Committee on Oversight and Government Reform Republicans Question FCIC Spending

This story appeared in Bank Digest.

Ahead of the July 27, 2010, House vote to pass H.R. 4899, the War Supplement Appropriations Act, Committee on Oversight and Government Reform Republicans questioned the increase in funding for the Financial Crisis Inquiry Commission (FCIC) contained within the bill. The controversial provision will boost FCIC funding by 22 percent, or $1.8 million. In light of this additional funding provision that came at the request of the FCIC, Ranking Member Darrell Issa, R-Calif., sent a letter to FCIC Chairman Phil Angelides requesting “information that will help the public understand whether any additional expenditure of taxpayer money on the FCIC is warranted.” Republican criticism of the additional funds focused on the makeup of the members and staff of the FCIC. Republicans questioned whether current members have conflicts of interest arising from their prior roles in the public and private sectors, and, while acknowledging the need to hire additional members with expertise in financial markets, Republicans noted their concern that the FCIC has used up its original $8 million budget when many of its staffers come from, and are paid by, other government agencies.