1.Commission on Economic
Security
(a)This section may be
cited as the Economic Security Defense
Act of 2010
.
(b)Congress
finds that—
(1)the recent
financial crisis could serve as a road map for actors seeking to destabilize
economic systems;
(2)the economy’s
growing interconnectedness increases vulnerabilities;
(3)the ability of
malevolent actors to rapidly network and mask their activities undermines the
fundamentals of the financial markets and economy;
(4)as it is reported
that a recent war game of the Department of Defense—
(A)exposed the
seriousness of threats to our economy;
(B)was won by a
group representing the Government of China; and
(C)indicated a
significant lack of understanding of these issues across the divides between
the national security and financial communities;
(5)a leading
financial executive recently noted that the financial crisis, sparked by the
September 15th, 2008, collapse of Lehman Brothers, could serve as a road map
for actors seeking to destabilize economic systems;
(6)prominent
counterterrorism expert Professor Bruce Hoffman of Georgetown University has
stated that al Qaeda and other terrorists groups were devoting new attention to
derailing our financial system in the wake of that crisis;
(7)foreign
governments have developed economic warfare capabilities or organizations, such
as an economic warfare bureau in China; and
(8)former Directors
of National Intelligence and other top experts have warned of cybersecurity and
other threats capable of disrupting our financial institutions or critical
infrastructure, such as the national power grid.
(c)There
is established a commission to be known as the Security Threats to
Financial Markets and Economic Recovery Commission
(referred to in this
Act as the Commission
).
(d)
(1)Mandatory
legislative recommendationsThe Commission shall examine the
security threats and vulnerabilities to the United States' economic recovery
and financial markets and to develop legislative recommendations designed to
address—
(A)potential threats
to financial markets and economic recovery from state actors and non-state
actors;
(B)vulnerabilities
in financial markets that could be exploited and would result in major economic
implications;
(C)the divide
between national security concerns and economic concerns; and
(D)national security
vulnerabilities associated with current Federal debt levels.
(2)Legislative recommendations developed to address the
issues described in paragraph (1) may include—
(A)reforms necessary
to address gaps in government and private capabilities to analyze and combat
threats to financial markets;
(B)reforms that
strengthen the security of financial markets;
(C)reforms that
address financial systemic weakness; and
(D)any other reforms
designed to address the issues described in paragraph (1).
(e)
(1)In
this subsection, the term appropriate committees of Congress shall
include the Committee on Banking, Housing, and Urban Affairs of the
Senate.
(2)Not later than September 1, 2011, the Commission shall
submit a full report to the appropriate committees of Congress and the
President containing—
(A)a detailed
description of the activities of the Commission;
(B)a detailed
statement of any findings of the Commission as to public preferences regarding
the issues, policies, and tradeoffs presented in the town hall style public
hearings;
(C)a list of policy
options for addressing those problems; and
(D)criteria for the
legislative recommendations to be developed by the Commission.
(3)The
reports submitted under paragraph (1) shall be submitted in unclassified form,
but may contain a classified annex.
(f)Legislative
recommendations
(1)Not later than 60 days after the date on which the full
report is submitted under subsection (e)(1) and by a vote of at least 10 of the
members, the Commission shall submit legislative recommendations to Congress
and the President designed to address the issues described in subsection
(d).
(2)The proposal under paragraph (1) shall, to the
extent feasible, be designed—
(A)to achieve
financial market and systemic security;
(B)to address the
comments and suggestions of the consulted non-governmental experts and
government officials; and
(C)to meet the
criteria set forth in the Commission report.
(g)
(1)
(A)The Commission shall be composed of 20 voting members
appointed pursuant to subparagraph (B) and 3 nonvoting members described in
subparagraph (C).
(B)The Commission shall be composed of 20 voting members, of
whom not fewer than 7 members should be currently in the private sector, or
have significant experience in the private sector, of whom—
(i)5
shall be appointed by the Speaker of the House of Representatives;
(ii)5
shall be appointed by the minority leader of the House of
Representatives;
(iii)5
shall be appointed by the majority leader of the Senate; and
(iv)5
shall be appointed by the minority leader of the Senate.
(C)Executive
branch consultationThe Director of National Intelligence, the
Secretary, and the Chairman of the Board of Governors shall advise and assist
the Commission, at the request of the Commission.
(D)The Speaker of the House of Representatives, the minority
leader of the House of Representatives, the majority leader of the Senate, and
the minority leader of the Senate shall designate 2 cochairpersons of the
Commission from the members appointed under subparagraph (B), one of whom must
be a Republican and one of whom must be a Democrat.
(2)Limitations as
to Members of Congress
(A)Members of
Congress on CommissionEach appointing authority described in
paragraph (1)(B) shall appoint not more than 2 Members of Congress, nor fewer
than 1 Member of Congress, to the Commission.
(B)Continuation of
voting membershipIn the case of an individual appointed pursuant
to paragraph (1)(A) who was appointed as a Member of Congress under
subparagraph (A), if such individual ceases to be a Member of Congress, that
individual shall cease to be a member of the Commission.
(3)Date for
original appointmentThe appointing authorities described in
paragraph (1)(B) shall appoint the initial members of the Commission not later
than 30 days after the date of enactment of this Act.
(4)
(A)The term of each member is for the life of the
Commission.
(B)A
vacancy in the Commission shall be filled not later than 30 days after such
vacancy occurs and in the manner in which the original appointment was
made.
(5)
(A)No compensation
for members of CommissionExcept as provided in subparagraph (B),
a member of the Commission may not receive pay, allowances, or benefits by
reason of their service on the Commission.
(B)Each member shall receive travel expenses, including per
diem in lieu of subsistence under subchapter I of chapter 57 of title 5, United
States Code.
(6)The
Commission shall meet upon the call of the chairperson or a majority of its
voting members.
(7)Six
voting members of the Commission shall constitute a quorum, but a lesser number
may hold hearings.
(h)
(1)In
accordance with rules agreed upon by the Commission, subject to paragraph (2),
and to the extent provided in advance in appropriation Acts, the cochairpersons
of the Commission may appoint and fix the pay of no more than 3 staff persons,
subject to paragraph (3).
(2)Applicability
of certain civil service lawsThe staff of the Commission may be
appointed without regard to the provisions of title 5, United States Code,
governing appointments in the competitive service.
(3)A
staff person of the Commission may not be paid at a rate of pay that exceeds
the maximum rate of pay for a position at GS–14 of the General Schedule.
(4)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 their regular employment without interruption.
(5)In accordance with rules agreed upon by the
Commission and to the extent provided in advance in appropriation Acts, the
director may procure the services of experts and consultants under section
3109(b) of title 5, United States Code, but at rates not to exceed the daily
equivalent of the annual rate of basic pay for level V of the Executive
Schedule under section 5316 of title 5, United States Code.
(i)
(1)The Commission may, for the purpose of carrying out this
Act, hold such hearings, sit and act at such times and places, take such
testimony, and receive such evidence as the Commission considers appropriate.
The Commission may administer oaths or affirmations to witnesses appearing
before it.
(2)Powers of
members and agentsAny member or agent of the Commission may, if
authorized by the Commission, take any action which the Commission is
authorized to take under this subsection.
(3)The
Commission may use the United States mails in the same manner and under the
same conditions as other departments and agencies of the United States.
(4)Administrative
support servicesUpon the request of the Commission, the
Administrator of General Services shall provide to the Commission, on a
reimbursable basis, the administrative support services necessary for the
Commission to carry out its responsibilities under this Act.
(5)To the extent provided in advance in appropriation
Acts, the Commission may enter into contracts to enable the Commission to
discharge its duties under this Act.
(6)The
Commission may accept, use, and dispose of gifts or donations of services or
property.
(j)There
are authorized to be appropriated to the Commission, such sums as may be
necessary to carry out this Act. Funding for the Commission shall be provided
through discretionary appropriations.
(k)The
Commission shall terminate 60 days after the date of submission of its
legislative proposal to Congress under this Act.