A bill to establish the Commission on Economic Indicators to conduct a study and submit a report containing recommendations concerning the appropriateness and accuracy of the methodology, calculations, and reporting used by the Government relating to certain economic indicators.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Commission on Economic Indicators 
Act of 2006''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the Federal and State governments and private sector 
        entities depend on the economic statistics published by the 
        Federal Government;
            (2) questions have been raised about the accuracy of 
        various measures including productivity, poverty, inflation, 
        employment and unemployment, and wages and income; and
            (3) it is essential that these indicators accurately 
        reflect underlying economic activity and conditions.

SEC. 3. ESTABLISHMENT OF COMMISSION.

    (a) Establishment.--There is established the Commission on Economic 
Indicators (in this Act referred to as the ``Commission'').
    (b) Membership.--
            (1) Composition.--The Commission shall be composed of 8 
        members of whom--
                    (A) 2 shall be appointed by the Majority Leader of 
                the Senate, in consultation with the Chairmen and 
                Ranking Members of the Committee on Banking, Housing, 
                and Urban Affairs of the Senate, the Committee on 
                Finance of the Senate, and the Joint Economic 
                Committee;
                    (B) 2 shall be appointed by the Minority Leader of 
                the Senate, in consultation with the Chairmen and 
                Ranking Members of the Committee on Banking, Housing, 
                and Urban Affairs of the Senate, the Committee on 
                Finance of the Senate, and the Joint Economic 
                Committee;
                    (C) 2 shall be appointed by the Speaker of the 
                House of Representatives, in consultation with the 
                Chairmen and Ranking Members of the Committee on 
                Financial Services of the House of Representatives, the 
                Committee on Ways and Means of the House of 
                Representatives, and the Joint Economic Committee; and
                    (D) 2 shall be appointed by the Minority Leader of 
                the House of Representatives, in consultation with the 
                Chairmen and Ranking Members of the Committee on 
                Financial Services of the House of Representatives, the 
                Committee on Ways and Means of the House of 
                Representatives, and the Joint Economic Committee.
            (2) Qualifications.--Members of the Commission shall be--
                    (A) appointed on a nonpartisan basis; and
                    (B) experts in the fields of economics, statistics, 
                or other related professions.
            (3) Date.--The appointments of the members of the 
        Commission shall be made not later than 60 days after the date 
        of enactment of this Act.
    (c) Period of Appointment; Vacancies.--Members shall be appointed 
for the life of the Commission. Any vacancy in the Commission shall not 
affect its powers, but shall be filled in the same manner as the 
original appointment.
    (d) Initial Meeting.--Not later than 30 days after the date on 
which all members of the Commission have been appointed, the Commission 
shall hold its first meeting.
    (e) Meetings.--The Commission shall meet at the call of the 
Chairman.
    (f) Quorum.--A majority of the members of the Commission shall 
constitute a quorum, but a lesser number of members may hold hearings.
    (g) Chairman and Vice Chairman.--The Commission shall select a 
Chairman and Vice Chairman from among its members.

SEC. 4. DUTIES OF THE COMMISSION.

    (a) Study.--The Commission shall conduct a study of--
            (1) economic statistics collected and reported by United 
        States Government agencies, including national income, 
        employment and unemployment, wages, personal income, wealth, 
        savings, debt, productivity, inflation, and international trade 
        and capital flows; and
            (2) ways to improve the related statistical measurements so 
        that such measurements provide a more accurate and complete 
        depiction of economic conditions.
    (b) Consultation.--In conducting the study under this section, the 
Commission shall consult with--
            (1) the Chairman of the Federal Reserve Board of Governors;
            (2) the Secretary of Commerce;
            (3) the Secretary of Labor;
            (4) the Secretary of the Treasury;
            (5) the Chairman of the Council of Economic Advisers; and
            (6) the Comptroller General of the United States.
    (c) Report.--Not later than 1 year after the date of the first 
meeting of the Commission, the Commission shall submit a report to 
Congress which shall contain a detailed statement of the findings and 
conclusions of the Commission, together with recommendations for such 
legislation and administrative actions as the Commission considers 
appropriate, including a recommendation of the appropriateness of 
establishing a similar commission after the termination of the 
Commission.

SEC. 5. POWERS OF THE COMMISSION.

    (a) Hearings.--The Commission may hold such hearings, sit and act 
at such times and places, take such testimony, and receive such 
evidence as the Commission considers advisable to carry out this Act.
    (b) Information From Federal Agencies.--The Commission may secure 
directly from any Federal department or agency such information as the 
Commission considers necessary to carry out this Act. Upon request of 
the Chairman of the Commission, the head of such department or agency 
shall furnish such information to the Commission. The Commission shall 
maintain the same level of confidentiality for such information made 
available under this subsection as is required of the head of the 
department or agency from which the information was obtained.
    (c) Postal Services.--The Commission may use the United States 
mails in the same manner and under the same conditions as other 
departments and agencies of the Federal Government.

SEC. 6. COMMISSION PERSONNEL MATTERS.

    (a) Compensation of Members.--Each member of the Commission who is 
not an officer or employee of the Federal Government shall be 
compensated at a rate equal to the daily equivalent of the annual rate 
of basic pay prescribed for level IV of the Executive Schedule under 
section 5315 of title 5, United States Code, for each day (including 
travel time) during which such member is engaged in the performance of 
the duties of the Commission. All members of the Commission who are 
officers or employees of the United States shall serve without 
compensation in addition to that received for their services as 
officers or employees of the United States.
    (b) Travel Expenses.--The members of the Commission shall be 
allowed travel expenses, including per diem in lieu of subsistence, at 
rates authorized for employees of agencies under subchapter I of 
chapter 57 of title 5, United States Code, while away from their homes 
or regular places of business in the performance of services for the 
Commission.
    (c) Staff.--
            (1) In general.--The Chairman of the Commission may, 
        without regard to the civil service laws and regulations, 
        appoint and terminate an executive director and such other 
        additional personnel as may be necessary to enable the 
        Commission to perform its duties. The employment of an 
        executive director shall be subject to confirmation by the 
        Commission.
            (2) Compensation.--The Chairman of the Commission may fix 
        the compensation of the executive director and other personnel 
        without regard to chapter 51 and subchapter III of chapter 53 
        of title 5, United States Code, relating to classification of 
        positions and General Schedule pay rates, except that the rate 
        of pay for the executive director and other personnel may not 
        exceed the rate payable for level V of the Executive Schedule 
        under section 5316 of such title.
            (3) 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, 89A, 89B, and 90 of that title.
                    (B) Members of board.--Subparagraph (A) shall not 
                be construed to apply to members of the Commission.
    (d) Detail of Government Employees.--Any Federal Government 
employee may be detailed to the Commission without reimbursement, and 
such detail shall be without interruption or loss of civil service 
status or privilege.
    (e) Procurement of Temporary and Intermittent Services.--The 
Chairman of the Commission may procure temporary and intermittent 
services under section 3109(b) of title 5, United States Code, at rates 
for individuals which do not exceed the daily equivalent of the annual 
rate of basic pay prescribed for level V of the Executive Schedule 
under section 5316 of such title.

SEC. 7. TERMINATION OF THE COMMISSION.

    The Commission shall terminate 90 days after the date on which the 
Commission submits its report under section 4.

SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as necessary to 
carry out this Act.

Summary: Commission on Economic Indicators Act of 2006 - Establishes the Commission on Economic Indicators to study and report to Congress on: (1) economic statistics collected and reported by US government agencies, including national income, employment and unemployment, wages, personal income, wealth, savings, debt, productivity, inflation, and international trade and capital flows. And (2) ways to improve the related statistical measurements so that they provide a more accurate and complete depiction of economic conditions.