UPDATE 1-US Democrats name financial crisis investigators

(Adds Republican appointees)

WASHINGTON, July 15 (Reuters) - Brooksley Born, a former head of the Commodities Futures Trading Commission who also warned about unwarranted risks in the U.S. financial system, was appointed on Wednesday to help investigate the causes of the U.S. and global financial crisis.

Democratic leaders also named former California state treasurer Phil Angelides to chair the inquiry. But Born's appointment attracted more immediate attention because of her prominence in warning about financial risks before the crisis struck.

Congress has established a 10-member Financial Crisis Inquiry Commission that is supposed to produce a final report by Dec. 15, 2010.

The other four commission members named by House of Representatives Speaker Nancy Pelosi and Senate Majority Leader Harry Reid are: former Senator Bob Graham of Florida, Heather Murren, a retired managing director at Merrill Lynch, Byron Georgiou, a Las Vegas-based businessman and attorney, and John Thompson, Symantec Corp (SYMC.O) board chairman.

The four members appointed by Republicans are: Former House Ways and Means Committee Chairman Bill Thomas, who will serve as vice chairman of the commission, Peter Wallison of the American Enterprise Institute, ex-Congressional Budget Office Director Doug Holtz-Eakin and former National Economic Council Director Keith Hennessey.

The commission is expected to probe fraud and abuse in the financial sector, federal and state government enforcement of regulations, credit rating agencies and other factors that may have contributed to the financial crisis, which has helped feed a severe economic recession.

(Reporting by Richard Cowan, Editing by Cynthia Osterman)