As first announced on July 15, 2009, via a press released issued by the office of House Republican Leader John Boehner, Boehner (R-Ohio) and Senate Republican Leader Mitch McConnell (R-Ky.) appointed Buchanan Ingersoll & Rooney Federal Government Relations Senior Advisor Bill Thomas vice chair of the 10-person Financial Crisis Inquiry Commission — established by Congress to investigate the causes of the financial crisis and the collapse of major financial institutions. Thomas, who works in the firm's D.C. office, previously served as House Ways & Means Committee Chairman.

"This commission is charged with examining the financial crisis that sent our nation into a severe recession, and it's critical that it works in a bipartisan manner to do so," Boehner said in the release. "With Bill Thomas serving as vice chairman alongside these other distinguished members, I am confident this commission will vigorously seek out the facts so Congress can move forward with common-sense reforms that restore confidence in our financial system."
 
"It is my hope this commission will fully examine the policies which contributed to the near-collapse of the financial system last year," McConnell said. "Not only do the American people deserve answers, but we in Congress must first understand the root cause of the problem before we act so we can be sure to enact policies that address the issue and strengthen our economy."

The appointment was reported on by a number of sources, including The Hill, American Chronicle and Los Angeles Chronicle. According to The Hill, "The panel will have wide-ranging subpoena power to investigate the causes of the crisis and must release a report by December 15, 2010, with recommendations on how to prevent future meltdowns. The panel is modeled on a similar commission that investigated the causes of the Great Depression, as well as on the 9/11 Commission. … The committee's work will come as President Obama and Congress work to revamp financial regulations in a major overhaul that could see new federal agencies established and others lose significant authorities."

Boehner and McConnell were responsible for appointing four members of the commission, while the other six members were chosen by House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.).  

"The American people deserve nothing less than a full explanation of why so many people lost their homes, their life's savings and their hard-earned pensions," House Speaker Nancy Pelosi was quoted saying in a number of news outlets.