up information that were referenced in the public hearing?
We consider these questions to be similar to requests that are made by the Commission or its staff in the conduct of its investigation. The information that is received in response to these questions may include both confidential and non-confidential information. If and when it is appropriate and in the public interest, and when making documents public will not hinder its ongoing investigation, the Commission will make them public.
Will you be swearing all witnesses before the Commission in?
It is the policy of the Commission to swear in all public witnesses.
Will the Commission be able to deliver its report by December 15, 2010?
There is a lot of work to do but we are confident that we will meet the deadline Congress has given us.