What is financial reform really going to do?

Financial regulatory reform will likely be signed into law this summer, months before the Financial Crisis Inquiry Commission wraps up its investigation on the causes of the crisis.

It’s been a year since the government created the Financial Crisis Inquiry Commission, which is charged with getting to the bottom of what caused the financial crisis. In the public hearings the Commission has held since January, they have heard from dozens of people, from Alan Greenspan and Timothy Geithner to the executives of most of the big banks.

The next hearing is set for next week here in New York and will focus on credit ratings ? one of the many issues not really addressed in pending financial reform legislation.

We speak to Commission Chairman Phil Angelides about some of the FCIC’s preliminary conclusions, and his thoughts on the pending financial regulatory reforms.