Resolution to Establish A “Pecora” Commission to Investigate the Collapse of the Financial System

Resolution to Establish A “Pecora” Commission to Investigate the Collapse of the Financial System

Whereas, the current systemic financial collapse is threatening the
livelihood and economic prosperity of all American Citizens, as well as
forcing Federal, State, and Local governments to suffer an immense, and
unexpected, budget crisis that threatens the very institutions of public
service and banking system they depend upon; and

Whereas, recent US dollar bailouts through the Federal Reserve’s `Discount Window,’ and through congressional actions bailing out overvalued financial paper and bankrupt speculators, has failed to unfreeze credit markets to employers and consumers alike; and

Whereas, in a similar financial crisis, the U.S. Senate convened the `Pecora Commission’ in 1932-1933 to thoroughly investigate the criminal activities leading up to, and causing, the 1929 market-collapse, and the subsequent depression, with full subpoena power, before the American people, with the ability to question those directly responsible for the economic crisis, demanding the accountability, and the necessary judicial recourse, for their crimes;

Therefore be it resolved, that the Los Angeles County Democratic Party hereby recommends an immediate convening of a Congressional Committee, modeled on the Pecora Commission of 1932, to investigate the crimes and wrongdoing associated with this current financial and economic crisis with full subpoena power, and

Therefore be it further resolved, that a copy of this resolution shall be
forwarded to the President of the United States and to the members of the California Congressional Delegation.

Author: Francisco Medina, 44th AD

Passed by LACDP Resolutions Committee, 03/03/09

Passed by LACDP 03/11/09

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