Today, the Financial Crisis Inquiry Commission issued [PDF] a subpoena for documents and testimony that investment bank Goldman Sachs failed to provide of its own volition. That the "new Pecora" commission is taking a perfectly straightforward stance toward obtaining information it needs to do its job -- the Commission also subpoenaed Warren Buffet's embarrassing testimony on ratings agencies -- is a good sign of unity and purpose given that commissioners from both parties need to assent to the legal demand. It's also a sign that we'll be seeing more attention for the FCIC's work. While a major early concern about the commission was that it would be irrelevant to the policy debates in Washington, it's clear that it has been able to drive the media discussion about financial reform more than most observers initially expected, which gives the commission's final report, due in December, a chance to impact both regulatory behavior and future reforms of the financial sector.
-- Tim Fernholz
