The Great Recession began towards the end of 2007, and ended in mid-2009. It brought about a drastic decline in the economy of the United States. It was characterized by a high rate of unemployment and a decline in the GDP. The crash of the stock market occurred as a result of the Recession. It was caused by the negligence of banks and financial institutions in applying accounting principles and lending money. Thus, exposing themselves to a high risk of failure. Essentially, Congress had the right to authorize the SEC to perform a review of the accounting standards.