[Congressional Record Volume 155, Number 37 (Tuesday, March 3, 2009)]
[Senate]
[Pages S2716-S2718]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         SUBMITTED RESOLUTIONS

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  SENATE RESOLUTION 62--A BILL 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

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

                               S. Res. 62

       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

[[Page S2717]]

     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.

[[Page S2718]]

       (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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