Financial Crisis Inquiry Commission

The Financial Crisis Inquiry Commission (FCIC) was a bipartisan group established by the U.S. government in 2009 to investigate the causes of the 2008 financial crisis. Its purpose was to understand what led to the collapse of financial institutions, the housing market burst, and the subsequent economic downturn. The commission gathered evidence, interviewed key figures, and produced a report detailing the failures in financial regulation, risky behaviors by banks, and the impact of mortgage-backed securities. The FCIC aimed to provide lessons to prevent future crises and improve the financial system's resilience.