[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 298 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 298

  To establish a Financial Markets Commission, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 22, 2009

Mr. Isakson (for himself, Mr. Conrad, and Mr. Chambliss) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To establish a Financial Markets Commission, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Markets Commission Act of 
2009''.

SEC. 2. ESTABLISHMENT OF COMMISSION.

    There is established in the legislative branch the Financial 
Markets Commission (in this Act referred to as the ``Commission'') to 
examine all causes, domestic and global, of the current financial and 
economic crisis in the United States.

SEC. 3. COMPOSITION OF THE COMMISSION.

    (a) Members.--The Commission shall be composed of 7 members, of 
whom--
            (1) 2 members shall be appointed by the President;
            (2) 1 member shall be appointed by the majority leader of 
        the Senate;
            (3) 1 member shall be appointed by the Speaker of the House 
        of Representatives;
            (4) 1 member shall be appointed by the minority leader of 
        the Senate;
            (5) 1 member shall be appointed by the minority leader of 
        the House of Representatives; and
            (6) 1 member shall be appointed by the Chairman of the 
        Board of Governors of the Federal Reserve System.
    (b) Qualifications.--It is the sense of Congress that individuals 
appointed to the Commission should be United States citizens with 
national recognition and significant depth of experience in such fields 
as governmental regulation, finance, economics, and housing.
    (c) Chairperson; Vice Chairperson.--
            (1) In general.--Subject to the requirement of paragraph 
        (2), the Chairperson and Vice Chairperson of the Commission 
        shall be elected by the members.
            (2) Political party affiliation.--The Chairperson and Vice 
        Chairperson shall not be from the same political party.
    (d) Initial Meeting.--If 45 days after the date of enactment of 
this Act, 4 or more members of the Commission have been appointed, 
those members who have been appointed may meet and, if necessary, 
select a temporary Chairperson and Vice Chairperson, who may begin the 
operations of the Commission, including the hiring of staff.
    (e) Quorum; Vacancies.--After the initial meeting of the 
Commission, the Commission shall meet upon the call of the Chairperson 
or a majority of its members. Four members of the Commission shall 
constitute a quorum. Any vacancy on the Commission shall not affect its 
powers, but shall be filled in the same manner in which the original 
appointment was made.

SEC. 4. FUNCTIONS OF THE COMMISSION.

    The functions of the Commission are--
            (1) to examine all causes, domestic and global, of the 
        current financial and economic crisis in the United States, 
        including the collapse of major financial and commercial firms 
        and the deterioration of the credit and housing markets;
            (2) to investigate the role in the financial and economic 
        crisis, if any, of--
                    (A) the Securities and Exchange Commission;
                    (B) nationally recognized statistical rating 
                organizations, as that term is defined in section 3(a) 
                of the Securities Exchange Act of 1934 (15 U.S.C. 
                78c(a));
                    (C) the Commodity Futures Trading Commission;
                    (D) the Federal National Mortgage Association and 
                the Federal Home Loan Mortgage Corporation;
                    (E) trading facilities for commodities, as those 
                terms are defined in section 1a of the Commodity 
                Exchange Act (7 U.S.C. 1a), and self-regulatory 
                organizations, as that term is defined in section 3 of 
                the Securities Exchange Act of 1934 (15 U.S.C. 78c);
                    (F) the Federal banking agencies, as that term is 
                defined in section 3 of the Federal Deposit Insurance 
                Act (12 U.S.C. 1813);
                    (G) any financial or commercial corporation, 
                partnership, or entity; and
                    (H) any other governmental or non-governmental 
                entity;
            (3) to submit a report under section 8 of this Act; and
            (4) to refer to the Attorney General of the United States 
        and any appropriate State attorney general any person that the 
        Commission finds may have violated the laws of the United 
        States in relation to such crisis.

SEC. 5. POWERS OF THE COMMISSION.

    (a) Hearings and Evidence.--The Commission may, for purposes of 
carrying out this Act--
            (1) hold hearings, sit and act at times and places, take 
        testimony, receive evidence, and administer oaths; and
            (2) require, by subpoena or otherwise, the attendance and 
        testimony of witnesses and the production of books, records, 
        correspondence, memoranda, papers, and documents.
    (b) Subpoenas.--
            (1) Service.--Subpoenas issued under subsection (a)(2) may 
        be served by any person designated by the Commission.
            (2) Enforcement.--
                    (A) In general.--In the case of contumacy or 
                failure to obey a subpoena issued under subsection 
                (a)(2), 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.
                    (B) Additional enforcement.--Sections 102 through 
                104 of the Revised Statutes of the United States (2 
                U.S.C. 192 through 194) shall apply in the case of any 
                failure of any witness to comply with any subpoena or 
                to testify when summoned under the authority of this 
                section.
    (c) Contracting.--The Commission may enter into contracts to enable 
the Commission to discharge its duties under this Act.
    (d) Information From Federal Agencies.--The Commission may secure 
directly from any department, agency, or instrumentality of the United 
States any information related to any inquiry of the Commission 
conducted under this Act. Each such department, agency, or 
instrumentality shall, to the extent authorized by law, furnish such 
information directly to the Commission upon request.
    (e) Assistance From Federal Agencies.--
            (1) Department of the treasury.--
                    (A) In general.--The Secretary of the Treasury 
                shall provide all amounts necessary to defray the costs 
                and provide administrative support and other services 
                to the Commission for the performance of the functions 
                of the Commission.
                    (B) Limitation.--The value of the assistance 
                required to be provided by the Secretary of the 
                Treasury under this paragraph may not exceed 
                $3,000,000.
            (2) Other departments and agencies.--In addition to the 
        assistance prescribed in paragraph (1), departments and 
        agencies of the United States are authorized to 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.
    (f) Gifts.--The Commission may accept, use, and dispose of gifts or 
donations of services or property.
    (g) 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.
    (h) Powers of Subcommittees, Members, and Agents.--Any 
subcommittee, 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.

SEC. 6. STAFF OF THE COMMISSION.

    (a) Director.--The Commission shall have a Director who shall be 
appointed by the Chairperson and the Vice Chairperson, acting jointly.
    (b) Staff.--The Chairperson, in consultation with the Vice 
Chairperson, may appoint additional personnel as may be necessary to 
enable the Commission to carry out its functions.
    (c) Applicability of Certain Civil Service Laws.--The Director and 
staff of the Commission may be appointed without regard to the 
provisions of title 5, United States Code, governing appointments in 
the competitive service, and may be paid without regard to the 
provisions of chapter 51 and subchapter III of chapter 53 of such title 
relating to classification and General Schedule pay rates, except that 
no rate of pay fixed under this subsection may exceed the equivalent of 
that payable for a position at level V of the Executive Schedule under 
section 5316 of title 5, United States Code. Any individual appointed 
under subsection (a) or (b) shall be treated as an employee for 
purposes of chapters 63, 81, 83, 84, 85, 87, 89, 89A, 89B, and 90 of 
that title.
    (d) Detailees.--Any Federal Government employee may be detailed to 
the Commission without reimbursement from the Commission, and such 
detailee shall retain the rights, status, and privileges of his or her 
regular employment without interruption.
    (e) Consultant Services.--The Commission is authorized to procure 
the services of experts and consultants in accordance with section 3109 
of title 5, United States Code, but at rates not to exceed the daily 
rate paid a person occupying a position at level IV of the Executive 
Schedule under section 5315 of title 5, United States Code.

SEC. 7. 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 the same manner as persons employed 
intermittently in the Government service are allowed expenses under 
section 5703(b) of title 5, United States Code.

SEC. 8. REPORTS OF THE COMMISSION; TERMINATION.

    (a) Final Report.--Not later than 1 year after the date of the 
first meeting of the Commission, the Commission shall submit to the 
President and Congress a final report containing--
            (1) the findings and conclusions of the Commission on the 
        causes of the current financial and economic crisis in the 
        United States; and
            (2) such findings, conclusions, and recommendations for 
        statutory and regulatory changes as a majority of Commission 
        members finds are necessary to prevent a financial and economic 
        crisis comparable to the current financial and economic crisis 
        in the United States.
    (b) Interim Reports.--At any time after the first meeting of the 
Commission, the Commission may submit to the President and Congress an 
interim report containing such findings, conclusions, and 
recommendations for corrective measures as have been agreed to by a 
majority of Commission members.
    (c) Termination.--
            (1) In general.--The Commission, and all the authorities of 
        this Act, shall terminate 60 days after the date on which the 
        final report is submitted under subsection (a).
            (2) Administrative activities before termination.--The 
        Commission may use the 60-day period referred to in paragraph 
        (1) for the purpose of concluding its activities, including 
        providing testimony to committees of Congress concerning its 
        reports and disseminating the final report submitted under 
        subsection (a).
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