GAO Study: Underlying Causes of The Financial Crisis. Report was requested by the Emergency Economic Stabilization Act to study the role of leveraging and deleveraging by financial institutions. The GAO says as complex as the crisis was, there is no single theory to fully explain what occurred. Report: Federal regulators have called for reforms, including through international efforts to revise the Basel II capital framework. President Barack Obama proposed a council for systemic risk, which would be chaired by the Treasury department.”]
Source: https://www.bankinfosecurity.com/gao-study-underlying-causes-financial-crisis-a-1649