Tags: Economic- Crisis | Congress Financial Meltdown

GOP: Report on Financial Crisis Was Biased

Wednesday, 16 Feb 2011 11:49 AM

WASHINGTON (AP) — House Republicans say a government report concluding the near financial meltdown of 2008 was avoidable was an ideological exercise by Democrats, not an objective study.

The Financial Crisis Inquiry Commission reported its findings last month, but only the panel's six Democrats endorsed it. The four Republicans dissented, saying the report ignored factors like federal policies encouraging home ownership and high-risk subprime loans.

Republicans on the House Financial Services Committee said Wednesday that the partisan divisions by the commission's members prove that its conclusions were political.

Democrats on the committee said Republicans merely want to ease federal regulations on the nation's financial system.

Congress approved legislation last summer tightening financial rules.

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