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March 4, 2010
Via Electronic Mail
Mr. David Phelan
State Street Financial Center
One Lincoln Street
Boston, MA 02111-2900
dcphelan@statestreet.com
Phil Angelides
Chairman
Re:
Treatment of Non-Public Information
Dear Mr. Phelan:
Hon. Bill Thoma
Vice Clznirman
Brooksley Born
On behalf of the Financial Crisis Inquiry Commission ("the Commission"),
I write to confirm our conversations and memorialize our position with respect to
the treatment of non-public informationi provided by State Street Financial Center
and its agents (collectively "State Street") to the Commission and its staff.
Commissio11er
Byron S. Georgiou
Commissio11er
Senator Bob Graham
Any non-public information that is obtained from State Street will be shared only
with employees and agents of the Commission who have a need to know the
information in the performance of their official work duties consistent with
applicable law. All employees and agents of the Commission with whom nonpublic information is shared will be advised of and, as condition of receiving nonpublic information, be bound to comply with the understanding in this letter.
Commissioner
Keith Hennessey
Commissioner
Douglas Holtz-Eakin
Commissioner
Heather H. Murren, CFA
Commissioner
In accordance with its statutory mandate and its duty to the American public, the
Commission, if it determines it is in the public interest, may release to the public
non-public information obtained from State Street as part of any interim or final
report to the President and Congress, or in any public hearings, if the Commission
determines to do so by a majority vote, or by the decision of the Chairman and
Vice Chairman acting together on behalf of the Commission.
You should also note the FAQs posted on our website:
Will the Commission make the documents it gathers available to the
general public?
John W. Thompson
Commissioner
Peter J. Wallison
Commissio11er
It is important to the Commission that the American people are able to
follow what the Commission is doing. If and when it is appropriate and in
the public interest, and when making documents public will not hinder its
ongoing investigation, the Commission will make them public.
Information important to our conclusions will be referenced in our report
and will become part of the Commission's records in accordance with
federal archives requirements.
What about the requests for follow-up information that were referenced in
the public hearing?
1717 Pennsylvania Avenue, NW, Suite 800 • Washington, DC 20006-4614
Thomas Greene
Executive Director
202.292.2799 • 202.632.1604 Fax
•-9-•
*
Mr. Phelan
March 4, 2010
Page 2 of2
We consider these questions to be similar to requests that are made by the
Commission or its staff in the conduct of its investigation. The information
that is received in response to these questions may include both
confidential and non-confidential information. If and when it is
appropriate and in the public interest, and when making documents public
will not hinder its ongoing investigation, the Commission will make them
public.
Nothing as described in this letter will prevent the Commission or its staff from
complying with the terms of Section 5 of the Fraud Enforcement and Recovery
Act of 2009 ("FERA"), including the ability to refer to the Attorney General of
the United States and any appropriate state attorney general any person that the
Commission finds may have violated the laws of the United States in relation to
the financial and economic crisis. In addition, nothing will prevent the
Commission or its staff from complying with a request or demand from a duly
authorized Committee of the United States Congress with authority to require and
receive the non-public information, or a legally valid and enforceable subpoena or
order by a court of competent jurisdiction for the non-public information or
testimony related thereto.
Finally, all information obtained from or relating to State Street will be
transmitted to the National Archives and Records Administration (NARA)
following the completion of the Commission's work. To the extent permitted by
law, the Commission will request that NARA not release to the public the nonpublic information for an appropriate length of time, likely five years or more. If
you have a legal basis to believe that the Commission is not required by law to
provide certain State Street information to NARA, please let us know.
If you have any questions or concerns, please do not hesitate to contact me at
202-292-1349 or tkrebs@fcic.gov. Thank you for your continued cooperation.
J;fnd
Tom Krebs
Assistant Director and Deputy General Counsel
cc:
Gary J. Cohen
4824-4429-4661, v. I
For purposes of this letter, "non-public information" means information that State Street has not made, and is not required by
Jaw to make, public and which State Street treats as non-public. Non-public information includes both the information itself, in
any form (including oral), and any document, written transcript, audiotape, videotape, or other type of transcription, replication,
reproduction, or recreation which contains or is derived from such information.
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@FedFRASER