[Congressional Record Volume 155, Number 59 (Wednesday, April 22, 2009)]
[Senate]
[Pages S4588-S4595]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 982. Mr. COBURN submitted an amendment intended to be proposed by 
him to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; as follows:

       At the end of the bill, add the following:

     SEC. 5. USE OF TARP FUNDS TO PAY FOR ADDITIONAL EXPENDITURES.

       Effective upon the date of enactment of this Act, of the 
     amounts of authority made available pursuant to paragraphs 
     (1) and (2) of section 115(a) of the Emergency Economic 
     Stabilization Act of 2008 (Public Law 110-343) to purchase 
     troubled assets that remain unused as of such date of 
     enactment, such amounts as may be necessary shall be 
     available, notwithstanding any provision of such Act, to 
     provide the amounts authorized under subsections (a), (b), 
     (c), and (d) of section 3.
                                 ______
                                 
  SA 983. Mr. COBURN submitted an amendment intended to be proposed by 
him to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ____. IG REPORT ON ACTIVITIES OF FANNIE MAE AND FREDDIE 
                   MAC.

       Not later than 18 months after the date of enactment of 
     this Act, the Inspector General of the Federal Housing 
     Finance Agency shall submit a report to the Committee on 
     Banking, Housing, and Urban Affairs of the Senate and the 
     Committee on Financial Services of the House of 
     Representatives on the following:
       (1) When did the Federal National Mortgage Association (in 
     this section referred to as ``Fannie Mae'') and the Federal 
     Home Loan Mortgage Corporation (in this section referred to 
     as ``Freddie Mac'') begin buying large quantities of subprime 
     and Alt-A mortgages? In what years did Fannie Mae and Freddie 
     Mac purchase the largest number of subprime and Alt-A 
     mortgages?
       (2) To what extent were the purchase of subprime and Alt-A 
     mortgages by Fannie Mae and Freddie Mac induced by 
     Congressional action or Executive Order?
       (3) To what extent were the purchase of large quantities of 
     subprime and Alt-A mortgages by Fannie Mae and Freddie Mac 
     induced by the Department of Housing and Urban Development 
     affordable housing regulations issued in 1995?
       (4) What actions by Fannie Mae and Freddie Mac contributed 
     to the overvaluation of mortgage-backed securities?
       (5) What political contributions were made by Fannie Mae 
     and Freddie Mac on behalf of a political candidate or to a 
     separate segregated legal fund described in section 
     316(b)(2)(c) of the Federal Election Campaign Act of 1971 (2 
     U.S.C. 441b(b)(2)(c)) between 1990 and 2008?
       (6) What lobbying expenditures, as such term is defined in 
     section 4911(c)(1) of the Internal Revenue Code of 1986, were 
     made by Fannie Mae and Freddie Mac between 1990 and 2008?
       (7) What contributions were made by Fannie Mae and Freddie 
     Mac to any organization described under section 501(c) of the 
     Internal Revenue Code of 1986 between 1990 and 2008?
                                 ______
                                 
  SA 984. Mr. REID (for himself, Mr. Kohl, and Mr. Levin) proposed an 
amendment to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; as follows:

       At the appropriate place, insert the following:

     SEC. ____. ADDITIONAL FUNDING FOR HUD PROGRAMS TO ASSIST 
                   INDIVIDUALS TO BETTER WITHSTAND THE CURRENT 
                   MORTGAGE CRISIS.

       (a) Additional Appropriations for Advertising in Support of 
     HUD Programs.--There is authorized to be appropriated to the 
     Secretary of Housing and Urban Development, to remain 
     available until expended, $10,000,000 for each of the fiscal 
     years 2010 and 2011 for purposes of providing additional 
     resources to be used for advertising in support of HUD 
     programs and approved counseling agencies, provided that such 
     amounts are used to advertise in the 50 metropolitan 
     statistical areas with the highest incidence of home 
     foreclosures per capita, and provided, further that at least 
     $5,000,000 of such amounts are used for Spanish-language 
     advertisements.
       (b) Additional Appropriations for the Housing Counseling 
     Assistance Program.--There is authorized to be appropriated 
     to the Secretary of Housing and Urban Development, to remain 
     available until expended, $50,000,000 for each of the fiscal 
     years 2010 and 2011 to carry out the Housing Counseling 
     Assistance Program established within the Department of 
     Housing and Urban Development, provided that such amounts are 
     used to fund HUD-certified housing-counseling agencies 
     located in the 50 metropolitan statistical areas with the 
     highest incidence of home foreclosures per capita for the 
     purpose of assisting homeowners with inquiries regarding 
     mortgage-modification assistance and mortgage scams.
       (c) Additional Appropriations for Personnel at the Office 
     of Fair Housing and Equal Opportunity.--There is authorized 
     to be appropriated to the Secretary of Housing and Urban 
     Development, to remain available until expended, $5,000,000 
     for each of the fiscal years 2010 and 2011 for purposes of 
     hiring additional personnel at the Office of Fair Housing and 
     Equal Opportunity within the Department of Housing and Urban 
     Development, provided that such amounts are used to hire 
     personnel at the local branches of such Office located in the 
     50 metropolitan statistical areas with the highest incidence 
     of home foreclosures per capita.
                                 ______
                                 
  SA 985. Mr. KYL proposed an amendment to the bill S. 386, to improve 
enforcement of mortgage fraud, securities fraud, financial institution 
fraud, and other frauds related to federal assistance and relief 
programs, for the recovery of funds lost to these frauds, and for other 
purposes; as follows:

       On page 26, strike lines 1 through 5, and insert the 
     following:

[[Page S4589]]

       ``(3) the term `obligation' means an established duty, 
     whether or not fixed, arising from an express or implied 
     contractual, grantor-grantee, or licensor-licensee 
     relationship, from a fee-based or similar relationship, from 
     statute or regulation, or from the retention of any 
     overpayment; and
                                 ______
                                 
  SA 986. Mr. KYL submitted an amendment intended to be proposed by him 
to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; as follows:

       On page 26, after line 22, insert the following:

     SEC. 5. LIMITATION ON AWARDS TO CERTAIN INTERVENORS.

       Section 3730(d) of title 31, United States Code, is 
     amended--
       (1) in paragraph (1)--
       (A) in the first sentence, by inserting ``but in no event 
     more than the greater of $50,000,000 or 300 percent of the 
     expenses, fees, and costs awarded to such person under the 
     fourth sentence of this paragraph'' after ``prosecution of 
     the action''; and
       (B) in the second sentence--
       (i) by striking ``Government Accounting Office'' and 
     inserting ``Government Accountability Office'';
       (ii) by inserting ``but in no event more than the greater 
     of $50,000,000 or 300 percent of the expenses, fees, and 
     costs awarded to such person under the fourth sentence of 
     this paragraph'' after ``advancing the case to litigation''; 
     and
       (2) in paragraph (2), by striking the second sentence and 
     inserting ``The amount, which shall be paid out of the 
     proceeds of the action or settlement, shall be not less than 
     25 percent and not more than 30 percent of the amount of such 
     proceeds, but in no event more than the greater of 
     $50,000,000 or 300 percent of the expenses, fees, and costs 
     awarded to such person under the third sentence of this 
     paragraph''.
                                 ______
                                 
  SA 987. Mr. KYL submitted an amendment intended to be proposed by him 
to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; which was ordered to lie 
on the table; as follows:

       On page 26, after line 22, insert the following:

     SEC. 5. LIMITATION ON AWARDS TO CERTAIN INTERVENORS.

       Section 3730(d) of title 31, United States Code, is 
     amended--
       (1) in paragraph (1)--
       (A) in the first sentence, by inserting ``but in no event 
     more than the greater of $20,000,000 or 300 percent of the 
     expenses, fees, and costs awarded to such person under the 
     fourth sentence of this paragraph'' after ``prosecution of 
     the action''; and
       (B) in the second sentence--
       (i) by striking ``Government Accounting Office'' and 
     inserting ``Government Accountability Office'';
       (ii) by inserting ``but in no event more than the greater 
     of $20,000,000 or 300 percent of the expenses, fees, and 
     costs awarded to such person under the fourth sentence of 
     this paragraph'' after ``advancing the case to litigation''; 
     and
       (2) in paragraph (2), by striking the second sentence and 
     inserting ``The amount, which shall be paid out of the 
     proceeds of the action or settlement, shall be not less than 
     25 percent and not more than 30 percent of the amount of such 
     proceeds, but in no event more than the greater of 
     $20,000,000 or 300 percent of the expenses, fees, and costs 
     awarded to such person under the third sentence of this 
     paragraph''.
                                 ______
                                 
  SA 988. Mr. KYL submitted an amendment intended to be proposed by him 
to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; which was ordered to lie 
on the table; as follows:

       On page 26, after line 22, insert the following:

     SEC. 5. LIMITATION ON AWARDS TO CERTAIN INTERVENORS.

       Section 3730(d) of title 31, United States Code, is 
     amended--
       (1) in paragraph (1)--
       (A) in the first sentence, by inserting ``but in no event 
     more than the greater of $10,000,000 or 300 percent of the 
     expenses, fees, and costs awarded to such person under the 
     fourth sentence of this paragraph'' after ``prosecution of 
     the action''; and
       (B) in the second sentence--
       (i) by striking ``Government Accounting Office'' and 
     inserting ``Government Accountability Office'';
       (ii) by inserting ``but in no event more than the greater 
     of $10,000,000 or 300 percent of the expenses, fees, and 
     costs awarded to such person under the fourth sentence of 
     this paragraph'' after ``advancing the case to litigation''; 
     and
       (2) in paragraph (2), by striking the second sentence and 
     inserting ``The amount, which shall be paid out of the 
     proceeds of the action or settlement, shall be not less than 
     25 percent and not more than 30 percent of the amount of such 
     proceeds, but in no event more than the greater of 
     $10,000,000 or 300 percent of the expenses, fees, and costs 
     awarded to such person under the third sentence of this 
     paragraph''.
                                 ______
                                 
  SA 989. Mr. KYL submitted an amendment intended to be proposed by him 
to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; which was ordered to lie 
on the table; as follows:

       On page 26, after line 22, insert the following:

     SEC. 5. LIMITATION ON AWARDS TO CERTAIN INTERVENORS.

       Section 3730(d) of title 31, United States Code, is 
     amended--
       (1) in paragraph (1)--
       (A) in the first sentence, by inserting ``but in no event 
     more than the greater of $5,000,000 or 300 percent of the 
     expenses, fees, and costs awarded to such person under the 
     fourth sentence of this paragraph'' after ``prosecution of 
     the action''; and
       (B) in the second sentence--
       (i) by striking ``Government Accounting Office'' and 
     inserting ``Government Accountability Office'';
       (ii) by inserting ``but in no event more than the greater 
     of $5,000,000 or 300 percent of the expenses, fees, and costs 
     awarded to such person under the fourth sentence of this 
     paragraph'' after ``advancing the case to litigation''; and
       (2) in paragraph (2), by striking the second sentence and 
     inserting ``The amount, which shall be paid out of the 
     proceeds of the action or settlement, shall be not less than 
     25 percent and not more than 30 percent of the amount of such 
     proceeds, but in no event more than the greater of $5,000,000 
     or 300 percent of the expenses, fees, and costs awarded to 
     such person under the third sentence of this paragraph''.
                                 ______
                                 
  SA 990. Mr. KOHL submitted an amendment intended to be proposed by 
him to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. GRANTS TO STATES FOR ENHANCED PROTECTION OF SENIORS 
                   FROM BEING MISLEAD BY FALSE DESIGNATIONS.

       (a) Findings.--Congress finds that--
       (1) many seniors are targeted by salespersons and advisers 
     using misleading certifications and professional 
     designations;
       (2) many certifications and professional designations used 
     by salespersons and advisers represent limited training or 
     expertise, and may in fact be of no value with respect to 
     advising seniors on financial and estate planning matters, 
     and far too often, such designations are obtained simply by 
     attending a weekend seminar and passing an open book, 
     multiple choice test;
       (3) many seniors have lost their life savings because 
     salespersons and advisers holding a misleading designation 
     have steered them toward products that were unsuitable for 
     them, given their retirement needs and life expectancies;
       (4) seniors have a right to clearly know whether they are 
     working with a qualified adviser who understands the products 
     and is working in their best interest or a self-interested 
     salesperson or adviser advocating particular products; and
       (5) many existing State laws and enforcement measures 
     addressing the use of certifications, professional 
     designations, and suitability standards in selling financial 
     products to seniors are inadequate to protect senior 
     investors from salespersons and advisers using such 
     designations.
       (b) Definitions.--As used in this section--
       (1) the term ``misleading designation''--
       (A) means the use of a purported certification, 
     professional designation, or other credential, that indicates 
     or implies that a salesperson or adviser has special 
     certification or training in advising or servicing seniors; 
     and
       (B) does not include any legitimate certification, 
     professional designation, license, or other credential, if--
       (i) it has been offered by an academic institution having 
     regional accreditation; or
       (ii) it meets the standards for certifications, licenses, 
     and professional designations outlined by the North American 
     Securities Administrators Association (in this section 
     referred to as the ``NASAA'') Model Rule on the Use of 
     Senior-Specific Certifications and Professional Designations, 
     or it was issued by or obtained from any State;
       (2) the term ``financial product'' means securities, 
     insurance products (including insurance products which pay a 
     return, whether fixed or variable), and bank and loan 
     products;
       (3) the term ``misleading or fraudulent marketing'' means 
     the use of a misleading

[[Page S4590]]

     designation in selling or advising a senior in the sale of a 
     financial product;
       (4) the term ``senior'' means any individual who has 
     attained the age of 62 or older; and
       (5) the term ``State'' means each of the 50 States, the 
     District of Columbia, and the unincorporated territories of 
     Puerto Rico and the U.S. Virgin Islands.
       (c) Grant Program.--The Attorney General of the United 
     States (in this section referred to as the ``Attorney 
     General'')--
       (1) shall establish a program in accordance with this 
     section to provide grants to States--
       (A) to investigate and prosecute misleading and fraudulent 
     marketing practices; or
       (B) to develop educational materials and training aimed at 
     reducing misleading and fraudulent marketing of financial 
     products toward seniors; and
       (2) may establish such performance objectives, reporting 
     requirements, and application procedures for States and State 
     agencies receiving grants under this section as the Attorney 
     General determines are necessary to carry out and assess the 
     effectiveness of the program under this section.
       (d) Use of Grant Amounts.--A grant under this section may 
     be used (including through subgrants) by the State or the 
     appropriate State agency designated by the State--
       (1) to fund additional staff to identify, investigate, and 
     prosecute cases involving misleading or fraudulent marketing 
     of financial products to seniors;
       (2) to fund technology, equipment, and training for 
     regulators, prosecutors, and law enforcement in order to 
     identify salespersons and advisers who target seniors through 
     the use of misleading designations;
       (3) to fund technology, equipment, and training for 
     prosecutors to increase the successful prosecution of those 
     targeting seniors with the use of misleading designations;
       (4) to provide educational materials and training to 
     regulators on the appropriateness of the use of designations 
     by salespersons and advisers of financial products;
       (5) to provide educational materials and training to 
     seniors to increase their awareness and understanding of 
     designations;
       (6) to develop comprehensive plans to combat misleading or 
     fraudulent marketing of financial products to seniors; and
       (7) to enhance provisions of State law that could offer 
     additional protection for seniors against misleading or 
     fraudulent marketing of financial products.
       (e) Grant Requirements.--
       (1) Maximum.--The amount of a grant under this section may 
     not exceed $500,000 per fiscal year per State, if all 
     requirements of paragraphs (2), (3), (4), and (5) are met. 
     Such amount shall be limited to $100,000 per fiscal year per 
     State in any case in which the State meets the requirements 
     of--
       (A) paragraphs (2) and (3), but not each of paragraphs (4) 
     and (5); or
       (B) paragraphs (4) and (5), but not each of paragraphs (2) 
     and (3).
       (2) Standard designation rules for securities.--A State 
     shall have adopted rules on the appropriate use of 
     designations in the offer or sale of securities or investment 
     advice, which shall, to the extent practicable, conform to 
     the minimum requirements of the NASAA Model Rule on the Use 
     of Senior-Specific Certifications and Professional 
     Designations, as in effect on the date of enactment of this 
     Act, or any successor thereto, as determined by the Attorney 
     General.
       (3) Suitability rules for securities.--A State shall have 
     adopted standard rules on the suitability requirements in the 
     sale of securities, which shall, to the extent practicable, 
     conform to the minimum requirements on suitability imposed by 
     self-regulatory organization rules under the securities laws 
     (as defined in section 3 of the Securities Exchange Act of 
     1934), as determined by the Attorney General.
       (4) Standard designation rules for insurance products.--A 
     State shall have adopted standard rules on the appropriate 
     use of designations in the sale of insurance products, which 
     shall, to the extent practicable, conform to the minimum 
     requirements of the National Association of Insurance 
     Commissioners Model Regulation on the Use of Senior-Specific 
     Certifications and Professional Designations in the Sale of 
     Life Insurance and Annuities, as in effect on the date of 
     enactment of this Act, or any successor thereto, as 
     determined by the Attorney General.
       (5) Suitability rules for insurance products.--A State 
     shall have adopted suitability standards for the sale of 
     annuity products, under which, at a minimum (as determined by 
     the Attorney General)--
       (A) insurers shall be responsible and liable for ensuring 
     that sales of their annuity products meet their suitability 
     requirements;
       (B) insurers shall have an obligation to ensure that the 
     prospective senior purchaser has sufficient information for 
     making an informed decision about a purchase of an annuity 
     product;
       (C) the prospective senior purchaser shall be informed of 
     the total fees, costs, and commissions associated with 
     establishing the annuity transaction, as well as the total 
     fees, costs, commissions, and penalties associated with the 
     termination of the transaction or agreement; and
       (D) insurers and their agents are prohibited from 
     recommending the sale of an annuity product to a senior, if 
     the agent fails to obtain sufficient information in order to 
     satisfy the insurer and the agent that the transaction is 
     suitable for the senior.
       (f) Application.--To be eligible for a grant under this 
     section, the State or appropriate State agency shall submit 
     to the Attorney General a proposal to use the grant money to 
     protect seniors from misleading or fraudulent marketing 
     techniques in the offer and sale of financial products, which 
     application shall--
       (1) identify the scope of the problem;
       (2) describe how the proposed program will help to protect 
     seniors from misleading or fraudulent marketing in the sale 
     of financial products, including, at a minimum--
       (A) by proactively identifying senior victims of misleading 
     and fraudulent marketing in the offer and sale of financial 
     products;
       (B) how the proposed program can assist in the 
     investigation and prosecution of those using misleading or 
     fraudulent marketing in the offer and sale of financial 
     products to seniors; and
       (C) how the proposed program can help discourage and reduce 
     future cases of misleading or fraudulent marketing in the 
     offer and sale of financial products to seniors; and
       (3) describe how the proposed program is to be integrated 
     with other existing State efforts.
       (g) Length of Participation.--A State receiving a grant 
     under this section shall be provided assistance funds for a 
     period of 3 years, after which the State may reapply for 
     additional funding.
       (h) Authorization of Appropriations.--There are authorized 
     to be appropriated to carry out this section $8,000,000 for 
     each of the fiscal years 2010 through 2014.
                                 ______
                                 
  SA 991. Mr. VITTER submitted an amendment intended to be proposed by 
him to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; as follows:

       At the appropriate place, insert the following:

     SEC. __. REPAYMENT OF TARP FUNDS.

       Section 111(g) of the Emergency Economic Stabilization Act 
     of 2008 (12 U.S.C. 5221(g)) is amended--
       (1) by striking ``Subject to'' and inserting the following:
       ``(1) Repayment permitted.--Subject to'';
       (2) by inserting ``if, subsequent to such repayment, the 
     TARP recipient is well capitalized (as determined by the 
     appropriate Federal banking agency having supervisory 
     authority over the TARP recipient)'' after ``waiting 
     period,'';
       (3) by striking ``, and when such assistance is repaid, the 
     Secretary shall liquidate warrants associated with such 
     assistance at the current market price''; and
       (4) by adding at the end the following:
       ``(2) No repayment precondition for warrants.--A TARP 
     recipient that exercises the repayment authority under 
     paragraph (1) shall not be required to repurchase warrants 
     from the Federal Government as a condition of repayment of 
     assistance provided under the TARP. The Secretary shall, at 
     the request of the relevant TARP recipient, repay the 
     proceeds of warrants repurchased before the date of enactment 
     of this paragraph.''.
                                 ______
                                 
  SA 992. Mr. INHOFE submitted an amendment intended to be proposed by 
him to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. ENHANCED OVERSIGHT OF THE TARP.

       Section 116(a)(1) of the Emergency Economic Stabilization 
     Act of 2008 (12 U.S.C. 5226(a)(1)) is amended by adding at 
     the end the following:
       ``(I) With respect to any financial institution or other 
     entity participating in a program established under this Act, 
     any sole expenditure, transaction, or commitment to purchase 
     or any pattern of expenditures, transactions, or commitments 
     to purchase by such financial institution or other entity 
     that exceeds $10,000, in aggregate, and is not essential to--
       ``(i) ensuring the recovery of the financial institution or 
     entity;
       ``(ii) restoring the solvency of the financial institution 
     or entity;
       ``(iii) improving the liquidity of the financial 
     institution or entity;
       ``(iv) enhancing returns for the investors of the financial 
     institution or entity; and
       ``(v) increasing the net worth of the financial institution 
     or entity.''.
                                 ______
                                 
  SA 993. Mr. LEAHY (for himself and Mr. Grassley) proposed an 
amendment to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; as follows:

       On page 15, strike beginning with line 20 through page 16, 
     line 10, and insert the following:

[[Page S4591]]

       (d) Major Fraud Against the Government Amended to Include 
     Economic Relief and Troubled Asset Relief Program Funds.--
     Section 1031(a) of title 18, United States Code, is amended 
     by--
       (1) inserting after ``or promises, in'' the following: 
     ``any grant, contract, subcontract, subsidy, loan, guarantee, 
     insurance or other form of Federal assistance, including 
     through the Troubled Assets Relief Program, an economic 
     stimulus, recovery or rescue plan provided by the Government, 
     the Government's purchase of any troubled asset as defined in 
     the Emergency Economic Stabilization Act of 2008, or in'';
       (2) striking ``the contract, subcontract'' and inserting 
     ``such grant, contract, subcontract, subsidy, loan, 
     guarantee, insurance or other form of Federal assistance,''; 
     and
       (3) striking ``for such property or services''.
                                 ______
                                 
  SA 994. Mr. DeMINT submitted an amendment intended to be proposed by 
him to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. LIMITATION ON USE OF TARP FUNDS.

       Notwithstanding any other provision of law, on and after 
     April 22, 2009, no funds made available to carry out the 
     Troubled Asset Relief Program may be used for the acquisition 
     of ownership of the common stock of any financial institution 
     assisted under title I of the Emergency Economic 
     Stabilization Act of 2008, either directly or through a 
     conversion of preferred stock or future direct capital 
     purchases.
                                 ______
                                 
  SA 995. Mr. ISAKSON (for himself, Mr. Conrad, Mr. Dodd, Mr. 
Whitehouse, Ms. Snowe, and Mr. Chambliss) proposed an amendment to the 
bill S. 386, to improve enforcement of mortgage fraud, securities 
fraud, financial institution fraud, and other frauds related to federal 
assistance and relief programs, for the recovery of funds lost to these 
frauds, and for other purposes; as follows:

       At the appropriate place, insert the following:

     SEC. __. FINANCIAL MARKETS COMMISSION.

       (a) Establishment of Commission.--There is established in 
     the legislative branch the Financial Markets Commission (in 
     this section referred to as the ``Commission'') to examine 
     all causes, domestic and global, of the current financial and 
     economic crisis in the United States.
       (b) Composition of the Commission.--
       (1) Members.--The Commission shall be composed of 10 
     members, of whom--
       (A) 2 members shall be appointed by the majority leader of 
     the Senate;
       (B) 2 members shall be appointed by the Speaker of the 
     House of Representatives;
       (C) 1 member shall be appointed by the minority leader of 
     the Senate;
       (D) 1 member shall be appointed by the minority leader of 
     the House of Representatives;
       (E) 1 member shall be appointed by the Chairman of the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate;
       (F) 1 member shall be appointed by the ranking member of 
     the Committee on Banking, Housing, and Urban Affairs of the 
     Senate;
       (G) 1 member shall be appointed by the chairman of the 
     Committee on Financial Services of the House of 
     Representatives; and
       (H) 1 member shall be appointed by the ranking member of 
     the Committee on Financial Services of the House of 
     Representatives.
       (2) Qualifications; limitation.--
       (A) In general.--Individuals appointed to the Commission 
     shall be United States citizens having significant experience 
     in such fields as banking, regulation of markets, taxation, 
     finance, economics and housing.
       (B) Limitation.--No person who is a member of Congress or 
     an officer or employee of the Federal Government or any State 
     or local government may serve as a member of the Commission.
       (3) Chairperson; vice chairperson.--
       (A) In general.--Subject to the requirements of 
     subparagraph (B), the Chairperson of the Commission shall be 
     selected jointly by the Majority Leader of the Senate and the 
     Speaker of the House of Representatives, and the Vice 
     Chairperson shall be selected jointly by the Minority Leader 
     of the Senate and the Minority Leader of the House of 
     Representatives.
       (B) Political party affiliation.--The Chairperson and Vice 
     Chairperson of the Commission may not be from the same 
     political party.
       (4) Initial meeting.--If, 45 days after the date of 
     enactment of this Act, 4 or more members of the Commission 
     have been appointed, those members who have been appointed 
     may meet and, if necessary, select a temporary Chairperson 
     and Vice Chairperson, who may begin the operations of the 
     Commission, including the hiring of staff.
       (5) Quorum; vacancies.--After the initial meeting of the 
     Commission, the Commission shall meet upon the call of the 
     Chairperson or a majority of its members. Six members of the 
     Commission shall constitute a quorum. Any vacancy on the 
     Commission shall not affect its powers, but shall be filled 
     in the same manner in which the original appointment was 
     made.
       (c) Functions of the Commission.--The functions of the 
     Commission are--
       (1) to examine the causes of the current financial and 
     economic crisis in the United States, including the role, if 
     any, of--
       (A) fraud and abuse in the financial sector;
       (B) Federal and State financial regulators, including the 
     extent to which they enforced, or failed to enforce 
     statutory, regulatory, or supervisory requirements;
       (C) the global imbalance of savings, international capital 
     flows, and fiscal imbalances of various governments;
       (D) monetary policy and the availability and terms of 
     credit;
       (E) accounting practices, including, mark-to-market and 
     fair value rules, and treatment of off-balance sheet 
     vehicles;
       (F) tax treatment of financial products and investments;
       (G) capital requirements and regulations on leverage and 
     liquidity, including the capital structures of regulated and 
     non-regulated financial entities;
       (H) credit rating agencies;
       (I) lending practices and securitization, including the 
     originate-to-distribute model for extending credit and 
     transferring risk;
       (J) affiliations between insured depository institutions 
     and securities, insurance, and other types of nonbanking 
     companies;
       (K) market participant expectations that certain 
     institutions were ``too-big-to-fail'';
       (L) corporate governance, including the impact of company 
     conversions from partnerships to corporations;
       (M) compensation structures;
       (N) changes in compensation for employees of financial 
     companies, as compared to compensation for others with 
     similar skill sets in the labor market;
       (O) Federal housing policy;
       (P) derivatives and unregulated financial products and 
     practices;
       (Q) short-selling;
       (R) financial institution reliance on numerical models, 
     including risk models and credit ratings;
       (S) the legal and regulatory structure governing financial 
     institutions;
       (T) the legal and regulatory structure governing investor 
     protection;
       (U) financial institutions and government-sponsored 
     enterprises;
       (V) the reliance on credit ratings by Federal financial 
     regulators, and the use of credit ratings in financial 
     regulation; and
       (W) the quality of due diligence undertaken by financial 
     institutions;
       (2) to examine the causes of the collapse of each major 
     financial institution that failed (including institutions 
     that were acquired to prevent their failure) or was likely to 
     have failed if not for the receipt of exceptional Government 
     assistance from the Department of the Treasury during the 
     period beginning in August 2007 through April 2009;
       (3) to submit a report under subsection (g);
       (4) to refer to the Attorney General of the United States 
     and any appropriate State attorney general any person that 
     the Commission finds may have violated the laws of the United 
     States in relation to such crisis; and
       (5) to review and build upon the record of the Committee on 
     Banking, Housing, and Urban Affairs of the Senate, the 
     Committee on Financial Services of the House of 
     Representatives, other Congressional committees, the 
     Government Accountability Office, and other legislative 
     panels with respect to the current financial and economic 
     crisis.
       (d) Powers of the Commission.--
       (1) Hearings and evidence.--The Commission may, for 
     purposes of carrying out this section--
       (A) hold 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 documents.
       (2) Subpoenas.--
       (A) Service.--Subpoenas issued under paragraph (1)(B) may 
     be served by any person designated by the Commission.
       (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 Commission may enter into contracts 
     to enable the Commission to discharge its duties under this 
     section.
       (4) Information from federal agencies and other entities.--
       (A) In general.--The Commission may secure directly from 
     any department, agency,

[[Page S4592]]

     or instrumentality of the United States any information 
     related to any inquiry of the Commission conducted under this 
     section, including information of a confidential nature 
     (which the Commission shall maintain in a secure manner). 
     Each such department, agency, or instrumentality shall 
     furnish such information directly to the Commission upon 
     request.
       (B) Other entities.--It is the sense of the Congress that 
     the Commission should seek testimony or information from 
     principals and other representatives of government agencies 
     and private entities that were significant participants in 
     the United States and global financial and housing markets 
     during the time period examined by the Commission.
       (5) Funding.--The Secretary of the Treasury shall provide, 
     out of money previously appropriated, $5,000,000 to the 
     Commission to carry out this section, to remain available 
     until expended or until termination of the Commission under 
     subsection (h).
       (6) Donations of goods and services.--The Commission may 
     accept, use, and dispose of gifts or donations of services or 
     property.
       (7) Postal services.--The Commission may use the United 
     States mails in the same manner and under the same conditions 
     as departments and agencies of the United States.
       (8) Powers of subcommittees, members, and agents.--Any 
     subcommittee, member, or agent of the Commission may, if 
     authorized by the Commission, take any action which the 
     Commission is authorized to take by this section.
       (e) Staff of the Commission.--
       (1) Director.--The Commission shall have a Director who 
     shall be appointed by the Chairperson and the Vice 
     Chairperson, acting jointly.
       (2) Staff.--The Chairperson and the Vice Chairperson may 
     jointly appoint additional personnel, as may be necessary, to 
     enable the Commission to carry out its functions.
       (3) Applicability of certain civil service laws.--The 
     Director and staff of the Commission may be appointed without 
     regard to the provisions of title 5, United States Code, 
     governing appointments in the competitive service, and may be 
     paid without regard to the provisions of chapter 51 and 
     subchapter III of chapter 53 of such title relating to 
     classification and General Schedule pay rates, except that no 
     rate of pay fixed under this paragraph may exceed the 
     equivalent of that payable for a position at level V of the 
     Executive Schedule under section 5316 of title 5, United 
     States Code. Any individual appointed under paragraph (1) or 
     (2) shall be treated as an employee for purposes of chapters 
     63, 81, 83, 84, 85, 87, 89, 89A, 89B, and 90 of that title.
       (4) Detailees.--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 his or her regular employment 
     without interruption.
       (5) Consultant services.--The Commission is authorized to 
     procure the services of experts and consultants in accordance 
     with section 3109 of title 5, United States Code, but at 
     rates not to exceed the daily rate paid a person occupying a 
     position at level IV of the Executive Schedule under section 
     5315 of title 5, United States Code.
       (f) Compensation and Travel Expenses.--
       (1) Compensation.--Each member of the Commission may be 
     compensated at a rate not to exceed the daily equivalent of 
     the annual rate of basic pay in effect for a position at 
     level IV of the Executive Schedule under section 5315 of 
     title 5, United States Code, for each day during which that 
     member is engaged in the actual performance of the duties of 
     the Commission.
       (2) Travel expenses.--While away from their homes or 
     regular places of business in the performance of services for 
     the Commission, members of the Commission shall be allowed 
     travel expenses, including per diem in lieu of subsistence, 
     in the same manner as persons employed intermittently in the 
     Government service are allowed expenses under section 5703(b) 
     of title 5, United States Code.
       (g) Report of the Commission; Appearance Before and 
     Consultations With Congress.--
       (1) Report.--On December 15, 2010, the Commission shall 
     submit to the President and to Congress a report containing 
     the findings and conclusions of the Commission on the causes 
     of the current financial and economic crisis in the United 
     States.
       (2) Institution-specific reports authorized.--At the 
     discretion of the chairperson of the Commission, the report 
     under paragraph (1) may include reports or specific findings 
     on any financial institution examined by the Commission under 
     subsection (c)(2).
       (3) Appearance before congress.--The chairperson of the 
     Commission shall, not later than 120 days after the date of 
     submission of the final reports under paragraph (1), appear 
     before the Committee on Banking, Housing, and Urban Affairs 
     of the Senate and the Committee on Financial Services of the 
     House of Representatives regarding such reports and the 
     findings of the Commission.
       (4) Consultations with congress.--The Commission shall 
     consult with the Committee on Banking, Housing, and Urban 
     Affairs of the Senate and the Committee on Financial Services 
     of the House of Representatives, and may consult with other 
     Committees of Congress, for purposes of informing Congress on 
     the work of the Commission.
       (h) Termination of Commission.--
       (1) In general.--The Commission, and all the authorities of 
     this section, shall terminate 60 days after the date on which 
     the final report is submitted under subsection (g).
       (2) Administrative activities before termination.--The 
     Commission may use the 60-day period referred to in paragraph 
     (1) for the purpose of concluding its activities, including 
     providing testimony to committees of Congress concerning its 
     reports and disseminating the final report submitted under 
     subsection (g).
                                 ______
                                 
  SA 996. Mr. INHOFE (for himself, Mr. DeMint, Mr. Vitter, and Mr. 
Alexander) submitted an amendment intended to be proposed to amendment 
SA 984 proposed by Mr. Reid (for himself, Mr. Kohl, and Mr. Levin) to 
the bill S. 386, to improve enforcement of mortgage fraud, securities 
fraud, financial institution fraud, and other frauds related to federal 
assistance and relief programs, for the recovery of funds lost to these 
frauds, and for other purposes; as follows:

       On page 3, after line 8, add the following:
       (d) Amendment to Title 4.--
       (1) In general.--Title 4, United States Code, is amended by 
     adding at the end the following:

                ``CHAPTER 6--LANGUAGE OF THE GOVERNMENT

``Sec.
``161. Declaration of national language.
``162. Preserving and enhancing the role of the national language.
``163. Use of language other than English.

     ``Sec. 161. Declaration of national language

       ``English shall be the national language of the Government 
     of the United States.

     ``Sec. 162. Preserving and enhancing the role of the national 
       language

       ``(a) In General.--The Government of the United States 
     shall preserve and enhance the role of English as the 
     national language of the United States.
       ``(b) Exception.--Unless specifically provided by statute, 
     no person has a right, entitlement, or claim to have the 
     Government of the United States or any of its officials or 
     representatives act, communicate, perform or provide 
     services, or provide materials in any language other than 
     English. If an exception is made with respect to the use of a 
     language other than English, the exception does not create a 
     legal entitlement to additional services in that language or 
     any language other than English.
       ``(c) Forms.--If any form is issued by the Federal 
     Government in a language other than English (or such form is 
     completed in a language other than English), the English 
     language version of the form is the sole authority for all 
     legal purposes.

     ``Sec. 163. Use of language other than English

       ``Nothing in this chapter shall prohibit the use of a 
     language other than English.''.
       (2) Conforming amendment.--The table of chapters for title 
     4, United States Code, is amended by adding at the end the 
     following new item:

``6. Language of the Government..............................161''.....

                                 ______
                                 
  SA 997. Mr. NELSON of Florida submitted an amendment intended to be 
proposed by him to the bill S. 386, to improve enforcement of mortgage 
fraud, securities fraud, financial institution fraud, and other frauds 
related to federal assistance and relief programs, for the recovery of 
funds lost to these frauds, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. NATIONWIDE MORTGAGE FRAUD TASK FORCE.

       (a) Establishment.--There is established in the Department 
     of Justice the Nationwide Mortgage Fraud Task Force 
     (hereinafter referred to in this section as the ``Task 
     Force'') to address mortgage fraud in the United States.
       (b) Support.--The Attorney General shall provide the Task 
     Force with the appropriate staff, administrative support, and 
     other resources necessary to carry out the duties of the Task 
     Force.
       (c) Executive Director.--The Attorney General shall appoint 
     one staff member provided to the Task Force to be the 
     Executive Director of the Task Force and such Executive 
     Director shall ensure that the duties of the Task Force are 
     carried out.
       (d) Branches.--The Task Force shall establish, oversee, and 
     direct branches in each of the 10 States determined by the 
     Attorney General to have the highest concentration of 
     mortgage fraud.
       (e) Mandatory Functions.--The Task Force, including the 
     branches of the Task Force established under subsection (d), 
     shall--
       (1) establish coordinating entities, and solicit the 
     voluntary participation of Federal, State, and local law 
     enforcement and prosecutorial agencies in such entities, to 
     organize initiatives to address mortgage fraud, including 
     initiatives to enforce State mortgage fraud laws and other 
     related Federal and State laws;
       (2) provide training to Federal, State, and local law 
     enforcement and prosecutorial agencies with respect to 
     mortgage fraud, including related Federal and State laws;

[[Page S4593]]

       (3) collect and disseminate data with respect to mortgage 
     fraud, including Federal, State, and local data relating to 
     mortgage fraud investigations and prosecutions; and
       (4) perform other functions determined by the Attorney 
     General to enhance the detection of, prevention of, and 
     response to mortgage fraud in the United States.
       (f) Optional Functions.--The Task Force, including the 
     branches of the Task Force established under subsection (d), 
     may--
       (1) initiate and coordinate Federal mortgage fraud 
     investigations and, through the coordinating entities 
     established under subsection (e), State and local mortgage 
     fraud investigations;
       (2) establish a toll-free hotline for--
       (A) reporting mortgage fraud;
       (B) providing the public with access to information and 
     resources with respect to mortgage fraud; and
       (C) directing reports of mortgage fraud to the appropriate 
     Federal, State, and local law enforcement and prosecutorial 
     agency, including to the appropriate branch of the Task Force 
     established under subsection (d);
       (3) create a database with respect to suspensions and 
     revocations of mortgage industry licenses and certifications 
     to facilitate the sharing of such information by States;
       (4) make recommendations with respect to the need for and 
     resources available to provide the equipment and training 
     necessary for the Task Force to combat mortgage fraud; and
       (5) propose legislation to Federal, State, and local 
     legislative bodies with respect to the elimination and 
     prevention of mortgage fraud, including measures to address 
     mortgage loan procedures and property appraiser practices 
     that provide opportunities for mortgage fraud.
       (g) Definition.--In this section, the term ``mortgage 
     fraud'' means a material misstatement, misrepresentation, or 
     omission relating to the property or potential mortgage 
     relied on by an underwriter or lender to fund, purchase, or 
     insure a loan.
       (h) Authorization of Appropriations.--There are authorized 
     to be appropriated--
       (1) $1,500,000 for the training of law enforcement 
     personnel under subsection (e)(2); and
       (2) $50,000,000 for the Task Force to carry out this 
     section.
                                 ______
                                 
  SA 998. Mr. SCHUMER submitted an amendment intended to be proposed by 
him to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the appropriate place in section 3, insert the 
     following:
       (_) Additional Appropriations for the Securities and 
     Exchange Commission.--
       (1) In general.--There is authorized to be appropriated to 
     the Securities and Exchange Commission, $17,000,000 for each 
     of the fiscal years 2010 and 2011 for investigations and 
     enforcement proceedings involving financial institutions, 
     including financial institutions to which this Act and 
     amendments made by this Act apply.
       (2) Inspector general.--There is authorized to be 
     appropriated to the Securities and Exchange Commission, 
     $3,000,000 for each of the fiscal years 2010 and 2011 for the 
     salaries and expenses of the Office of the Inspector General 
     of the Securities and Exchange Commission.
       (3) Reports.--
       (A) In general.--Not later than 90 days after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall conduct a review of the effectiveness, 
     integrity, and efficiency of the Office of the Inspector 
     General of the Securities and Exchange Commission and submit 
     a report regarding the review to the Committee on Banking, 
     Housing, and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives.
       (B) Followup report.--Not later than 18 months after the 
     date of enactment of this Act, the Comptroller General of the 
     United States shall conduct a review as described in 
     subparagraph (A) and submit a report regarding the review to 
     the Committee on Banking, Housing, and Urban Affairs of the 
     Senate and the Committee on Financial Services of the House 
     of Representatives.
                                 ______
                                 
  SA 999. Mr. DORGAN (for himself, Mr. McCain, and Mr. Grassley) 
proposed an amendment to the bill S. 386, to improve enforcement of 
mortgage fraud, securities fraud, financial institution fraud, and 
other frauds related to federal assistance and relief programs, for the 
recovery of funds lost to these frauds, and for other purposes; as 
follows:

       At the end of the bill, insert the following:

   TITLE II--SELECT COMMITTEE ON INVESTIGATION OF THE ECONOMIC CRISIS

     SEC. _01. FINDINGS.

       The Senate finds the following:
       (1) 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.
       (2) 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.
       (3) The economic crisis reaches into, and has impacted, 
     almost every aspect of the United States economy and 
     significant parts of the international economy.
       (4) Any thorough and complete study and investigation of 
     this complex and far-reaching economic crisis will require 
     sustained and singular focus for many months.
       (5) 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 overburdened.
       (6) 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.
       (7) 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.
       (8) 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.

     SEC. _02. 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 title referred to as the 
     ``Select Committee'').

     SEC. _03. 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. _04. 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 enactment of this title.
       (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. _05. RULES AND PROCEDURES.

       (a) Governance Under Standing Rules of Senate.--Except as 
     otherwise specifically provided in this title, 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 _08(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

[[Page S4594]]

     authorized by this title. Any such additional rules and 
     procedures--
       (1) shall not be inconsistent with this title or the 
     Standing Rules of the Senate; and
       (2) shall become effective upon publication in the 
     Congressional Record.

     SEC. _06. 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 title--
       (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 title, 
     the Select Committee shall seek to--
       (A) confer with other investigations into the matters set 
     forth in section _03(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 _03(a).

     SEC. _07. REPORTS.

       (a) Initial Report.--The Select Committee shall submit to 
     the Senate a report on the study and investigation conducted 
     pursuant to section _03 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 _03.
       (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. _08. 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 title.
       (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. _09. EFFECTIVE DATE; TERMINATION.

       (a) Effective Date.--This title shall take effect on the 
     date of enactment of this title.
       (b) Termination.--The Select Committee shall terminate 
     three months after the submittal of the report required by 
     section _07(c).
                                 ______
                                 
  SA 1000. Mrs. BOXER (for herself, Ms. Snowe, Mr. Corker, and Mr. 
Merkley) submitted an amendment intended to be proposed by her to the 
bill S. 386, to improve enforcement of mortgage fraud, securities 
fraud, financial institution fraud, and other frauds related to federal 
assistance and relief programs, for the recovery of funds lost to these 
frauds, and for other purposes; as follows:

       On page 20, between lines 11 and 12, insert the following:
       ``(e) Additional Appropriations for the Special Inspector 
     General for the Troubled Asset Relief Program.--
       ``(1) In general.--There is authorized to be appropriated 
     to the Special Inspector General of the Troubled Asset Relief 
     Program (in this subsection referred to as the Special 
     Inspector General), $15,000,000 for fiscal year 2010.
       ``(2) Priorities.--In utilizing funds made available under 
     this subsection, the Special Inspector General shall 
     prioritize the performance of audits or investigations of 
     recipients of non-recourse Federal loans made under the 
     Public Private Investment Program established by the 
     Secretary of the Treasury or the Term Asset Loan Facility 
     established by the Board of Governors of the Federal Reserve 
     System, to the extent that such priority is consistent with 
     other aspects of the mission of the Special Inspector 
     General. Such audits or investigations shall determine the 
     existence of any collusion between the loan recipient and the 
     seller or originator of the asset used as loan collateral, or 
     any other conflict of interest that may have led the loan 
     recipient to deliberately overstate the value of the asset 
     used as loan collateral.''.
                                 ______
                                 
  SA 1001. Mr. DORGAN (for himself and Ms. Cantwell) submitted an 
amendment intended to be proposed by him to the bill S. 386, to improve 
enforcement of mortgage fraud, securities fraud, financial institution 
fraud, and other frauds related to federal assistance and relief 
programs, for the recovery of funds lost to these frauds, and for other 
purposes; as follows:

       At the end of the bill, insert the following:

[[Page S4595]]

     SEC. __. SENSE OF THE SENATE IN SUPPORT OF CREATING AN 
                   INTERAGENCY TASK FORCE TO INVESTIGATE FINANCIAL 
                   FRAUD.

       (a) Findings.--The Senate finds that--
       (1) the United States is currently facing an unprecedented 
     economic crisis, with massive job losses and an alarming 
     contraction of economic activity;
       (2) as of March 31, 2009, the United States Government has 
     spent, loaned, or committed more than $12,000,000,000,000 in 
     an attempt to mitigate and resolve the economic crisis;
       (3) the economic crisis reaches into, and has impacted, 
     almost every aspect of the United States economy and 
     significant parts of the global economy;
       (4) there is compelling evidence of egregious and criminal 
     conduct that has contributed to the collapse of the economy;
       (5) any person, company or entity that has benefitted from 
     such financial wrongdoing must be investigated and prosecuted 
     to the full extent of the law;
       (6) there are piecemeal initiatives by many different 
     national, State, and local entities to investigate and 
     prosecute financial fraud cases;
       (7) a national multiagency task force headed by the 
     Department of Justice would bring singular focus and 
     intensity, coherence, and coordination to the investigations 
     now underway and result in identifying and prosecuting 
     violations of law much more quickly; and
       (8) a similar Task Force was created in connection with the 
     Enron scandal and it was instrumental in bringing criminals 
     to justice.
       (b) Sense of the Senate.--It is the sense of the Senate 
     that--
       (1) the Department of Justice should make it a top priority 
     to facilitate a comprehensive national effort to investigate 
     and prosecute financial fraud cases or any other violation of 
     law that contributed to the collapse of our financial 
     markets; and
       (2) the Department of Justice should create an interagency 
     Economic Crisis Financial Crimes Task Force dedicated solely 
     to--
       (A) investigating and prosecuting those responsible for 
     creating, causing, or contributing to the financial crisis 
     that is devastating our entire economy; and
       (B) seeking to claw back any ill-gotten gains as a result 
     of this wrongdoing.
                                 ______
                                 
  SA 1002. Mr. THUNE submitted an amendment intended to be proposed by 
him to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; as follows:

       At the end of the bill, add the following:

                 TITLE II--DEBT REDUCTION PRIORITY ACT

     SEC. 21. SHORT TITLE.

       This title may be cited as the ``Debt Reduction Priority 
     Act''.

     SEC. 22. FINDINGS.

       Congress finds the following:
       (1) On October 7, 2008, Congress established the Troubled 
     Assets Relief Program (TARP) as part of the Emergency 
     Economic Stabilization Act (Public 110-343; 122 Stat. 3765) 
     and allocated $700,000,000,000 for the purchase of toxic 
     assets from banks with the goal of restoring liquidity to the 
     financial sector and restarting the flow of credit in our 
     markets.
       (2) The Department of Treasury, without consultation with 
     Congress, changed the purpose of TARP and began injecting 
     capital into financial institutions through a program called 
     the Capital Purchase Program (CPP) rather than purchasing 
     toxic assets.
       (3) Lending by financial institutions was not noticeably 
     increased with the implementation of the CPP and the 
     expenditure of $250,000,000,000 of TARP funds, despite the 
     goal of the program.
       (4) The recipients of amounts under the CPP are now faced 
     with additional restrictions related to accepting those 
     funds.
       (5) A number of community banks and large financial 
     institutions have expressed their desire to return their CPP 
     funds to the Department of Treasury and the Department has 
     begun the process of accepting receipt of such funds.
       (6) The Department of the Treasury should not unilaterally 
     determine how these returned funds are spent in the future 
     and the Congress should play a role in any determination of 
     future spending of funds returned through the TARP.

     SEC. 23. DEBT REDUCTION.

       (a) In General.--Title I of the Emergency Economic 
     Stabilization Act of 2008 (12 U.S.C. 5211 et seq.) is amended 
     by adding at the end the following:

     ``SEC. 137. DEBT REDUCTION.

       ``Not later than 30 days after the date of enactment of 
     this section, the Secretary of the Treasury shall deposit any 
     amounts received by the Secretary for repayment of financial 
     assistance or for payment of any interest on the receipt of 
     such financial assistance by an entity that has received 
     financial assistance under the TARP or any program enacted by 
     the Secretary under the authorities granted to the Secretary 
     under this Act, including the Capital Purchase Program, in 
     the Public Debt Reduction Payment Account established under 
     section 3114 of title 31, United States Code.''.

     SEC. 24. ESTABLISHMENT OF PUBLIC DEBT REDUCTION PAYMENT 
                   ACCOUNT.

       (a) In General.--Subchapter I of chapter 31 of title 31, 
     United States Code, is amended by adding at the end the 
     following new section:

     ``Sec. 3114. Public Debt Reduction Payment Account

       ``(a) There is established in the Treasury of the United 
     States an account to be known as the Public Debt Reduction 
     Payment Account (hereinafter in this section referred to as 
     the `account').
       ``(b) The Secretary of the Treasury shall use amounts in 
     the account to pay at maturity, or to redeem or buy before 
     maturity, any obligation of the Government held by the public 
     and included in the public debt. Any obligation which is 
     paid, redeemed, or bought with amounts from the account shall 
     be canceled and retired and may not be reissued. Amounts 
     deposited in the account are appropriated and may only be 
     expended to carry out this section.
       ``(c) There shall be deposited in the account any amounts 
     which are received by the Secretary of the Treasury pursuant 
     to section 137 of the Emergency Economic Stabilization Act of 
     2008. The funds deposited to this account shall remain 
     available until expended.
       ``(d) The Secretary of the Treasury and the Director of the 
     Office of Management and Budget shall each take such actions 
     as may be necessary to promptly carry out this section in 
     accordance with sound debt management policies.
       ``(e) Reducing the debt pursuant to this section shall not 
     interfere with the debt management policies or goals of the 
     Secretary of the Treasury.''.
       (b) Conforming Amendment.--The chapter analysis for chapter 
     31 of title 31, United States Code, is amended by inserting 
     after the item relating to section 3113 the following:

``3114. Public debt reduction payment account''.

     SEC. 25. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT.

       Section 3101(b) of title 31, United States Code, is amended 
     by inserting ``minus the aggregate amounts deposited into the 
     Public Debt Reduction Payment Account pursuant to section 
     3114(c)'' before ``, outstanding at one time''.

     SEC. 26. OFF-BUDGET STATUS OF PUBLIC DEBT REDUCTION PAYMENT 
                   ACCOUNT.

       Notwithstanding any other provision of law, the receipts 
     and disbursements of the Public Debt Reduction Payment 
     Account established by section 3114 of title 31, United 
     States Code, shall not be counted as new budget authority, 
     outlays, receipts, or deficit or surplus for purposes of--
       (1) the budget of the United States Government as submitted 
     by the President,
       (2) the congressional budget, or
       (3) the Balanced Budget and Emergency Deficit Control Act 
     of 1985.

     SEC. 27. REMOVING PUBLIC DEBT REDUCTION PAYMENT ACCOUNT FROM 
                   BUDGET PRONOUNCEMENTS.

       (a) In General.--Any official statement issued by the 
     Office of Management and Budget, the Congressional Budget 
     Office, or any other agency or instrumentality of the Federal 
     Government of surplus or deficit totals of the budget of the 
     United States Government as submitted by the President or of 
     the surplus or deficit totals of the congressional budget, 
     and any description of, or reference to, such totals in any 
     official publication or material issued by either of such 
     Offices or any other such agency or instrumentality, shall 
     exclude the outlays and receipts of the Public Debt Reduction 
     Payment Account established by section 3114 of title 31, 
     United States Code.
       (b) Separate Public Debt Reduction Payment Account Budget 
     Documents.--The excluded outlays and receipts of the Public 
     Debt Reduction Payment Account established by section 3114 of 
     title 31, United States Code, shall be submitted in separate 
     budget documents.

                          ____________________