Title: Delahunt, panel begin probe into financial meltdown

" None of those federal panel's things like the 9/11 commission the Iraq study group. Well now thanks to the urging of one Massachusetts congressmen lawmakers on Capitol Hill are forming a similar commission. To look into the causes of last year's financial meltdown. And CN's Peter -- joins us with more on the story here. -- that this financial crisis inquiry commission just started working yesterday helping create it was congressman bill Delahunt. For Massachusetts Kent district recently been plenty of members of congress both in the house and senate asking questions about what happened a year ago but nobody stepped back to do. The big -- like you've talked about would be Iraq study commissioner 9/11. And make people testify under oath what happened."

" It's being called a 9/11 commission of last year's economic meltdown. And new bipartisan financial crisis inquiry panel led by California congressman Phil into leaders -- Democrat. And Bill Thomas Republican that it's armed with subpoena power and -- five million dollar budget. Let's do -- thoughtful discussion. That's not just simply. Become involved in an exchange of sound -- Massachusetts congressman bill Delahunt cosponsored the financial crisis commission idea and got an attached to a mortgage fraud bill last spring. The thought it was vital that. We do they deliberative. Nonpartisan. Thoughtful. Review. -- How we got to this. Point in time where we're dealing with an economic challenge that is unparalleled. Since the Great Depression. Because their lessons we learned I'm sure they're likely targets for questioning government regulators the Federal Reserve and executives of companies at the heart of the meltdown. Like Fannie Mae. Freddie Mac. AIG Citigroup and Lehman Brothers the commission report is due in December 2010. Deliberately after the next congressional elections we couldn't do it in congress because it would obviously provoke. -- Hurley of Boston university's -- banking boss senator says this commission can take the long view of what I have one. Everybody has."

" Their own opinion it was football for the homeowners it was a -- for the Fed it was the fault of the bank regulators. It was the fault of the shadow banking system everybody's got their pet theory. Hurley calls the key difference for the commission power to make people tell the truth that has subpoena power and and I wouldn't underestimate that for a moment. What has the ability to do is gather everything that's been investigated so far. Supplemented with the truth under vote. And come up with a conclusion and some recommendations."

" And while the authoritative final report is scheduled to come out until after the November 2010 congressional elections commission is talking about releasing some findings ahead of that. Potentially as early as this autumn as you may know President Obama. Congressman Barney Frank from Massachusetts with the house financial services commission committee. And other leaders on Capitol Hill are hoping before the end of the year to complete an overhaul the US financial regulatory system some insight from this -- nine elevenths style financial crisis commission. Could certainly be very helpful jet. Peter how -- reporting thanks we have."