I 

111TH CONGRESS 

1ST SESSION H. R. 2111 

To establish the Congressional Commission on Financial Accountability and 

Preparedness to examine and report upon the facts and causes relating 

to the breakdown in the financial and credit markets in 2008, and 

investigate and report to the Congress on its findings, conclusions, and 

recommendations for prosecution of criminal behavior. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 27, 2009 

Mr. BURGESS (for himself and Mr. BRADY of Texas) introduced the following 

bill; which was referred to the Committee on Financial Services 

A BILL 

To establish the Congressional Commission on Financial Accountability and Preparedness to examine and report 

upon the facts and causes relating to the breakdown 

in the financial and credit markets in 2008, and investigate and report to the Congress on its findings, conclusions, and recommendations for prosecution of criminal 

behavior. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Congressional Commis3 sion on Financial Accountability and Preparedness Act of 

4 2009’’. 

5 SEC. 2. CONGRESSIONAL COMMISSION ON FINANCIAL AC6 COUNTABILITY AND PREPAREDNESS. 

7 (a) ESTABLISHMENT.—There is hereby established 

8 the Congressional Commission on Financial Account9 ability and Preparedness (hereafter in this section referred 

10 to as the ‘‘Commission’’) as an establishment in the legis11 lative branch. 

12 (b) PURPOSES.—The purposes of the Commission are 

13 as follows: 

14 (1) To examine and report upon the facts and 

15 causes relating to the breakdown in the financial 

16 markets in 2008. 

17 (2) To ascertain, evaluate, and report on the 

18 evidence developed by all relevant governmental 

19 agencies regarding the facts and circumstances sur20 rounding the breakdown. 

21 (3) To determine whether all credible leads and 

22 information regarding fraud or manipulation were 

23 pursued with due diligence by Federal investigators. 

24 (4) To make a full and complete accounting of 

25 the circumstances surrounding the financial break26 down and the extent of the Federal Governments’ 


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1 preparedness for, and immediate response to, the 

2 breakdown. 

3 (5) To investigate and report to the Congress 

4 on findings the conclusions of the Commission and 

5 recommendations for corrective measures that can 

6 be taken to prevent and respond to financial crisis 

7 in the future. 

8 (c) DUTIES.— 

9 (1) IN GENERAL.—The Commission shall review 

10 the actions leading up to the 2008 breakdown in the 

11 financial markets and failures in the regulatory sys12 tem and submit reports to the Congress in accord13 ance with this subsection. 

14 (2) REGULAR MONTHLY REPORTS.— 

15 (A) IN GENERAL.—The Commission shall 

16 make regular monthly progress reports to the 

17 Congress on the findings and conclusions of the 

18 Commission with regard to the review con19 ducted under paragraph (1). 

20 (B) FACTORS TO BE INCLUDED.—Each re21 port submitted under subparagraph (A) shall 

22 include the following: 

23 (i) All relevant events, persons, enti24 ties and data leading up to the breakdown 


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1 in the financial markets through December 

2 2008. 

3 (ii) The impact of public and private 

4 actions on the financial markets and finan5 cial institutions. 

6 (iii) The extent to which the informa7 tion made available on transactions con8 tributed to market transparency. 

9 (iv) The effectiveness of efforts, regu10 latory authority, and programs from the 

11 standpoint of minimizing risk to investors 

12 and taxpayers. 

13 (C) FINAL REPORT.—The last report sub14 mitted under this paragraph before the termi15 nation of the Commission shall constitute the 

16 final report of the Commission to the Congress 

17 and shall include a detailed description of the 

18 findings and conclusions of the Commission 

19 over the period of the existence of the Commis20 sion and such recommendations for legislative 

21 or administrative action as the Commission may 

22 determine to be appropriate. 

23 (3) SPECIAL REPORT ON CORPORATE ABUSE OF

24 TAX PAYER FUNDS.—The Commission shall— 


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1 (A) submit a special report to the Congress 

2 on any corporate abuse of taxpayer funds the 

3 Commission finds occurred; and 

4 (B) analyze the current state of the regu5 latory system and effectiveness of the regu6 latory system in overseeing the participants in 

7 the financial system and protecting consumers. 

8 (4) SPECIAL REPORT ON CORPORATE OFFICERS

9 AND ELECTED OR APPOINTED GOVERNMENT OFFI10 CIALS.—The Commission shall submit a special re11 port to the Congress on any fiduciary negligence, 

12 fraudulent behavior, poor corporate governance, ob13 structionism, or media manipulation that the Com14 mission determines was engaged in by relevant cor15 porate officers and elected or appointed government 

16 officials. 

17 (d) MEMBERSHIP.— 

18 (1) IN GENERAL.—The Commission shall con19 sist of 5 members, as follows: 

20 (A) One member appointed by the majority 

21 leader of the House of Representatives. 

22 (B) One member appointed by the minor23 ity leader of the House of Representatives. 

24 (C) One member appointed by the majority 

25 leader of the Senate. 


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1 (D) One member appointed by the minor2 ity leader of the Senate. 

3 (E) One member appointed by the majority 

4 Leader of the House and the majority leader of 

5 the Senate in consultation with the minority 

6 leader of the Senate and the minority leader of 

7 the House of Representatives. 

8 (2) PAY.—Each member of the Commission 

9 shall each be paid at a rate equal to the daily equiv10 alent of the annual rate of basic pay for level I of 

11 the Executive Schedule for each day (including trav12 el time) during which such member is engaged in 

13 the actual performance of duties vested in the Com14 mission. 

15 (3) PROHIBITION OF COMPENSATION OF FED16 ERAL EMPLOYEES.—Members of the Commission 

17 who are full-time officers or employees of the United 

18 States or Members of Congress may not receive ad19 ditional pay, allowances, or benefits by reason of 

20 their service on the Commission. 

21 (4) TRAVEL EXPENSES.—Each member shall 

22 receive travel expenses, including per diem in lieu of 

23 subsistence, in accordance with applicable provisions 

24 under subchapter I of chapter 57 of title 5, United 

25 States Code. 


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1 (5) QUORUM.—Four members of the Commis2 sion shall constitute a quorum but a lesser number 

3 may hold hearings. 

4 (6) VACANCIES.—A vacancy on the Commission 

5 shall be filled in the manner in which the original 

6 appointment was made. 

7 (7) MEETINGS.—The Commission shall meet at 

8 the call of the Chairperson or a majority of the 

9 members of the Commission. 

10 (e) STAFF.— 

11 (1) IN GENERAL.—The Commission may ap12 point and fix the pay of any personnel as the Com13 mission considers appropriate. 

14 (2) EXPERTS AND CONSULTANTS.—The Com15 mission may procure temporary and intermittent 

16 services under section 3109(b) of title 5, United 

17 States Code. 

18 (3) STAFF OF AGENCIES.—Upon the request of 

19 the Commission, the head of any Federal depart20 ment or agency may detail, on a reimbursable basis, 

21 any of the personnel of that department or agency 

22 to the Commission to assist it in carrying out the 

23 duties of the Commission under this Act. 

24 (f) POWERS.— 


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1 (1) HEARINGS AND SESSIONS.—The Commis2 sion may, for the purpose of carrying out this sec3 tion, hold hearings, sit and act at times and places, 

4 take testimony, and receive evidence as the Commis5 sion considers appropriate and may administer oaths 

6 or affirmations to witnesses appearing before the 

7 Commission. 

8 (2) POWERS OF MEMBERS AND AGENTS.—Any 

9 member or agent of the Commission may, if author10 ized by the Commission take any action which the 

11 Commission is authorized to take by this section. 

12 (3) OBTAINING OFFICIAL DATA.— 

13 (A) IN GENERAL.—The Commission may 

14 secure directly from any department or agency 

15 of the United States information necessary to 

16 enable the Commission to carry out this section. 

17 (B) DUTY TO FURNISH.—Upon request of 

18 the Chairperson of the Commission, the head of 

19 any department or agency or agency shall fur20 nish the information referred to in subpara21 graph (A) to the Commission. 

22 (4) SUBPOENA POWER.—Subject to approval by 

23 the House Office of General Counsel, any member of 

24 the Commission may issue subpoenas under the auVerDate Nov 24 2008 23:11 Apr 28, 2009 Jkt 079200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H2111.IH H2111

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1 thority given to the House of Representatives of the 

2 Congress of the United States of America. 

3 (5) REPORTS RECEIVED.—The Commission 

4 shall receive and consider all reports required to be 

5 submitted to the Commission under this Act. 

6 (g) TERMINATION.—The Commission shall cease to 

7 exist at the end of the 1-year period beginning on the date 

8 of the enactment of this Act, except that the Congress may 

9 extend the life of the Commission on an annual basis for 

10 not more than 1 year at a time. 

Æ 


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