To establish the Financial Oversight Commission, and for other purposes.

Summary: Financial Oversight Commission Act of 2008 - Establishes the Financial Oversight Commission to investigate facts and circumstances relating to the financial crisis of 2008, including any relevant legislation, Executive Order, regulation, plan, policy, practice, or procedure that pertains to: (1) government sponsored enterprises (GSEs), including the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac); (2) the stock market; (3) the housing market; (4) credit rating agencies; (5) the financial services sector, including hedge funds, private equity, and the insurance industry; and (6) the role of congressional oversight and resource allocation.

Directs the Commission to identify, evaluate, and report to Congress and the President on the lessons learned from the financial crisis regarding the structure, coordination, management policies, and procedures of governmental and nongovernmental entities related to crisis detection, prevention, and response.

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.