[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 400 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 400

To expand the authority and responsibilities of the Oversight Panel of 
       the Troubled Asset Relief Program, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 9, 2009

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

_______________________________________________________________________

                                 A BILL


 
To expand the authority and responsibilities of the Oversight Panel of 
       the Troubled Asset Relief Program, 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 Crisis Investigation Act 
of 2009''.

SEC. 2. EXPANDING THE AUTHORITY OF THE TARP CONGRESSIONAL OVERSIGHT 
              PANEL.

    Section 125 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5233) is amended by adding at the end the following:
    ``(h) Additional Duties.--The Oversight Panel shall--
            ``(1) investigate 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) investigate the role in the financial and economic 
        crisis, if any, of--
                    ``(A) any financial or commercial corporation, 
                partnership, hedge fund, private equity firm, or 
                entity, including any of their employees;
                    ``(B) the Securities and Exchange Commission;
                    ``(C) 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)) including any of their employees;
                    ``(D) the Commodity Futures Trading Commission;
                    ``(E) the Federal National Mortgage Association or 
                the Federal Home Loan Mortgage Corporation;
                    ``(F) 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);
                    ``(G) the Federal banking agencies, as that term is 
                defined in section 3 of the Federal Deposit Insurance 
                Act (12 U.S.C. 1813); and
                    ``(H) any other governmental or nongovernmental 
                entity including any of their employees;
            ``(3) conduct a top-to-bottom review of the Nation's 
        existing financial regulatory structure and the contribution of 
        the current structure to the stability or instability of 
        financial markets, in order to develop a comprehensive 
        framework for--
                    ``(A) reforming the laws governing our Nation's 
                financial markets;
                    ``(B) strengthening regulatory agencies; and
                    ``(C) improving transparency and oversight;
            ``(4) analyze--
                    ``(A) the impact of the financial regulatory 
                structure on the health and stability of the United 
                States economy;
                    ``(B) the sustainability of the Nation's financial 
                institutions; and
                    ``(C) the financial well-being of American 
                taxpayers;
            ``(5) review and consider all aspects of financial 
        regulation, including the regulation of--
                    ``(A) bank holding companies, financial holding 
                companies, commercial banks, investment banks, savings 
                associations, credit unions, and industrial loan 
                companies;
                    ``(B) payment and settlement systems;
                    ``(C) hedge funds, private equity funds, and the 
                markets for alternative investments;
                    ``(D) special purpose vehicles and off-balance 
                sheet financing for financial companies;
                    ``(E) the securitization of mortgages and other 
                assets;
                    ``(F) exchange-based, electronic, and over-the-
                counter markets for financial derivative products;
                    ``(G) the mortgage finance industry, including 
                mortgage brokers and mortgage lending institutions;
                    ``(H) equity markets, including short-selling 
                practices, and commodity futures markets; and
                    ``(I) the insurance industry and its role in the 
                financial markets;
            ``(6) submit reports required by subsection (b); and
            ``(7) refer to the Attorney General of the United States, 
        any appropriate State attorney general, or any other 
        appropriate law enforcement official any person that the 
        Oversight Panel finds may have violated the laws of the United 
        States in relation to such crisis.
    ``(i) Hearings and Evidence.--
            ``(1) In general.--The Oversight Panel shall, for purposes 
        of carrying out this section--
                    ``(A) hold regular hearings, sit and act at times 
                and places, take testimony, receive evidence, and 
                administer oaths; and
                    ``(B) require, by subpoena or otherwise, the 
                attendance and testimony of witnesses and the 
                production of books, records, correspondence, 
                memoranda, papers, and other documents.
            ``(2) Subpoenas.--
                    ``(A) Service.--Subpoenas issued under paragraph 
                (1)(B) may be served by any person designated by the 
                Oversight Panel.
                    ``(B) Enforcement.--
                            ``(i) In general.--In the case of contumacy 
                        or failure to obey a subpoena issued under 
                        paragraph (1)(B), 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.
                            ``(ii) 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.
            ``(3) Contracting.--The Oversight Panel may enter into 
        contracts to enable the Oversight Panel to discharge its duties 
        under this section.
            ``(4) Information from federal agencies.--The Oversight 
        Panel may secure directly from any department, agency, or 
        instrumentality of the United States any information related to 
        any inquiry of the Oversight Panel conducted under this Act. 
        Each such department, agency, or instrumentality shall, to the 
        extent authorized by law, furnish such information directly to 
        the Oversight Panel upon request, not later than 7 days after 
        the date on which such request is made.
            ``(5) Information from financial or commercial 
        corporations, partnerships, hedge funds, private equity firms, 
        or entities.--The Oversight Panel may secure directly from any 
        financial or commercial corporations, partnerships, hedge 
        funds, private equity firms, or entities any information 
        related to any inquiry of the Oversight Panel conducted under 
        this section. Each shall, to the extent authorized by law, 
        furnish such information directly to the Oversight Panel upon 
        request not later than 7 days after the date on which such 
        request is made.
            ``(6) Assistance from federal agencies.--
                    ``(A) Department of the treasury.--
                            ``(i) In general.--The Secretary shall 
                        provide all amounts necessary to defray the 
                        costs and provide administrative support and 
                        other services to the Oversight Panel for the 
                        performance of the functions of the Oversight 
                        Panel.
                            ``(ii) Limitation.--The value of the 
                        assistance required to be provided by the 
                        Secretary under this subparagraph may not 
                        exceed $4,000,000.
                    ``(B) Other departments and agencies.--In addition 
                to the assistance prescribed in subparagraph (A), 
                departments and agencies of the United States are 
                authorized to provide to the Oversight Panel such 
                services, funds, facilities, staff, and other support 
                services as they may determine advisable and as may be 
                authorized by law.
            ``(7) Gifts.--The Oversight Panel may accept, use, and 
        dispose of gifts or donations of services or property.
            ``(8) Postal services.--The Oversight Panel may use the 
        United States mails in the same manner and under the same 
        conditions as departments and agencies of the United States.
            ``(9) Powers of subcommittees, members, and agents.--Any 
        subcommittee, member, or agent of the Oversight Panel may, if 
        authorized by the Oversight Panel, take any action which the 
        Oversight Panel is authorized to take by this section.''.

SEC. 3. REPORTS OF THE OVERSIGHT PANEL.

    Section 125(b) of the Emergency Economic Stabilization Act of 2008 
(12 U.S.C. 5233(b)) is amended by adding at the end the following:
            ``(3) Final report on financial crisis.--Not later than 100 
        days after the date of enactment of this paragraph, the 
        Oversight Panel shall submit to the President and Congress a 
        report containing--
                    ``(A) the findings and conclusions of the Oversight 
                Panel on the causes of the current financial and 
                economic crisis in the United States; and
                    ``(B) such findings, conclusions, and 
                recommendations for statutory and regulatory changes as 
                a majority of Oversight Panel members finds are 
                necessary to prevent a financial and economic crisis 
                comparable to the current financial and economic crisis 
                in the United States.
            ``(4) Interim reports.--At any time after the first meeting 
        of the Oversight Panel, the Oversight Panel 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 Oversight 
        Panel members.''.
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