[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7275 Introduced in House (IH)]
110th CONGRESS
2d Session
H. R. 7275
To establish the Financial Oversight Commission, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 19, 2008
Mr. Issa (for himself, Mr. Burton of Indiana, Mr. Bilbray, Mr. Shays,
Ms. Ginny Brown-Waite of Florida, Mr. Souder, Mr. Gallegly, Mr. Tom
Davis of Virginia, and Mr. Akin) introduced the following bill; which
was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To establish the Financial Oversight Commission, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Financial Oversight Commission Act
of 2008''.
SEC. 2. ESTABLISHMENT OF COMMISSION.
There is established in the legislative branch the Financial
Oversight Commission (hereafter in this Act referred to as the
``Commission'').
SEC. 3. PURPOSES.
The purposes of the Commission are to--
(1) examine and report upon the facts and causes relating
to the financial crisis of 2008;
(2) ascertain, evaluate, and report on the evidence
developed by all relevant governmental agencies regarding the
facts and circumstances surrounding the crisis;
(3) build upon the investigations of other entities, and
avoid unnecessary duplication, by reviewing the findings,
conclusions, and recommendations of other executive branch,
congressional, or independent commission investigations into
the financial crisis of 2008;
(4) make a full and complete accounting of the
circumstances surrounding the crisis, the private sector and
government role in causing the crisis, and the extent of the
United States preparedness for, and immediate response to, the
crisis; and
(5) investigate and report to the President and Congress on
its findings, conclusions, and recommendations for corrective
measures that can be taken to prevent further economic
breakdown.
SEC. 4. COMPOSITION OF COMMISSION.
(a) Members.--The Commission shall be composed of 10 members, of
whom--
(1) 1 member shall be appointed by the President, who shall
serve as chairman of the Commission;
(2) 1 member shall be appointed by the leader of the Senate
(majority or minority leader, as the case may be) of the
Democratic Party, in consultation with the leader of the House
of Representatives (majority or minority leader, as the case
may be) of the Democratic Party, who shall serve as vice
chairman of the Commission;
(3) 2 members shall be appointed by the senior member of
the Senate leadership of the Democratic Party;
(4) 2 members shall be appointed by the senior member of
the leadership of the House of Representatives of the
Republican Party;
(5) 2 members shall be appointed by the senior member of
the Senate leadership of the Republican Party; and
(6) 2 members shall be appointed by the senior member of
the leadership of the House of Representatives of the
Democratic Party.
(b) Qualifications; Initial Meeting.--
(1) Political party affiliation.--Not more than 5 members
of the Commission shall be from the same political party.
(2) Nongovernmental appointees.--An individual appointed to
the Commission may not be an officer or employee of the Federal
Government or any State or local government.
(3) Other qualifications.--It is the sense of Congress that
individuals appointed to the Commission should be prominent
United States citizens, with national recognition and
significant depth of experience in such professions as
governmental service, financial services, economics, law,
public administration, commerce, and foreign markets.
(4) Deadline for appointment.--All members of the
Commission shall be appointed on or before December 1, 2008.
(5) Initial meeting.--The Commission shall meet and begin
the operations of the Commission as soon as practicable.
(c) Quorum; Vacancies.--After its initial meeting, the Commission
shall meet upon the call of the chairman or a majority of its members.
Six members of the Commission shall constitute a quorum. Any vacancy in
the Commission shall not affect its powers, but shall be filled in the
same manner in which the original appointment was made.
SEC. 5. FUNCTIONS OF COMMISSION.
(a) In General.--The functions of the Commission are to--
(1) conduct an investigation that--
(A) investigates relevant facts and circumstances
relating to the financial crisis of 2008, including any
relevant legislation, Executive order, regulation,
plan, policy, practice, or procedure; and
(B) may include relevant facts and circumstances
relating to--
(i) government sponsored enterprises (GSE),
including the Federal National Mortgage
Association (Fannie Mae), and the Federal Home
Loan Mortgage Corporation (Freddie Mac);
(ii) the stock market;
(iii) the housing market;
(iv) credit rating agencies;
(v) the financial services sector,
including hedge funds, private equity and the
insurance industry;
(vi) the role of congressional oversight
and resource allocation; and
(vii) other areas of the public and private
sectors determined relevant by the Commission
for its inquiry;
(2) identify, review, and evaluate the lessons learned from
the financial crisis of 2008, regarding the structure,
coordination, management policies, and procedures of the
Federal Government, and, if appropriate, State and local
governments and nongovernmental entities, relative to
detecting, preventing, and responding to such financial crises;
and
(3) submit to the President and Congress such reports as
are required by this Act containing such findings, conclusions,
and recommendations as the Commission shall determine,
including proposing organization, coordination, planning,
management arrangements, procedures, rules, and regulations,
and reports of the on-going review by the Commission under
section 11(c) after the submission of the final investigative
report.
SEC. 6. POWERS OF COMMISSION.
(a) In General.--
(1) Hearings and evidence.--The Commission or, on the
authority of the Commission, any subcommittee or member
thereof, may, for the purpose of carrying out this Act--
(A) hold such hearings and sit and act at such
times and places, take such testimony, receive such
evidence, administer such oaths; and
(B) subject to paragraph (2)(A), require, by
subpoena or otherwise, the attendance and testimony of
such witnesses and the production of such books,
records, correspondence, memoranda, papers, and
documents, as the Commission or such designated
subcommittee or designated member may determine
advisable.
(2) Subpoenas.--
(A) Issuance.--
(i) In general.--A subpoena may be issued
under this subsection only--
(I) by the agreement of the
chairman and the vice chairman; or
(II) by the affirmative vote of 6
members of the Commission.
(ii) Signature.--Subject to clause (i),
subpoenas issued under this subsection may be
issued under the signature of the chairman or
any member designated by a majority of the
Commission, and may be served by any person
designated by the chairman or by a member
designated by a majority of the Commission.
(B) Enforcement.--
(i) In general.--In the case of contumacy
or failure to obey a subpoena issued under
subsection (a), 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.--In the case
of any failure of any witness to comply with
any subpoena or to testify when summoned under
authority of this section, the Commission may,
by majority vote, certify a statement of fact
constituting such failure to the appropriate
United States attorney, who may bring the
matter before the grand jury for its action,
under the same statutory authority and
procedures as if the United States attorney had
received a certification under sections 102
through 104 of the Revised Statutes of the
United States (2 U.S.C. 192 through 194).
(b) Contracting.--The Commission may, to such extent and in such
amounts as are provided in appropriation Acts, enter into contracts to
enable the Commission to discharge its duties under this Act.
(c) Information From Federal Agencies.--
(1) In general.--The Commission is authorized to secure
directly from any executive department, bureau, agency, board,
commission, office, independent establishment, or
instrumentality of the Government, information, suggestions,
estimates, and statistics for the purposes of this Act. Each
department, bureau, agency, board, commission, office,
independent establishment, or instrumentality shall, to the
extent authorized by law, furnish such information,
suggestions, estimates, and statistics directly to the
Commission, upon request made by the chairman, the chairman of
any subcommittee created by a majority of the Commission, or
any member designated by a majority of the Commission.
(2) Receipt, handling, storage, and dissemination.--
Information shall only be received, handled, stored, and
disseminated by members of the Commission and its staff
consistent with all applicable statutes, regulations, and
Executive orders.
(d) Assistance From Federal Agencies.--
(1) General services administration.--The Administrator of
General Services shall provide to the Commission on a
reimbursable basis administrative support and other services
for the performance of the Commission's functions.
(2) Other departments and agencies.--In addition to the
assistance prescribed in paragraph (1), departments and
agencies of the United States may provide to the Commission
such services, funds, facilities, staff, and other support
services as they may determine advisable and as may be
authorized by law.
(e) Gifts.--The Commission may accept, use, and dispose of gifts or
donations of services or property.
(f) 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.
SEC. 7. NONAPPLICABILITY OF FEDERAL ADVISORY COMMITTEE ACT.
(a) In General.--The Federal Advisory Committee Act (5 U.S.C. App.)
shall not apply to the Commission.
(b) Public Meetings and Release of Public Versions of Reports.--The
Commission shall--
(1) hold public hearings and meetings to the extent
appropriate; and
(2) release public versions of the reports required under
subsections (a), (b), and (c) of section 11.
(c) Public Hearings.--Any public hearings of the Commission shall
be conducted in a manner consistent with the protection of information
provided to or developed for or by the Commission as required by any
applicable statute, regulation, or Executive order.
SEC. 8. STAFF OF COMMISSION.
(a) In General.--
(1) Appointment and compensation.--The chairman, in
consultation with vice chairman, in accordance with rules
agreed upon by the Commission, may appoint and fix the
compensation of a staff director and such other personnel as
may be necessary to enable the Commission to carry out its
functions, without regard to the provisions of title 5, United
States Code, governing appointments in the competitive service,
and 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 subsection 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.
(2) Personnel as federal employees.--
(A) In general.--The executive director and any
personnel of the Commission who are employees shall be
employees under section 2105 of title 5, United States
Code, for purposes of chapters 63, 81, 83, 84, 85, 87,
89, and 90 of that title.
(B) Members of commission.--Subparagraph (A) shall
not be construed to apply to members of the Commission.
(b) 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.
(c) 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.
SEC. 9. COMPENSATION AND TRAVEL EXPENSES.
(a) Compensation.--Each member of the Commission may be compensated
at 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.
(b) 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.
SEC. 10. SECURITY CLEARANCES FOR COMMISSION MEMBERS AND STAFF.
The appropriate Federal agencies or departments shall cooperate
with the Commission in expeditiously providing to the Commission
members and staff appropriate security clearances to the extent
possible pursuant to existing procedures and requirements, except that
no person shall be provided with access to classified information under
this Act without the appropriate security clearances.
SEC. 11. REPORTS OF COMMISSION; CONTINUED REVIEW; TERMINATION.
(a) Interim Investigative Reports.--The Commission may submit to
the President and Congress interim investigative reports containing
such findings, conclusions, and recommendations for corrective measures
as have been agreed to by a majority of Commission members.
(b) Final Investigative Report.--Not later than 12 months after the
date of the enactment of this Act, the Commission shall submit to the
President and Congress a final report containing such findings,
conclusions, and recommendations for corrective measures as have been
agreed to by a majority of Commission members.
(c) Continued Review and Reporting.--During the 4-year period
following the date of the submission of the final investigative report
to the Congress pursuant to subsection (b), the Commission shall
continue to review the subjects investigated by the Commission under
this Act, and the response of the Congress and the Executive branch to
the final investigative report of the Commission as well as conditions
in the marketplace, and submit such reports on the findings and
recommendations of the Commission as the Commission determines to be
appropriate.
(d) Termination.--The Commission, and all the authorities of this
Act, shall terminate 4 years after the date on which the final
investigative report is submitted under subsection (b).
SEC. 12. FUNDING.
(a) In General.--There is hereby authorized to be appropriated to
the Commission such sums as may be necessary for purposes of the
carrying out the activities of the Commission under this Act for fiscal
years beginning before the termination of the Commission.
(b) Duration of Availability.--Amounts appropriated under
subsection (a) are authorized to be made available until the
termination of the Commission.
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