Peterson Testifies in Congressional Hearings on Financial Crisis

Christopher Peterson, a professor of law at the S.J. Quinney College of Law, recently testified in a U.S. House of Representatives hearing on the world financial crisis. The hearing focused on why federal regulators, including the Federal Trade Commission, failed to anticipate and prevent millions of home mortgage defaults and foreclosures sweeping across the United States.

The television network CSPAN broadcast the March 24th hearing live and currently has archived copies of the broadcast available on its website.

Also testifying in the House of Representatives that day were Treasury Department Secretary Timothy Geitner, Federal Reserve Board Chairman Benjamin Bernanke, and Federal Trade Commission Chairman Jon Leibowitz.

Peterson’s testimony focused on the lack of federal regulatory rulemaking and enforcement regarding subprime mortgage loans during the past fifteen years. “Congress is finally attempting to come to terms with weakness in our consumer financial regulatory system,” explained Peterson. “It’s exciting that the University of Utah is doing its part to help reform our laws and solve the current economic crisis.”

The CSPAN rebroadcast is available here: