[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 27 Introduced in House (IH)]

111th CONGRESS
  1st Session
H. J. RES. 27

Establishing a bipartisan Joint Select Committee on Long-Term Financial 
                               Security.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 3, 2009

 Mr. Young of Alaska introduced the following joint resolution; which 
                 was referred to the Committee on Rules

_______________________________________________________________________

                            JOINT RESOLUTION


 
Establishing a bipartisan Joint Select Committee on Long-Term Financial 
                               Security.

    Resolved by the Senate and House of Representatives of the United 
States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This joint resolution may be cited as the ``Safeguarding America's 
Future Economy Act of 2009''.

SEC. 2. ESTABLISHMENT.

    There is hereby established a bipartisan Joint Select Committee on 
Long-Term Financial Security (hereinafter in this Act referred to as 
the ``joint select committee'').

SEC. 3. COMPOSITION.

    The joint select committee shall be composed of 6 Members of the 
House of Representatives, of whom 3 shall be appointed by the Speaker 
and 3 by the minority leader, and 6 Members of the Senate, of whom 3 
shall be appointed by the majority leader and 3 by the minority leader. 
A vacancy in the membership of the joint select committee shall be 
filled in the same manner as the original appointment.

SEC. 4. JURISDICTION.

    The joint select committee shall not have legislative jurisdiction 
and shall have no authority to take legislative action on any bill or 
resolution. Its sole authority shall be to investigate, study, make 
findings, and develop recommendations on policies, strategies, 
technologies and other innovations, intended to ensure the long-term 
solvency and stability of the United States financial system.

SEC. 5. PROCEDURE.

    (a) In carrying out its duties under this Act, the joint select 
committee is authorized to--
            (1) hold such hearings, to sit and act at such places and 
        times within the United States during the sessions, recesses, 
        and adjourned periods of Congress;
            (2) require the attendance of such witnesses and the 
        production of such books, papers, and documents, administer 
        such oaths, take such testimony, procure such printing and 
        binding as it deems necessary; and
            (3) make such rules respecting its organization and 
        procedures as it deems necessary.
    (b) Vacancies in the membership of the joint select committee shall 
not affect the power of the remaining members to execute the functions 
of the joint select committee. The joint select committee shall select 
a chairman and a vice chairman from among its members at the beginning 
of each Congress. The vice chairman shall act in place of the chairman 
in the absence of the chairman. The chairmanship shall alternate 
between the Senate and the House of Representatives with each Congress, 
and the chairman shall be selected by the Members from that House 
entitled to the chairmanship. The vice chairman shall be chosen from 
the House other than that of the chairman by the Members from that 
House.
    (c) The joint select committee may appoint and fix the compensation 
of such staff as it deems necessary.

SEC. 6. FUNDING.

    (a) Notwithstanding any law, rule, or other authority, there shall 
be paid out of the applicable accounts of the House of Representatives 
such sums as may be necessary for one-half of the expenses of the joint 
select committee. Such payments shall be made on vouchers signed by the 
chairman or vice chairman of the joint select committee who is a Member 
of the House of Representatives, as the case may be, and approved in 
the manner directed by the Committee on House Administration of the 
House of Representatives. Amounts made available under this subsection 
shall be expended in accordance with regulations prescribed by the 
Committee on House Administration of the House of Representatives.
    (b) [To be supplied by the Senate].

SEC. 7. REPORTING.

    The joint select committee shall from time to time report to the 
House of Representatives and the Senate the results of its 
investigations and studies, together with such detailed findings and 
recommendations as it may deem advisable.
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