I 

111TH CONGRESS 

1ST SESSION H. R. 768 

To establish a commission on the tax and fiscal implications of the regulation 

of financial products and arrangements and to study the current financial 

crisis, its causes and impact on the Federal deficit and tax revenues. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 28, 2009 

Mr. LARSON of Connecticut (for himself, Ms. DELAURO, Mr. MURPHY of Connecticut, Mr. HIGGINS, Ms. KILROY, Mr. MEEK of Florida, Mr. DOYLE, 

Mr. PASCRELL, and Mr. BLUMENAUER) introduced the following bill; 

which was referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such 

provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To establish a commission on the tax and fiscal implications 

of the regulation of financial products and arrangements 

and to study the current financial crisis, its causes and 

impact on the Federal deficit and tax revenues. 

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Commission on Finan5 cial Crisis Accountability Act of 2009’’. 


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1 SEC. 2. ESTABLISHMENT. 

2 There is established a commission to be known as the 

3 ‘‘Commission on Financial Crisis Accountability’’ (here4 after in this Act referred to as the ‘‘Commission’’). 

5 SEC. 3. DUTIES. 

6 (a) IN GENERAL.—The Commission shall conduct a 

7 study of the financial system in the United States. In con8 ducting such study, the Commission shall examine the cur9 rent financial crisis, its causes and its impact on the Fed10 eral deficit and tax revenues, including— 

11 (1) regulation and transparency, 

12 (2) fraud and abuse, 

13 (3) the fairness and equity of the tax treat14 ments of financial products and arrangements, and 

15 (4) the role of any and all participants in the 

16 financial services industry that the Commission 

17 deems necessary, including— 

18 (A) government agencies, including the De19 partment of Housing and Urban Development, 

20 Department of Treasury, the Securities and Ex21 change Commission, and any other agency the 

22 Commission considers necessary, 

23 (B) government-sponsored entities, includ24 ing the Federal National Mortgage Association 

25 and the Federal Home Loan Mortgage Cor26 poration, 


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1 (C) the Board of Governors of the Federal 

2 Reserve System, and its banks and leadership, 

3 (D) the executive, legislative and judicial 

4 branches of government, 

5 (E) credit rating agencies, and 

6 (F) the Federal Deposit Insurance Cor7 poration and the Commodities Futures Trading 

8 Corporation. 

9 (b) REPORT.—The Commission shall prepare a re10 port to the Congress on its findings pursuant to the study 

11 conducted under subsection (a). Such report shall include 

12 a detailed statement of the findings, conclusions, and rec13 ommendations of the Commission and shall address the 

14 following: 

15 (1) The causes of the current financial crisis 

16 and how this kind of crisis can be avoided in the fu17 ture. 

18 (2) The stage the current financial crisis is in 

19 and what can be expected in subsequent stages. 

20 (3) The impact of the current financial crisis on 

21 Federal revenues. 

22 (4) The extent to which the financial regulatory 

23 structure should be restructured. 


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1 (5) The tax treatment of financial products and 

2 arrangements and how to make them more fair and 

3 equitable. 

4 (c) SHAREHOLDER BILL OF RIGHTS.—The Commis5 sion shall also make recommendations for investors bill of 

6 rights, which shall include necessary protections, as deter7 mined by the Commission, to prevent shareholders from 

8 being deprived of their rights and their savings. 

9 SEC. 4. MEMBERSHIP. 

10 (a) NUMBER AND APPOINTMENT.—The Commission 

11 shall be composed of 10 members appointed as follows: 

12 (1) 3 members shall be appointed by the major13 ity leader of the Senate. 

14 (2) 3 members shall be appointed by the Speak15 er of the House of Representatives. 

16 (3) 2 members shall be appointed by the minor17 ity leader of the Senate. 

18 (4) 2 members shall be appointed by the minor19 ity leader of the House of Representatives. 

20 (b) QUALIFICATIONS.—The members shall have 

21 knowledge and expertise in matters to be studied by the 

22 Commission, except that the members shall not have a 

23 conflict of interest with any matter the Commission is re24 quired to review under section 3. 


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1 (c) TERMS.—Members shall be appointed for the life 

2 of the Commission. 

3 (d) VACANCIES.—Any vacancy in the Commission 

4 shall be filled in the same manner as the original appoint5 ment. 

6 (e) CHAIR.—The Chair of the Commission shall be 

7 designated by the Speaker of the House of Representa8 tives, after consulting with the majority leader of the Sen9 ate and the minority leaders of the House of Representa10 tives and the Senate. 

11 (f) DEADLINE FOR APPOINTMENT.—The appoint12 ments of the members of the Commission shall be made 

13 no later than 30 days after the date of enactment of this 

14 Act. 

15 (g) BASIC PAY.— 

16 (1) RATES OF PAY.—Except as provided in 

17 paragraph (2), members shall each be paid at a rate 

18 not to exceed the rate of basic pay for level IV of 

19 the Executive Schedule for each day (including trav20 el time) during which they are engaged in the actual 

21 performance of duties vested in the Commission. 

22 (2) PROHIBITION OF COMPENSATION OF FED23 ERAL EMPLOYEES.—Members of the Commission 

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

25 States may not receive additional pay, allowances, or 


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1 benefits by reason of their service on the Commis2 sion. 

3 (h) TRAVEL EXPENSES.—Each member shall receive 

4 travel expenses, including per diem in lieu of subsistence, 

5 in accordance with applicable provisions under subchapter 

6 I of chapter 57 of title 5, United States Code. 

7 (i) RETIRED ANNUITANTS.—A member of the Com8 mission who is an annuitant otherwise covered by section 

9 8344 or section 8468 of title 5, United States Code, shall 

10 not be subject to the provisions of that section with respect 

11 to membership on the Commission by reason of member12 ship on the Commission. 

13 (j) QUORUM.—A majority of the members of the 

14 Commission shall constitute a quorum, but a lesser num15 ber may hold hearings. 

16 (k) MEETINGS.— 

17 (1) FIRST MEETING.—The Commission shall 

18 hold its first meeting on a date designated by the 

19 Speaker of the House of Representatives which is 

20 not later than 30 days after the date on which all 

21 members have been appointed. 

22 (2) SUBSEQUENT MEETINGS.—After the first 

23 meeting, the Commission shall meet upon the call of 

24 the Chair. 


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1 SEC. 5. STAFF OF COMMISSION. 

2 (a) DIRECTOR.—The Commission shall have a Direc3 tor who shall be appointed by the Chair. The Director 

4 shall be paid a rate not to exceed the maximum rate of 

5 basic pay for GS–15 of the General Schedule. 

6 (b) ADDITIONAL STAFF.—In addition to the Direc7 tor, the Chair may appoint and fix the pay of up to 3 

8 staff members, except that any staff member appointed 

9 under this subsection shall not be paid at a rate to exceed 

10 the maximum rate of basic pay for GS–15 of the General 

11 Schedule. 

12 (c) APPLICABILITY OF CERTAIN CIVIL SERVICE

13 LAWS.—The Director and staff of the Commission may 

14 be appointed without regard to the provisions of title 5, 

15 United States Code, governing appointments in the com16 petitive service, and may be paid without regard to the 

17 provisions of chapter 51 and subchapter III of chapter 53 

18 of that title relating to classification and General Schedule 

19 pay rates. 

20 (d) STAFF OF FEDERAL AGENCIES.—Upon the re21 quest of the Chair of the Commission, the head of any 

22 Federal department or agency may detail, without reim23 bursement, any of the personnel of that department or 

24 agency to the Commission to assist in carrying out its du25 ties under this Act. 


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1 SEC. 6. POWERS OF COMMISSION. 

2 (a) HEARINGS AND SESSIONS.—The Commission 

3 may, for the purpose of carrying out this Act, hold hear4 ings, sit and act at times and places, take testimony, and 

5 receive evidence as the Commission considers appropriate. 

6 (b) POWERS OF MEMBERS AND AGENTS.—Any mem7 ber or agent of the Commission may, if authorized by the 

8 Commission, take any action which the Commission is au9 thorized to take by this section. 

10 (c) OBTAINING OFFICIAL DATA.—The Commission 

11 may secure directly from any agency of the United States 

12 information necessary to enable it to carry out this Act. 

13 Upon the request of the Chair of the Commission, the 

14 head of that department or agency shall furnish that infor15 mation to the Commission. 

16 (d) MAILS.—The Commission may use the United 

17 States mails in the same manner and under the same con18 ditions as other departments and agencies of the United 

19 States. 

20 (e) ADMINISTRATIVE SUPPORT SERVICES.—Upon 

21 the request of the Commission, the Administrator of Gen22 eral Services shall provide to the Commission, on a reim23 bursable basis, the administrative support services nec24 essary for the Commission to carry out its responsibilities 

25 under this Act. 


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1 SEC. 7. REPORT. 

2 The Commission shall transmit the report required 

3 by section 3 to the President and Congress not later than 

4 90 days after the date on which the members of the Com5 mission are first appointed. 

6 SEC. 8. TERMINATION. 

7 The Commission shall terminate 30 days after the 

8 date on which the Commission submits its final report to 

9 the President and Congress under section 7. 

10 SEC. 9. AUTHORIZATION OF APPROPRIATIONS. 

11 There are authorized to be appropriated such sums 

12 as may be necessary to carry out this Act. 

Æ 


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