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

1.

Short title

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

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).

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.

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.

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.

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.

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.