III 

111TH CONGRESS 

1ST SESSION S. RES. 62 

Establishing a select committee of the Senate to make a thorough and 

complete study and investigation of the facts and circumstances giving 

rise to the economic crisis facing the United States and to make recommendations to prevent a future recurrence of such a crisis. 

IN THE SENATE OF THE UNITED STATES 

MARCH 3, 2009 

Mr. DORGAN (for himself and Mr. MCCAIN) submitted the following 

resolution; which was referred to the Committee on Rules and Administration 

RESOLUTION 

Establishing a select committee of the Senate to make a 

thorough and complete study and investigation of the 

facts and circumstances giving rise to the economic crisis 

facing the United States and to make recommendations 

to prevent a future recurrence of such a crisis. 

Whereas 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; 

Whereas 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; 


jbell on PROD1PC69 with BILLS
2 

•SRES 62 IS 

Whereas the economic crisis reaches into, and has impacted, 

almost every aspect of the United States economy and 

significant parts of the international economy; 

Whereas any thorough and complete study and investigation 

of this complex and far-reaching economic crisis will require sustained and singular focus for many months; 

Whereas 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 over-burdened; 

Whereas 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; 

Whereas 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; and 

Whereas 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: Now, therefore, be it 

1 Resolved, 


jbell on PROD1PC69 with BILLS
3 

•SRES 62 IS 

1 SECTION 1. SELECT COMMITTEE ON INVESTIGATION OF 

2 THE ECONOMIC CRISIS. 

3 There is established a select committee of the Senate 

4 to be known as the Select Committee on Investigation of 

5 the Economic Crisis (hereafter in this resolution referred 

6 to as the ‘‘Select Committee’’). 

7 SEC. 2. PURPOSE AND DUTIES. 

8 (a) PURPOSE.—The purpose of the Select Committee 

9 is to study and investigate the facts and circumstances 

10 giving rise to the current economic crisis facing the United 

11 States and to recommend actions to be taken to prevent 

12 a future recurrence of such a crisis. 

13 (b) DUTIES.—The Select Committee is authorized 

14 and directed to do everything necessary or appropriate to 

15 conduct the study and investigation specified in subsection 

16 (a). Without restricting in any way the authority conferred 

17 on the Select Committee by the preceding sentence, the 

18 Senate further expressly authorizes and directs the Select 

19 Committee to examine the facts and circumstances giving 

20 rise to the current economic crisis facing the United 

21 States, and report on such examination, regarding the fol22 lowing: 

23 (1) The causes of the current economic crisis. 

24 (2) Lessons learned from the current economic 

25 crisis. 


jbell on PROD1PC69 with BILLS
4 

•SRES 62 IS 

1 (3) Actions to prevent a recurrence of an eco2 nomic crisis such as the current economic crisis. 

3 SEC. 3. COMPOSITION OF SELECT COMMITTEE. 

4 (a) MEMBERSHIP.— 

5 (1) IN GENERAL.—The Select Committee shall 

6 consist of 7 members of the Senate of whom— 

7 (A) 4 members shall be appointed by the 

8 majority leader of the Senate; and 

9 (B) 3 members shall be appointed by the 

10 minority leader of the Senate. 

11 (2) DATE.—The appointments of the members 

12 of the Select Committee shall be made not later than 

13 30 days after the date of the adoption of this resolu14 tion. 

15 (b) VACANCIES.—Any vacancy in the Select Com16 mittee shall not affect its powers, but shall be filled in 

17 the same manner as the original appointment. 

18 (c) SERVICE.—Service of a Senator as a member, 

19 Chair, or Vice Chair of the Select Committee shall not 

20 be taken into account for the purposes of paragraph (4) 

21 of rule XXV of the Standing Rules of the Senate. 

22 (d) CHAIR AND VICE CHAIR.—The Chair of the Se23 lect Committee shall be designated by the majority leader 

24 of the Senate, and the Vice Chair of the Select Committee 

25 shall be designated by the minority leader of the Senate. 


jbell on PROD1PC69 with BILLS
5 

•SRES 62 IS 

1 (e) QUORUM.— 

2 (1) REPORTS AND RECOMMENDATIONS.—A ma3 jority of the members of the Select Committee shall 

4 constitute a quorum for the purpose of reporting a 

5 matter or recommendation to the Senate. 

6 (2) TESTIMONY.—One member of the Select 

7 Committee shall constitute a quorum for the purpose 

8 of taking testimony. 

9 (3) OTHER BUSINESS.—A majority of the members of the Select Committee, or 1 10 ⁄3 of the members 

11 of the Select Committee if at least one member of 

12 the minority party is present, shall constitute a 

13 quorum for the purpose of conducting any other 

14 business of the Select Committee. 

15 SEC. 4. RULES AND PROCEDURES. 

16 (a) GOVERNANCE UNDER STANDING RULES OF SEN17 ATE.—Except as otherwise specifically provided in this 

18 resolution, the investigation, study, and hearings con19 ducted by the Select Committee shall be governed by the 

20 Standing Rules of the Senate. 

21 (b) ADDITIONAL RULES AND PROCEDURES.—In ad22 dition to the provisions of section 7(h), the Select Com23 mittee may adopt additional rules or procedures if the 

24 Chair and the Vice Chair of the Select Committee agree, 

25 or if the Select Committee by majority vote so decides, 


jbell on PROD1PC69 with BILLS
6 

•SRES 62 IS 

1 that such additional rules or procedures are necessary or 

2 advisable to enable the Select Committee to conduct the 

3 investigation, study, and hearings authorized by this reso4 lution. Any such additional rules and procedures— 

5 (1) shall not be inconsistent with this resolution 

6 or the Standing Rules of the Senate; and 

7 (2) shall become effective upon publication in 

8 the Congressional Record. 

9 SEC. 5. AUTHORITY OF SELECT COMMITTEE. 

10 (a) IN GENERAL.—The Select Committee may exer11 cise all of the powers and responsibilities of a committee 

12 under rule XXVI of the Standing Rules of the Senate. 

13 (b) POWERS.—The Select Committee or, at its direc14 tion, any subcommittee or member of the Select Com15 mittee, may, for the purpose of carrying out this resolu16 tion— 

17 (1) hold hearings; 

18 (2) administer oaths; 

19 (3) sit and act at any time or place during the 

20 sessions, recess, and adjournment periods of the 

21 Senate; 

22 (4) authorize and require, by issuance of sub23 poena or otherwise, the attendance and testimony of 

24 witnesses and the preservation and production of 

25 books, records, correspondence, memoranda, papers, 


jbell on PROD1PC69 with BILLS
7 

•SRES 62 IS 

1 documents, tapes, and any other materials in what2 ever form the Select Committee considers advisable; 

3 (5) take testimony, orally, by sworn statement, 

4 by sworn written interrogatory, or by deposition, and 

5 authorize staff members to do the same; and 

6 (6) issue letters rogatory and requests, through 

7 appropriate channels, for any other means of inter8 national assistance. 

9 (c) AUTHORIZATION, ISSUANCE, AND ENFORCEMENT

10 OF SUBPOENAS.— 

11 (1) AUTHORIZATION AND ISSUANCE.—Sub12 poenas authorized and issued under this section— 

13 (A) may be done only with the joint con14 currence of the Chair and the Vice Chair of the 

15 Select Committee; 

16 (B) shall bear the signature of the Chair 

17 or the designee of the Chair; and 

18 (C) shall be served by any person or class 

19 of persons designated by the Chair for that pur20 pose anywhere within or without the borders of 

21 the United States to the full extent provided by 

22 law. 

23 (2) ENFORCEMENT.—The Select Committee 

24 may make to the Senate by report or resolution any 

25 recommendation, including a recommendation for 


jbell on PROD1PC69 with BILLS
8 

•SRES 62 IS 

1 criminal or civil enforcement, that the Select Com2 mittee considers appropriate with respect to— 

3 (A) the failure or refusal of any person to 

4 appear at a hearing or deposition or to produce 

5 or preserve documents or materials described in 

6 subsection (b)(4) in obedience to a subpoena or 

7 order of the Select Committee; 

8 (B) the failure or refusal of any person to 

9 answer questions truthfully and completely dur10 ing the person’s appearance as a witness at a 

11 hearing or deposition of the Select Committee; 

12 or 

13 (C) the failure or refusal of any person to 

14 comply with any subpoena or order issued 

15 under the authority of subsection (b). 

16 (d) AVOIDANCE OF DUPLICATION.— 

17 (1) IN GENERAL.—To expedite the study and 

18 investigation, avoid duplication, and promote effi19 ciency under this resolution, the Select Committee 

20 shall seek to— 

21 (A) confer with other investigations into 

22 the matters set forth in section 2(a); and 

23 (B) access all information and materials 

24 acquired or developed in such other investiga25 tions. 


jbell on PROD1PC69 with BILLS
9 

•SRES 62 IS 

1 (2) ACCESS TO INFORMATION AND MATE2 RIALS.—The Select Committee shall have, to the 

3 fullest extent permitted by law, access to any such 

4 information or materials obtained by any other gov5 ernmental department, agency, or body investigating 

6 the matters set forth in section 2(a). 

7 SEC. 6. REPORTS. 

8 (a) INITIAL REPORT.—The Select Committee shall 

9 submit to the Senate a report on the study and investiga10 tion conducted pursuant to section 2 not later than one 

11 year after the appointment of all of the members of the 

12 Select Committee. 

13 (b) UPDATED REPORT.—The Select Committee shall 

14 submit an updated report on such investigation not later 

15 than 180 days after the submittal of the report under sub16 section (a). 

17 (c) FINAL REPORT.—The Select Committee shall 

18 submit a final report on such investigation not later than 

19 two years after the appointment of all of the members of 

20 the Select Committee. 

21 (d) ADDITIONAL REPORTS.—The Select Committee 

22 may submit any additional report or reports that the Se23 lect Committee considers appropriate. 

24 (e) FINDINGS AND RECOMMENDATIONS.—The re25 ports under this section shall include findings and recVerDate Nov 24 2008 23:54 Mar 03, 2009 Jkt 079200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\SR62.IS SR62

jbell on PROD1PC69 with BILLS
10 

•SRES 62 IS 

1 ommendations of the Select Committee regarding the mat2 ters considered under section 2. 

3 (f) DISPOSITION OF REPORTS.—All reports made by 

4 the Select Committee shall be submitted to the Secretary 

5 of the Senate. All reports made by the Select Committee 

6 shall be referred to the committee or committees that have 

7 jurisdiction over the subject matter of the report. 

8 SEC. 7. ADMINISTRATIVE PROVISIONS. 

9 (a) STAFF.— 

10 (1) IN GENERAL.—The Select Committee may 

11 employ in accordance with paragraph (2) a staff 

12 composed of such clerical, investigatory, legal, tech13 nical, and other personnel as the Select Committee, 

14 or the Chair and the Vice Chair of the Select Com15 mittee considers necessary or appropriate. 

16 (2) APPOINTMENT OF STAFF.—The staff of the 

17 Select Committee shall consist of such personnel as 

18 the Chair and the Vice Chair shall jointly appoint. 

19 Such staff may be removed jointly by the Chair and 

20 the Vice Chair, and shall work under the joint gen21 eral supervision and direction of the Chair and the 

22 Vice Chair. 

23 (b) COMPENSATION.—The Chair and the Vice Chair 

24 of the Select Committee shall jointly fix the compensation 

25 of all personnel of the staff of the Select Committee. 


jbell on PROD1PC69 with BILLS
11 

•SRES 62 IS 

1 (c) REIMBURSEMENT OF EXPENSES.—The Select 

2 Committee may reimburse the members of its staff for 

3 travel, subsistence, and other necessary expenses incurred 

4 by such staff members in the performance of their func5 tions for the Select Committee. 

6 (d) SERVICES OF SENATE STAFF.—The Select Com7 mittee may use, with the prior consent of the chair of any 

8 other committee of the Senate or the chair of any sub9 committee of any committee of the Senate, the facilities 

10 of any other committee of the Senate, or the services of 

11 any members of the staff of such committee or sub12 committee, whenever the Select Committee or the Chair 

13 of the Select Committee considers that such action is nec14 essary or appropriate to enable the Select Committee to 

15 carry out its responsibilities, duties, or functions under 

16 this resolution. 

17 (e) DETAIL OF EMPLOYEES.—The Select Committee 

18 may use on a reimbursable basis, with the prior consent 

19 of the head of the department or agency of Government 

20 concerned and the approval of the Committee on Rules 

21 and Administration of the Senate, the services of per22 sonnel of such department or agency. 

23 (f) TEMPORARY AND INTERMITTENT SERVICES.— 

24 The Select Committee may procure the temporary or 


jbell on PROD1PC69 with BILLS
12 

•SRES 62 IS 

1 intermittent services of individual consultants, or organi2 zations thereof. 

3 (g) PAYMENT OF EXPENSES.—There shall be paid 

4 out of the applicable accounts of the Senate such sums 

5 as may be necessary for the expenses of the Select Com6 mittee. Such payments shall be made on vouchers signed 

7 by the Chair of the Select Committee and approved in the 

8 manner directed by the Committee on Rules and Adminis9 tration of the Senate. Amounts made available under this 

10 subsection shall be expended in accordance with regula11 tions prescribed by the Committee on Rules and Adminis12 tration of the Senate. 

13 (h) CONFLICTS OF INTEREST.—The Select Com14 mittee shall issue rules to prohibit or minimize any con15 flicts of interest involving its members, staff, detailed per16 sonnel, consultants, and any others providing assistance 

17 to the Select Committee. Such rules shall not be incon18 sistent with the Code of Official Conduct of the Senate 

19 or applicable Federal law. 

20 SEC. 8. EFFECTIVE DATE; TERMINATION. 

21 (a) EFFECTIVE DATE.—This resolution shall take ef22 fect on the date of the adoption of this resolution. 


jbell on PROD1PC69 with BILLS
13 

•SRES 62 IS 

1 (b) TERMINATION.—The Select Committee shall ter2 minate three months after the submittal of the report re3 quired by section 6(c). 

Æ 


jbell on PROD1PC69 with BILLS