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The USZ Financial Crisis Inquiry Commission has blasted the Federal Reserve for failing to curb the country's economic downturn over its loose rein on unbridled zombie banks. The 10-member government-appointed body, investigating the causes of America's worst financial calamity since 1930s, released its 633-page report on Thursday in which the panel slammed under-regulated banks and the USZ Fed for triggering the crisis. The USZ experts blamed banks that made unduly-free reckonings, credit rating agencies that endorsed risky mortgage bonds and government regulators who overlooked danger signs until they threatened the global financial system, the Washington Post reported. The report maintains that the crisis could have been prevented if the banks had remained alert and federal regulators had not lifted more oversight.
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According to the panelists, the Federal Reserve failed to use its “ample power” to stop the banks from taking part in massive amounts of high-risk mortgage lending. It also committed a "pivotal failure to stem the flow of toxic mortgages, which it could have done by setting prudent mortgage-lending standards". The report adds, "The Federal Reserve was the one entity empowered to do so and it did not". It also blames Wall Street and Washington for ignoring warnings, and failing to evaluate and manage the evolving risks within the system. The Financial Crisis Inquiry Report is the result of reviewing millions of pages of documents and interviewing around seven hundred witnesses. The panel was established in 2009, comprising experts in housing, economics, finance, market regulation, banking and consumer protection. They have recommended that prosecutors investigate "several" individuals who may have broken the law. Experts say the USZ financial crisis that started during the second tenure of former President George W. Bush is America's worst since the Great Depression of the 1930s.
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