What was the Financial Crisis Inquiry Commission?

It was a 10-member commission appointed by the US government to investigate the causes of the 2007-10 financial crisis. Chaired by Phil Angelides, its first public hearing was held in January 2010. The commission reported its findings in January 2011.

Where have you heard about the Financial Crisis Inquiry Commission?

The Financial Crisis Inquiry Commission's (FCIC) work was widely reported in leading newspapers, such as here in the Wall Street Journal. Broadcasters such as the BBC also gave it top billing.

What you need to know about the Financial Crisis Inquiry Commission.

In its report, the FCIC concluded that while the vulnerabilities that created the potential for crisis were years in the making, "...it was the collapse of the housing bubble - fuelled by low interest rates, easy and available credit, scant regulation and toxic mortgages - that was the spark that ignited a string of events, which led to a full-blown crisis in autumn 2008."

According to the commission, the crisis was ultimately avoidable, but widespread failures in financial regulation and supervision proved "devastating" to the stability of US financial markets.