[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 62 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
S. RES. 62

 Establishing a select committee of the Senate to make a thorough and 
complete study and investigation of the facts and circumstances giving 
   rise to the economic crisis facing the United States and to make 
    recommendations to prevent a future recurrence of such a crisis.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 3, 2009

    Mr. Dorgan (for himself and Mr. McCain) submitted the following 
     resolution; which was referred to the Committee on Rules and 
                             Administration

_______________________________________________________________________

                               RESOLUTION


 
 Establishing a select committee of the Senate to make a thorough and 
complete study and investigation of the facts and circumstances giving 
   rise to the economic crisis facing the United States and to make 
    recommendations to prevent a future recurrence of such a crisis.

Whereas the United States is currently facing an unprecedented economic crisis, 
        with massive losses of jobs in the United States and an alarming 
        contraction of economic activity in the United States;
Whereas the United States Government has pledged, committed, or loaned more than 
        $9,000,000,000,000 as of February 2009 in an attempt to mitigate and 
        resolve the economic crisis and trillions of dollars more may well be 
        necessary before the crisis is over;
Whereas the economic crisis reaches into, and has impacted, almost every aspect 
        of the United States economy and significant parts of the international 
        economy;
Whereas any thorough and complete study and investigation of this complex and 
        far-reaching economic crisis will require sustained and singular focus 
        for many months;
Whereas a study and investigation of this size and scope implicates the 
        jurisdiction of several Standing Committees of the Senate and, if it is 
        to be done correctly and timely, will require a degree of undivided 
        attention and resources beyond the capacity of the Standing Committees 
        of the Senate, which are already over-burdened;
Whereas adding such a significant study and investigation to the duties of the 
        existing Standing Committees of the Senate would make it difficult for 
        such committees to get their regular required work accomplished, 
        particularly when so much attention and so many resources are 
        appropriately devoted to responding to the ongoing economic crisis;
Whereas dozens of important investigations have been conducted with the creation 
        of a select committee of the Senate for a specific purpose and a set 
        time; and
Whereas the American public has a right to get straight answers on how this 
        economic crisis developed and what steps should be taken to make sure 
        that nothing like it happens again: Now, therefore, be it
    Resolved,

SECTION 1. SELECT COMMITTEE ON INVESTIGATION OF THE ECONOMIC CRISIS.

    There is established a select committee of the Senate to be known 
as the Select Committee on Investigation of the Economic Crisis 
(hereafter in this resolution referred to as the ``Select Committee'').

SEC. 2. PURPOSE AND DUTIES.

    (a) Purpose.--The purpose of the Select Committee is to study and 
investigate the facts and circumstances giving rise to the current 
economic crisis facing the United States and to recommend actions to be 
taken to prevent a future recurrence of such a crisis.
    (b) Duties.--The Select Committee is authorized and directed to do 
everything necessary or appropriate to conduct the study and 
investigation specified in subsection (a). Without restricting in any 
way the authority conferred on the Select Committee by the preceding 
sentence, the Senate further expressly authorizes and directs the 
Select Committee to examine the facts and circumstances giving rise to 
the current economic crisis facing the United States, and report on 
such examination, regarding the following:
            (1) The causes of the current economic crisis.
            (2) Lessons learned from the current economic crisis.
            (3) Actions to prevent a recurrence of an economic crisis 
        such as the current economic crisis.

SEC. 3. COMPOSITION OF SELECT COMMITTEE.

    (a) Membership.--
            (1) In general.--The Select Committee shall consist of 7 
        members of the Senate of whom--
                    (A) 4 members shall be appointed by the majority 
                leader of the Senate; and
                    (B) 3 members shall be appointed by the minority 
                leader of the Senate.
            (2) Date.--The appointments of the members of the Select 
        Committee shall be made not later than 30 days after the date 
        of the adoption of this resolution.
    (b) Vacancies.--Any vacancy in the Select Committee shall not 
affect its powers, but shall be filled in the same manner as the 
original appointment.
    (c) Service.--Service of a Senator as a member, Chair, or Vice 
Chair of the Select Committee shall not be taken into account for the 
purposes of paragraph (4) of rule XXV of the Standing Rules of the 
Senate.
    (d) Chair and Vice Chair.--The Chair of the Select Committee shall 
be designated by the majority leader of the Senate, and the Vice Chair 
of the Select Committee shall be designated by the minority leader of 
the Senate.
    (e) Quorum.--
            (1) Reports and recommendations.--A majority of the members 
        of the Select Committee shall constitute a quorum for the 
        purpose of reporting a matter or recommendation to the Senate.
            (2) Testimony.--One member of the Select Committee shall 
        constitute a quorum for the purpose of taking testimony.
            (3) Other business.--A majority of the members of the 
        Select Committee, or \1/3\ of the members of the Select 
        Committee if at least one member of the minority party is 
        present, shall constitute a quorum for the purpose of 
        conducting any other business of the Select Committee.

SEC. 4. RULES AND PROCEDURES.

    (a) Governance Under Standing Rules of Senate.--Except as otherwise 
specifically provided in this resolution, the investigation, study, and 
hearings conducted by the Select Committee shall be governed by the 
Standing Rules of the Senate.
    (b) Additional Rules and Procedures.--In addition to the provisions 
of section 7(h), the Select Committee may adopt additional rules or 
procedures if the Chair and the Vice Chair of the Select Committee 
agree, or if the Select Committee by majority vote so decides, that 
such additional rules or procedures are necessary or advisable to 
enable the Select Committee to conduct the investigation, study, and 
hearings authorized by this resolution. Any such additional rules and 
procedures--
            (1) shall not be inconsistent with this resolution or the 
        Standing Rules of the Senate; and
            (2) shall become effective upon publication in the 
        Congressional Record.

SEC. 5. AUTHORITY OF SELECT COMMITTEE.

    (a) In General.--The Select Committee may exercise all of the 
powers and responsibilities of a committee under rule XXVI of the 
Standing Rules of the Senate.
    (b) Powers.--The Select Committee or, at its direction, any 
subcommittee or member of the Select Committee, may, for the purpose of 
carrying out this resolution--
            (1) hold hearings;
            (2) administer oaths;
            (3) sit and act at any time or place during the sessions, 
        recess, and adjournment periods of the Senate;
            (4) authorize and require, by issuance of subpoena or 
        otherwise, the attendance and testimony of witnesses and the 
        preservation and production of books, records, correspondence, 
        memoranda, papers, documents, tapes, and any other materials in 
        whatever form the Select Committee considers advisable;
            (5) take testimony, orally, by sworn statement, by sworn 
        written interrogatory, or by deposition, and authorize staff 
        members to do the same; and
            (6) issue letters rogatory and requests, through 
        appropriate channels, for any other means of international 
        assistance.
    (c) Authorization, Issuance, and Enforcement of Subpoenas.--
            (1) Authorization and issuance.--Subpoenas authorized and 
        issued under this section--
                    (A) may be done only with the joint concurrence of 
                the Chair and the Vice Chair of the Select Committee;
                    (B) shall bear the signature of the Chair or the 
                designee of the Chair; and
                    (C) shall be served by any person or class of 
                persons designated by the Chair for that purpose 
                anywhere within or without the borders of the United 
                States to the full extent provided by law.
            (2) Enforcement.--The Select Committee may make to the 
        Senate by report or resolution any recommendation, including a 
        recommendation for criminal or civil enforcement, that the 
        Select Committee considers appropriate with respect to--
                    (A) the failure or refusal of any person to appear 
                at a hearing or deposition or to produce or preserve 
                documents or materials described in subsection (b)(4) 
                in obedience to a subpoena or order of the Select 
                Committee;
                    (B) the failure or refusal of any person to answer 
                questions truthfully and completely during the person's 
                appearance as a witness at a hearing or deposition of 
                the Select Committee; or
                    (C) the failure or refusal of any person to comply 
                with any subpoena or order issued under the authority 
                of subsection (b).
    (d) Avoidance of Duplication.--
            (1) In general.--To expedite the study and investigation, 
        avoid duplication, and promote efficiency under this 
        resolution, the Select Committee shall seek to--
                    (A) confer with other investigations into the 
                matters set forth in section 2(a); and
                    (B) access all information and materials acquired 
                or developed in such other investigations.
            (2) Access to information and materials.--The Select 
        Committee shall have, to the fullest extent permitted by law, 
        access to any such information or materials obtained by any 
        other governmental department, agency, or body investigating 
        the matters set forth in section 2(a).

SEC. 6. REPORTS.

    (a) Initial Report.--The Select Committee shall submit to the 
Senate a report on the study and investigation conducted pursuant to 
section 2 not later than one year after the appointment of all of the 
members of the Select Committee.
    (b) Updated Report.--The Select Committee shall submit an updated 
report on such investigation not later than 180 days after the 
submittal of the report under subsection (a).
    (c) Final Report.--The Select Committee shall submit a final report 
on such investigation not later than two years after the appointment of 
all of the members of the Select Committee.
    (d) Additional Reports.--The Select Committee may submit any 
additional report or reports that the Select Committee considers 
appropriate.
    (e) Findings and Recommendations.--The reports under this section 
shall include findings and recommendations of the Select Committee 
regarding the matters considered under section 2.
    (f) Disposition of Reports.--All reports made by the Select 
Committee shall be submitted to the Secretary of the Senate. All 
reports made by the Select Committee shall be referred to the committee 
or committees that have jurisdiction over the subject matter of the 
report.

SEC. 7. ADMINISTRATIVE PROVISIONS.

    (a) Staff.--
            (1) In general.--The Select Committee may employ in 
        accordance with paragraph (2) a staff composed of such 
        clerical, investigatory, legal, technical, and other personnel 
        as the Select Committee, or the Chair and the Vice Chair of the 
        Select Committee considers necessary or appropriate.
            (2) Appointment of staff.--The staff of the Select 
        Committee shall consist of such personnel as the Chair and the 
        Vice Chair shall jointly appoint. Such staff may be removed 
        jointly by the Chair and the Vice Chair, and shall work under 
        the joint general supervision and direction of the Chair and 
        the Vice Chair.
    (b) Compensation.--The Chair and the Vice Chair of the Select 
Committee shall jointly fix the compensation of all personnel of the 
staff of the Select Committee.
    (c) Reimbursement of Expenses.--The Select Committee may reimburse 
the members of its staff for travel, subsistence, and other necessary 
expenses incurred by such staff members in the performance of their 
functions for the Select Committee.
    (d) Services of Senate Staff.--The Select Committee may use, with 
the prior consent of the chair of any other committee of the Senate or 
the chair of any subcommittee of any committee of the Senate, the 
facilities of any other committee of the Senate, or the services of any 
members of the staff of such committee or subcommittee, whenever the 
Select Committee or the Chair of the Select Committee considers that 
such action is necessary or appropriate to enable the Select Committee 
to carry out its responsibilities, duties, or functions under this 
resolution.
    (e) Detail of Employees.--The Select Committee may use on a 
reimbursable basis, with the prior consent of the head of the 
department or agency of Government concerned and the approval of the 
Committee on Rules and Administration of the Senate, the services of 
personnel of such department or agency.
    (f) Temporary and Intermittent Services.--The Select Committee may 
procure the temporary or intermittent services of individual 
consultants, or organizations thereof.
    (g) Payment of Expenses.--There shall be paid out of the applicable 
accounts of the Senate such sums as may be necessary for the expenses 
of the Select Committee. Such payments shall be made on vouchers signed 
by the Chair of the Select Committee and approved in the manner 
directed by the Committee on Rules and Administration of the Senate. 
Amounts made available under this subsection shall be expended in 
accordance with regulations prescribed by the Committee on Rules and 
Administration of the Senate.
    (h) Conflicts of Interest.--The Select Committee shall issue rules 
to prohibit or minimize any conflicts of interest involving its 
members, staff, detailed personnel, consultants, and any others 
providing assistance to the Select Committee. Such rules shall not be 
inconsistent with the Code of Official Conduct of the Senate or 
applicable Federal law.

SEC. 8. EFFECTIVE DATE; TERMINATION.

    (a) Effective Date.--This resolution shall take effect on the date 
of the adoption of this resolution.
    (b) Termination.--The Select Committee shall terminate three months 
after the submittal of the report required by section 6(c).
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