II 

110TH CONGRESS 

2D SESSION S. 3652 

To provide for financial market investigation, oversight, and reform. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 29 (legislative day, SEPTEMBER 17), 2008 

Ms. CANTWELL (for herself and Mr. LIEBERMAN) introduced the following 

bill; which was read twice and referred to the Committee on Banking, 

Housing, and Urban Affairs 

A BILL 

To provide for financial market investigation, oversight, and 

reform. 

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; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Financial Market Investigation, Oversight, and Reform 

6 Act of 2008’’. 

7 (1) TABLE OF CONTENTS.—The table of con8 tents for this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Establishing an independent, bipartisan Commission. 

Sec. 3. Establishing a joint select committee on financial market oversight reform and investigations. 

Sec. 4. Special Inspector General for financial markets oversight. 


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1 SEC. 2. ESTABLISHING AN INDEPENDENT, BIPARTISAN 

2 COMMISSION. 

3 (a) COMMISSION ESTABLISHMENT.—There is estab4 lished a temporary commission to be known as the Com5 mission on Financial Regulatory Reform (referred to in 

6 this Act as the ‘‘Commission’’). The Commission shall re7 view the financial regulatory structure and propose a com8 prehensive framework for fundamental reform of financial 

9 regulation in the United States. 

10 (b) FUNCTIONS OF THE COMMISSION.— 

11 (1) IN GENERAL.—The Commission shall con12 duct a top-to-bottom review of the Nation’s existing 

13 financial regulatory structure and the contribution 

14 of the current structure to the stability or instability 

15 of financial markets in order to develop a com16 prehensive framework for— 

17 (A) reforming the laws governing our Na18 tion’s financial markets; 

19 (B) strengthening and reconstituting regu20 latory agencies; and 

21 (C) improving transparency and oversight. 

22 (2) ANALYSIS.—In the course of its activities, 

23 the Commission shall analyze— 

24 (A) the impact of the financial regulatory 

25 structure on the health and stability of the 

26 United States economy; 


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1 (B) the strength, sustainability, and com2 petitiveness of the Nation’s financial institu3 tions; and 

4 (C) the financial well-being of American 

5 taxpayers, investors, and businesses. 

6 (3) CONSIDERATIONS.—The Commission shall 

7 review and consider all aspects of financial regula8 tion, including the regulation of— 

9 (A) bank holding companies, financial 

10 holding companies, commercial banks, invest11 ment banks, thrifts, credit unions, and indus12 trial loan companies; 

13 (B) payment and settlement systems; 

14 (C) hedge funds, private equity funds, and 

15 the markets for alternative investments; 

16 (D) special purpose vehicles and off-bal17 ance sheet financing for financial companies; 

18 (E) the securitization of mortgages and 

19 other assets; 

20 (F) exchange-based, electronic, and over21 the-counter markets for financial derivative 

22 products; 

23 (G) the mortgage finance industry, includ24 ing mortgage brokers and mortgage lending in25 stitutions; 


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1 (H) equity markets, including short-selling 

2 practices, and commodity futures markets; and 

3 (I) the insurance industry and its role in 

4 the financial markets. 

5 (c) POWERS OF THE COMMISSION.— 

6 (1) IN GENERAL.— 

7 (A) HEARINGS AND EVIDENCE.—The 

8 Commission or, on the authority of the Com9 mission, any subcommittee or member thereof, 

10 may, for the purpose of carrying out this Act— 

11 (i) hold such hearings and sit and act 

12 at such times and places, take such testi13 mony, receive such evidence, administer 

14 such oaths; and 

15 (ii) require the attendance and testi16 mony of such witnesses and the production 

17 of such books, records, correspondence, 

18 memoranda, papers, and documents, as the 

19 Commission or such designated sub20 committee or designated member may de21 termine advisable. 

22 (B) FIRST MEETING.—The first meeting of 

23 the Commission shall occur not later than 30 

24 days after the date of enactment of this Act. 


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1 (2) CONTRACTING.—The Commission may, to 

2 such extent and in such amounts as are provided in 

3 appropriation Acts, enter into contracts to enable 

4 the Commission to discharge its duties under this 

5 Act. 

6 (3) INFORMATION FROM FEDERAL AGENCIES.— 

7 (A) IN GENERAL.—The Commission is au8 thorized to secure directly from any executive 

9 department, bureau, agency, board, commission, 

10 office, independent establishment, or instrumen11 tality of the Government, information, sugges12 tions, estimates, and statistics for the purposes 

13 of this Act. Each department, bureau, agency, 

14 board, commission, office, independent estab15 lishment, or instrumentality shall, to the extent 

16 authorized by law, furnish such information, 

17 suggestions, estimates, and statistics directly to 

18 the Commission, upon request made by the 

19 chairman, the chairman of any subcommittee 

20 created by a majority of the Commission, or 

21 any member designated by a majority of the 

22 Commission. 

23 (B) RECEIPT, HANDLING, STORAGE, AND

24 DISSEMINATION.—Information shall only be re25 ceived, handled, stored, and disseminated by 


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1 members of the Commission and its staff con2 sistent with all applicable statutes, regulations, 

3 and Executive orders. 

4 (4) ASSISTANCE FROM FEDERAL AGENCIES.— 

5 (A) GENERAL SERVICES ADMINISTRA6 TION.—The Administrator of General Services 

7 shall provide to the Commission on a reimburs8 able basis administrative support and other 

9 services for the performance of the Commis10 sion’s functions. 

11 (B) OTHER DEPARTMENTS AND AGEN12 CIES.—In addition to the assistance prescribed 

13 in subparagraph (A), departments and agencies 

14 of the United States may provide to the Com15 mission such services, funds, facilities, staff, 

16 and other support services as they may deter17 mine advisable and as may be authorized by 

18 law. 

19 (5) GIFTS.—The Commission may accept, use, 

20 and dispose of gifts or donations of services or prop21 erty. 

22 (6) POSTAL SERVICES.—The Commission may 

23 use the United States mails in the same manner and 

24 under the same conditions as departments and agen25 cies of the United States. 


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1 (d) NON-APPLICABILITY OF FEDERAL ADVISORY

2 COMMITTEE ACT.— 

3 (1) IN GENERAL.—The Federal Advisory Com4 mittee Act (5 U.S.C. App.) shall not apply to the 

5 Commission. 

6 (2) PUBLIC MEETINGS AND RELEASE OF PUB7 LIC VERSIONS OF REPORTS.—The Commission 

8 shall— 

9 (A) hold public hearings and meetings to 

10 the extent appropriate; and 

11 (B) release public versions of the reports 

12 required under this Act. 

13 (3) PUBLIC HEARINGS.—Any public hearings of 

14 the Commission shall be conducted in a manner con15 sistent with the protection of information provided 

16 to or developed for or by the Commission as re17 quired by any applicable statute, regulation, or Ex18 ecutive order. 

19 (e) COMPOSITION.— 

20 (1) IN GENERAL.—The Commission shall be 

21 composed of 12 members, selected not later than 15 

22 days after the date of enactment of this Act, of 

23 whom— 

24 (A) three persons shall be appointed by the 

25 majority leader of the Senate, after consultation 


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1 with the Chairman of the Committee on Bank2 ing, Housing and Urban Affairs; 

3 (B) three persons shall be appointed by the 

4 minority leader of the Senate, after consultation 

5 with the ranking minority members of the Com6 mittee on Banking, Housing and Urban Affairs; 

7 (C) three persons shall be appointed by the 

8 Speaker of the House of Representatives, after 

9 consultation with the Chairman of the Com10 mittee on Financial Services; and 

11 (D) three persons shall be appointed by 

12 the minority leader of the House of Representa13 tives, after consultation with the ranking minor14 ity member of the Committee on Financial 

15 Services. 

16 (2) QUALIFICATIONS.—An individual appointed 

17 may not be an officer or employee of the Federal 

18 Government or any State or local government. It is 

19 the sense of Congress that individuals appointed to 

20 the Commission should be have national recognition 

21 as financial sector experts, and may include former 

22 government officials, private market participants, 

23 and representatives of the academic community, 

24 (3) OFFICERS.—Officers of the Commission are 

25 to be chosen by the Commission’s membership. 


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1 (f) FINAL REPORT OF COMMISSION.—Not later than 

2 120 days after the date of the enactment of this Act, the 

3 Commission shall submit to the President and Congress 

4 a final report containing such findings, conclusions, and 

5 recommendations for corrective measures as have been 

6 agreed to by a majority of committee members. 

7 (g) COMPENSATION OF COMMISSION STAFF.— 

8 (1) IN GENERAL.— 

9 (A) APPOINTMENT AND COMPENSATION.— 

10 The chairman, in consultation with vice chair11 man, in accordance with rules agreed upon by 

12 the Commission, may appoint and fix the com13 pensation of a staff director and such other per14 sonnel as may be necessary to enable the Com15 mission to carry out its functions, without re16 gard to the provisions of title 5, United States 

17 Code, governing appointments in the competi18 tive service, and without regard to the provi19 sions of chapter 51 and subchapter III of chap20 ter 53 of such title relating to classification and 

21 General Schedule pay rates, except that no rate 

22 of pay fixed under this subsection may exceed 

23 the equivalent of that payable for a position at 

24 level V of the Executive Schedule under section 

25 5316 of title 5, United States Code. 


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1 (B) PERSONNEL AS FEDERAL EMPLOY2 EES.— 

3 (i) IN GENERAL.—The executive di4 rector and any personnel of the Commis5 sion who are employees shall be employees 

6 under section 2105 of title 5, United 

7 States Code, for purposes of chapters 63, 

8 81, 83, 84, 85, 87, 89, and 90 of that title. 

9 (ii) MEMBERS OF COMMISSION.—Sub10 paragraph (A) shall not be construed to 

11 apply to members of the Commission. 

12 (2) DETAILEES.—Any Federal Government em13 ployee may be detailed to the Commission without 

14 reimbursement from the Commission, and such 

15 detailee shall retain the rights, status, and privileges 

16 of his or her regular employment without interrup17 tion. 

18 (3) CONSULTANT SERVICES.—The Commission 

19 is authorized to procure the services of experts and 

20 consultants in accordance with section 3109 of title 

21 5, United States Code, but at rates not to exceed the 

22 daily rate paid a person occupying a position at level 

23 IV of the Executive Schedule under section 5315 of 

24 title 5, United States Code. 

25 (h) COMPENSATION AND TRAVEL EXPENSES.— 


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1 (1) COMPENSATION.—Each member of the 

2 Commission may be compensated at not to exceed 

3 the daily equivalent of the annual rate of basic pay 

4 in effect for a position at level IV of the Executive 

5 Schedule under section 5315 of title 5, United 

6 States Code, for each day during which that member 

7 is engaged in the actual performance of the duties 

8 of the Commission. 

9 (2) TRAVEL EXPENSES.—While away from 

10 their homes or regular places of business in the per11 formance of services for the Commission, members 

12 of the Commission shall be allowed travel expenses, 

13 including per diem in lieu of subsistence, in the 

14 same manner as persons employed intermittently in 

15 the Government service are allowed expenses under 

16 section 5703(b) of title 5, United States Code. 

17 (i) REPORTS OF COMMISSION; TERMINATION.— 

18 (1) INTERIM REPORTS.—The Commission may 

19 submit to the President and Congress interim re20 ports containing such findings, conclusions, and rec21 ommendations for corrective measures as have been 

22 agreed to by a majority of Commission members. 

23 (2) FINAL REPORT.—Not later than 4 months 

24 after the date of the enactment of this Act, the 

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1 gress a final report containing such findings, conclu2 sions, and recommendations for corrective measures 

3 as have been agreed to by a majority of Commission 

4 members. 

5 (3) TERMINATION.— 

6 (A) IN GENERAL.—The Commission, and 

7 all the authorities of this Act, shall terminate 

8 60 days after the date on which the final report 

9 is submitted under paragraph (2). 

10 (B) ADMINISTRATIVE ACTIVITIES BEFORE

11 TERMINATION.—The Commission may use the 

12 60-day period referred to in subparagraph (A) 

13 for the purpose of concluding its activities, in14 cluding providing testimony to committees of 

15 Congress concerning its reports and dissemi16 nating the final report. 

17 (j) FUNDING.— 

18 (1) TRANSFER FROM THE DEPARTMENT OF

19 THE TREASURY TARP PROGRAM.—Of the amounts 

20 authorized to be appropriated by this Act and made 

21 available in public law for the, not to exceed 

22 $5,000,000 shall be available for transfer to the 

23 Commission for purposes of the activities of the 

24 Commission under this Act and should include as25 sistance for participating Federal agencies. 


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1 (2) DURATION OF AVAILABILITY.—Amounts 

2 made available to the Commission under paragraph 

3 (1) shall remain available until the termination of 

4 the Commission. 

5 SEC. 3. ESTABLISHING A JOINT SELECT COMMITTEE ON FI6 NANCIAL MARKET OVERSIGHT REFORM AND 

7 INVESTIGATIONS. 

8 (a) ESTABLISHMENT AND COMPOSITION.— 

9 (1) IN GENERAL.—There is established a multi10 disciplinary Joint Select Committee on Financial 

11 Market Oversight Reform and Investigations (re12 ferred to in this section as the ‘‘joint select com13 mittee’’). The Senate majority leader, Senate minor14 ity leader, the Speaker of the House, and House mi15 nority leader shall jointly determine the number of 

16 members who shall serve on the committee, with 

17 equal representation from each the Senate and the 

18 House of Representatives, and from the majority 

19 party and minority party. 

20 (2) PURPOSE.—The purpose of the joint select 

21 committee shall be to conduct a full investigation of 

22 the causes of the financial turmoil and propose cor23 rective actions to the appropriate committees of ju24 risdiction. 


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1 (3) VACANCY.—A vacancy in the joint select 

2 committee shall not affect the power of the remain3 ing members to execute the functions of the joint se4 lect committee, and shall be filled in the same man5 ner as the original selection. 

6 (4) LEGISLATIVE AUTHORITY.—The joint select 

7 committee shall not have any legislative authority. 

8 (b) INVESTIGATION AND REPORT.— 

9 (1) INVESTIGATION.—The joint select com10 mittee shall— 

11 (A) conduct a full investigation of the 

12 causes of the financial turmoil; and 

13 (B) possess full investigative authority, in14 cluding subpoena power, to investigate mis15 deeds, manipulative schemes, or malfeasance by 

16 executives and traders of financial sector firms 

17 involved in the current financial crisis, as well 

18 as failures of Federal oversight agencies to 

19 meet their regulatory responsibilities. 

20 (2) REPORT.— 

21 (A) IN GENERAL.—The joint select com22 mittee shall submit to the appropriate commit23 tees of jurisdiction of the House of Representa24 tives and the Senate a report of its findings and 

25 recommended corrective actions not later than 


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1 12 months after the date of enactment of this 

2 Act. 

3 (B) FRAUD.—The report shall include rec4 ommendations whether to increase criminal and 

5 civil penalties for fraud and malfeasance. 

6 (C) MAJORITY VOTE REQUIREMENT.—No 

7 recommendation shall be made by the joint se8 lect committee except upon the majority vote of 

9 the members from each House, respectively. 

10 (D) RULES PROCEDURE.—Notwith11 standing any other provision of this section, any 

12 recommendation with respect to the rules and 

13 procedures of one House that only affects mat14 ters related solely to that House may only be 

15 made and voted on by members of the joint se16 lect committee from that House and, upon its 

17 adoption by a majority of such members, shall 

18 be considered to have been adopted by the full 

19 committee as a recommendation of the joint se20 lect committee. 

21 (3) HEARINGS.—In conducting the investiga22 tion under paragraph (1), the joint select committee 

23 shall hold not fewer than 5 public hearings. 


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1 (c) RESOURCES.—The joint select committee may 

2 utilize the resources of the House of Representatives and 

3 Senate. 

4 (d) DISSOLUTION.—The joint select committee shall 

5 cease to exist 30 days after the submission of the report 

6 described in subsection (b)(2). 

7 SEC. 4. SPECIAL INSPECTOR GENERAL FOR FINANCIAL 

8 MARKETS OVERSIGHT. 

9 (a) PURPOSES.—The purposes of this section are 

10 to— 

11 (1) provide for the appointment of an Inspector 

12 General to conduct, supervise, and coordinate inves13 tigations into whether ethics violations or conflicts of 

14 interest between regulators and their regulated enti15 ties or markets may have affected agency decision16 making between January 2002 and August 2008; 

17 and 

18 (2) use the forum of President’s Council on In19 tegrity and Efficiency and Executive Council on In20 tegrity and Efficiency to share findings and best 

21 practices with regards to ethics, conflicts of interest, 

22 oversight, and accountability. 

23 (b) OFFICE OF INSPECTOR GENERAL.—There is es24 tablished the Office of the Inspector General for Financial 

25 Markets Oversight. 


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1 (c) APPOINTMENT OF INSPECTOR GENERAL; RE2 MOVAL.— 

3 (1) IN GENERAL.—The head of the Office of 

4 the Inspector General for Financial Markets Over5 sight (referred to in this section as ‘‘Inspector Gen6 eral’’) shall be selected by and among the Inspectors 

7 General of agencies and commissions set forth in 

8 subsection (e)(3). 

9 (2) TIMING.—The nomination of an individual 

10 as Inspector General shall be made not later than 30 

11 days after the date of the enactment of this Act. 

12 (3) REMOVAL.—The Inspector General shall be 

13 removable from office in accordance with the provi14 sions of section 3(b) of the Inspector General Act of 

15 1978 (5 U.S.C. App.). 

16 (4) STATUS.—For purposes of section 7324 of 

17 title 5, United States Code, the Inspector General 

18 shall not be considered an employee who determines 

19 policies to be pursued by the United States in the 

20 nationwide administration of Federal law. 

21 (5) PAY.—The annual rate of basic pay of the 

22 Inspector General shall be the annual rate of basic 

23 pay provided for positions at level IV of the Execu24 tive Schedule under section 5315 of title 5, United 

25 States Code. 


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1 (d) ASSISTANT INSPECTORS GENERAL.—The Inspec2 tor General shall, in accordance with applicable laws and 

3 regulations governing the civil service appoint an Assistant 

4 Inspector General for Investigations who shall have the 

5 responsibility for supervising the performance of investiga6 tive activities relating to possible ethics violations and or 

7 conflicts of interest at the respective agencies. 

8 (e) DUTIES.— 

9 (1) IN GENERAL.—It shall be the duty of the 

10 Inspector General to conduct, supervise, and coordi11 nate investigations into whether ethics violations or 

12 conflicts of interest between regulators and their 

13 regulated entities or markets may have affected 

14 agency decision-making between January 2002 and 

15 August 2008. 

16 (2) ADDITIONAL DUTIES.—In addition to the 

17 duties specified in paragraph (1), the Inspector Gen18 eral shall also have the duties and responsibilities of 

19 inspectors general under the Inspector General Act 

20 of 1978. 

21 (3) COOPERATION.—In carrying out the duties, 

22 responsibilities, and authorities of the Inspector 

23 General under this section, the Inspector General 

24 shall coordinate with, and receive the cooperation of, 

25 each of the following: 


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1 (A) The Inspector General of the Securi2 ties and Exchange Commission. 

3 (B) The Inspector General of the Treasury 

4 Department. 

5 (C) The Inspector General of the Commod6 ities Futures Trading Commission. 

7 (D) The Inspector General of the Board of 

8 Governors of the Federal Reserve System. 

9 (E) The Inspector General of the Office of 

10 the Comptroller of the Currency. 

11 (F) The Inspector General of the Federal 

12 Deposit Insurance Corporation. 

13 (f) POWERS AND AUTHORITIES.— 

14 (1) AUTHORITIES.—In carrying out the duties 

15 specified in subsection (e), the Inspector General 

16 shall have the authorities provided in section 6 of 

17 the Inspector General Act of 1978. 

18 (2) DUTIES.—The Inspector General shall carry 

19 out the duties specified in subsection (e)(1) in ac20 cordance with section 4(b)(1) of the Inspector Gen21 eral Act of 1978. 

22 (g) PERSONNEL, FACILITIES, AND OTHER RE23 SOURCES.— 

24 (1) PERSONNEL.—The Inspector General may 

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1 ployees as may be necessary for carrying out the du2 ties of the Inspector General, subject to the provi3 sions of title 5, United States Code, governing ap4 pointments in the competitive service, and the provi5 sions of chapter 51 and subchapter III of chapter 53 

6 of such title, relating to classification and General 

7 Schedule pay rates. 

8 (2) SERVICES.—The Inspector General may ob9 tain services as authorized by section 3109 of title 

10 5, United States Code, at daily rates not to exceed 

11 the equivalent rate prescribed for grade GS–15 of 

12 the General Schedule by section 5332 of such title. 

13 (3) INFORMATION.— 

14 (A) IN GENERAL.—Upon request of the In15 spector General for information or assistance 

16 from any department, agency, or other entity of 

17 the Federal Government, the head of such enti18 ty shall, insofar as is practicable and not in 

19 contravention of any existing law, furnish such 

20 information or assistance to the Inspector Gen21 eral, or an authorized designee. 

22 (B) REPORT OF NONCOOPERATION.— 

23 Whenever information or assistance requested 

24 by the Inspector General is, in the judgment of 

25 the Inspector General, unreasonably refused or 


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1 not provided, the Inspector General shall report 

2 the circumstances to the appropriate commit3 tees of Congress without delay. 

4 (h) REPORTS.— 

5 (1) IN GENERAL.—Not later than March 30, 

6 2009, the Inspector General shall submit to the ap7 propriate committees of Congress a report on wheth8 er ethics violations or conflicts of interest between 

9 regulators and their regulated entities or markets 

10 may have affected agency decision-making between 

11 January 2002 and August 2008. 

12 (2) CONTENTS.—The report on the Inspector 

13 General findings shall include recommendations on 

14 how to improve and strengthen financial market reg15 ulatory agencies to avert future ethics violations or 

16 conflicts of interest. 

17 (i) APPROPRIATE COMMITTEES OF CONGRESS DE18 FINED.—In this section, the term ‘‘appropriate commit19 tees of Congress’’ means— 

20 (1) the Committees on Banking, Housing and 

21 Urban Affairs, Homeland Security and Government 

22 Affairs, Finance, and Judiciary of the Senate; 

23 (2) the Committees on Financial Services, 

24 Oversight and Government Reform, and Judiciary of 

25 the House of Representatives; and 


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1 (3) the Joint Select Committee on Financial 

2 Market Oversight Reform and Investigations. 

Æ 


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