Short title

This Act may be cited as the

National Commission on Financial Collapse and Recovery Act of 2008

Establishment

There is hereby established the National Commission on the Financial Collapse and Recovery of 2008 (in this Act referred to as the Commission) as an establishment in the legislative branch.

Duties

The duties of the Commission shall be— (1)to examine, analyze, and determine the facts and causes relating to the collapse of the financial markets and financial institutions that occurred during 2008; (2)to collect and report on the evidence developed and collected by all relevant agencies of the Federal Government regarding the facts and circumstances surrounding the financial failures; (3)to make a full and complete accounting of the circumstances surrounding the failures and the extent of regulatory preparedness for an immediate response to the failures; and (4)to report to the President and the Congress on the findings and conclusions pursuant to paragraphs (1) through (3) and to recommendation for corrective measures that can be taken to prevent such failures in the future.

Membership

(a)

Members of the Commission

The Commission shall consist of the following members: (1)3 members who shall be appointed by the majority leader of the Senate. (2)3 members who shall be appointed by the minority leader of the Senate. (3)3 members who shall be appointed jointly by the Speaker and majority leader of the House of Representatives. (4)3 members who shall be appointed by the minority leader of the House of Representatives. (b)

Political affiliation

Not more than 5 members of the Commission may be of the same political party. (c)

Nongovernmental appointees

An individual appointed to the Commission may not be an officer or employee of the Federal Government or any State or local government. (d)

Other qualifications

It is the sense of Congress that individuals appointed to the Commission should be prominent United States citizens who— (1)have national recognition and significant depth of experience in such professions as governmental service, law enforcement, law, economics, banking, financial services, public administration, commerce, and international banking; and (2)should not have any conflict of interest in carrying out the responsibilities of serving on the Commission. (e)

Deadline for appointment

All members of the Commission shall be appointed within 30 days after the date of the enactment of this Act. (f)

Initial meeting

The Commission shall meet and begin the operations of the Commission as soon as practicable following appointment of the members. (g)

Chairman

The Chairman of the Commission shall be elected by the members. (h)

Quorum; vacancies

After its initial meeting, the Commission shall meet upon the call of the chairman or a majority of its members. Six members of the Commission shall constitute a quorum. Any vacancy in the Commission shall not affect its powers, but shall be filled in the same manner in which the original appointment was made.

Powers of commission

(a)

In general

(1)

Hearings and evidence

The Commission or, on the authority of the Commission, any subcommittee or member thereof, may, for the purpose of carrying out this Act— (A)hold such hearings and sit and act at such times and places, take such testimony, receive such evidence, administer such oaths; and (B)subject to paragraph (2)(A), require, by subpoena or otherwise, the attendance and testimony of such witnesses and the production of such books, records, correspondence, memoranda, papers, and documents, as the Commission or such designated subcommittee or designated member may determine advisable. (2)

Subpoenas

(A)

Issuance

(i)

In general

A subpoena may be issued under this subsection only— (I)by the agreement of the chairman and the vice chairman; or (II)by the affirmative vote of 6 members of the Commission. (ii)

Signature

Subject to clause (i), subpoenas issued under this subsection may be issued under the signature of the chairman or any member designated by a majority of the Commission, and may be served by any person designated by the chairman or by a member designated by a majority of the Commission. (B)

Enforcement

(i)

In general

In the case of contumacy or failure to obey a subpoena issued under subparagraph (A), the United States district court for the judicial district in which the subpoenaed person resides, is served, or may be found, or where the subpoena is returnable, may issue an order requiring such person to appear at any designated place to testify or to produce documentary or other evidence. Any failure to obey the order of the court may be punished by the court as a contempt of that court. (ii)

Additional enforcement

In the case of any failure of any witness to comply with any subpoena or to testify when summoned under authority of this section, the Commission may, by majority vote, certify a statement of fact constituting such failure to the appropriate United States attorney, who may bring the matter before the grand jury for its action, under the same statutory authority and procedures as if the United States attorney had received a certification under sections 102 through 104 of the Revised Statutes of the United States (2 U.S.C. 192 through 194). (b)

Contracting

The Commission may, to such extent and in such amounts as are provided in appropriation Acts, enter into contracts to enable the Commission to discharge its duties under this Act. (c)

Information from federal agencies

(1)

In general

The Commission is authorized to secure directly from any executive department, bureau, agency, board, commission, office, independent establishment, or instrumentality of the Government, information, suggestions, estimates, and statistics for the purposes of this Act. Each department, bureau, agency, board, commission, office, independent establishment, or instrumentality shall, to the extent authorized by law, furnish such information, suggestions, estimates, and statistics directly to the Commission, upon request made by the chairman, the chairman of any subcommittee created by a majority of the Commission, or any member designated by a majority of the Commission. (2)

Receipt, handling, storage, and dissemination

Information shall only be received, handled, stored, and disseminated by members of the Commission and its staff consistent with all applicable statutes, regulations, and Executive orders. (d)

Assistance from Federal Agencies

(1)

General Services Administration

The Administrator of General Services shall provide to the Commission on a reimbursable basis administrative support and other services for the performance of the Commission’s functions. (2)

Other departments and agencies

In addition to the assistance prescribed in paragraph (1), departments and agencies of the United States may provide to the Commission such services, funds, facilities, staff, and other support services as they may determine advisable and as may be authorized by law. (e)

Gifts

The Commission may accept, use, and dispose of gifts or donations of services or property. (f)

Postal services

The Commission may use the United States mails in the same manner and under the same conditions as departments and agencies of the United States.

Compensation and travel expenses

(a)

Compensation

Each member of the Commission may be compensated at not to exceed the daily equivalent of the annual rate of basic pay in effect for a position at level IV of the Executive Schedule under section 5315 of title 5, United States Code, for each day during which that member is engaged in the actual performance of the duties of the Commission. (b)

Travel expenses

While away from their homes or regular places of business in the performance of services for the Commission, members of the Commission shall be allowed travel expenses, including per diem in lieu of subsistence, in accordance with sections 5702 and 5703 of title 5, United States Code.

Report

Not later than 18 months after the date of the enactment of this Act, the Commission shall submit to the President and Congress a final report setting forth the findings and conclusions of the Commission pursuant to paragraphs (1) through (3) of section 3 and any recommendations as have been agreed to by a majority of the members of the Commission for corrective measures that can be taken to prevent the failures referred to in such paragraphs in the future.

Termination

(a)

In general

The Commission, and all the authorities of this Act, shall terminate 60 days after the date on which the final report under section 7 is submitted. (b)

Activities before termination

The Commission may use such 60-day period for the purpose of concluding its activities, including providing testimony to committees of the Congress concerning its reports and disseminating the final report.

Funding

(a)

Appropriation

There is hereby appropriated out of any money in the Treasury not otherwise appropriated $2,000,000 for purposes of the carrying out the activities of the Commission under this Act. (b)

Authorization of additional funding

There are authorized to be appropriated such sums as may be necessary in addition to the amounts made available under subsection (a) for carrying out the activities of the Commission under this Act.