Congressional Commission on Financial Accountability and Preparedness

(a)

Establishment

There is hereby established the Congressional Commission on Financial Accountability and Preparedness (hereafter in this section referred to as the Commission) as an establishment in the legislative branch. (b)

Purposes

The purposes of the Commission are as follows: (1)To examine and report upon the facts and causes relating to the breakdown in the financial markets in 2008. (2)To ascertain, evaluate, and report on the evidence developed by all relevant governmental agencies regarding the facts and circumstances surrounding the breakdown. (3)To determine whether all credible leads and information regarding fraud or manipulation were pursued with due diligence by Federal investigators. (4)To make a full and complete accounting of the circumstances surrounding the financial breakdown and the extent of the Federal Governments' preparedness for, and immediate response to, the breakdown. (5)To investigate and report to the Congress on findings the conclusions of the Commission and recommendations for corrective measures that can be taken to prevent and respond to financial crisis in the future. (c)

Duties

(1)

In general

The Commission shall review the actions leading up to the 2008 breakdown in the financial markets and failures in the regulatory system and submit reports to the Congress in accordance with this subsection. (2)

Regular monthly reports

(A)

In general

The Commission shall make regular monthly progress reports to the Congress on the findings and conclusions of the Commission with regard to the review conducted under paragraph (1). (B)

Factors to be included

Each report submitted under subparagraph (A) shall include the following: (i)All relevant events, persons, entities and data leading up to the breakdown in the financial markets through December 2008. (ii)The impact of public and private actions on the financial markets and financial institutions. (iii)The extent to which the information made available on transactions contributed to market transparency. (iv)The effectiveness of efforts, regulatory authority, and programs from the standpoint of minimizing risk to investors and taxpayers. (C)

Final report

The last report submitted under this paragraph before the termination of the Commission shall constitute the final report of the Commission to the Congress and shall include a detailed description of the findings and conclusions of the Commission over the period of the existence of the Commission and such recommendations for legislative or administrative action as the Commission may determine to be appropriate. (3)

Special report on corporate abuse of tax payer funds

The Commission shall— (A)submit a special report to the Congress on any corporate abuse of taxpayer funds the Commission finds occurred; and (B)analyze the current state of the regulatory system and effectiveness of the regulatory system in overseeing the participants in the financial system and protecting consumers. (4)

Special report on corporate officers and elected or appointed government officials

The Commission shall submit a special report to the Congress on any fiduciary negligence, fraudulent behavior, poor corporate governance, obstructionism, or media manipulation that the Commission determines was engaged in by relevant corporate officers and elected or appointed government officials. (d)

Membership

(1)

In general

The Commission shall consist of 5 members, as follows: (A)One member appointed by the majority leader of the House of Representatives. (B)One member appointed by the minority leader of the House of Representatives. (C)One member appointed by the majority leader of the Senate. (D)One member appointed by the minority leader of the Senate. (E)One member appointed by the majority Leader of the House and the majority leader of the Senate in consultation with the minority leader of the Senate and the minority leader of the House of Representatives. (2)

Pay

Each member of the Commission shall each be paid at a rate equal to the daily equivalent of the annual rate of basic pay for level I of the Executive Schedule for each day (including travel time) during which such member is engaged in the actual performance of duties vested in the Commission. (3)

Prohibition of compensation of federal employees

Members of the Commission who are full-time officers or employees of the United States or Members of Congress may not receive additional pay, allowances, or benefits by reason of their service on the Commission. (4)

Travel expenses

Each member shall receive travel expenses, including per diem in lieu of subsistence, in accordance with applicable provisions under subchapter I of chapter 57 of title 5, United States Code. (5)

Quorum

Four members of the Commission shall constitute a quorum but a lesser number may hold hearings. (6)

Vacancies

A vacancy on the Commission shall be filled in the manner in which the original appointment was made. (7)

Meetings

The Commission shall meet at the call of the Chairperson or a majority of the members of the Commission. (e)

Staff

(1)

In general

The Commission may appoint and fix the pay of any personnel as the Commission considers appropriate. (2)

Experts and consultants

The Commission may procure temporary and intermittent services under section 3109(b) of title 5, United States Code. (3)

Staff of agencies

Upon the request of the Commission, the head of any Federal department or agency may detail, on a reimbursable basis, any of the personnel of that department or agency to the Commission to assist it in carrying out the duties of the Commission under this Act. (f)

Powers

(1)

Hearings and sessions

The Commission may, for the purpose of carrying out this section, hold hearings, sit and act at times and places, take testimony, and receive evidence as the Commission considers appropriate and may administer oaths or affirmations to witnesses appearing before the Commission. (2)

Powers of members and agents

Any member or agent of the Commission may, if authorized by the Commission take any action which the Commission is authorized to take by this section. (3)

Obtaining official data

(A)

In general

The Commission may secure directly from any department or agency of the United States information necessary to enable the Commission to carry out this section. (B)

Duty to furnish

Upon request of the Chairperson of the Commission, the head of any department or agency or agency shall furnish the information referred to in subparagraph (A) to the Commission. (4)

Subpoena Power

Subject to approval by the House Office of General Counsel, any member of the Commission may issue subpoenas under the authority given to the House of Representatives of the Congress of the United States of America. (5)

Reports received

The Commission shall receive and consider all reports required to be submitted to the Commission under this Act. (g)

Termination

The Commission shall cease to exist at the end of the 1-year period beginning on the date of the enactment of this Act, except that the Congress may extend the life of the Commission on an annual basis for not more than 1 year at a time.