III 111th CONGRESS 1st Session S. RES. 62 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

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).

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.

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.

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.

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).

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.

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.

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).