IV 

111TH CONGRESS 

1ST SESSION H. RES. 345 

Establishing a select committee to make a thorough and complete 

investigation of the causes of the current financial crisis and other matters. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 21, 2009 

Mr. DINGELL submitted the following resolution; which was referred to the 

Committee on Rules 

RESOLUTION 

Establishing a select committee to make a thorough and 

complete investigation of the causes of the current financial crisis and other matters. 

Whereas the current financial crisis was caused by weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, 

and consequent excessive leverage, which combined to 

create vulnerabilities in the global financial system; 

Whereas the current financial crisis has exposed the imprudence of prior deregulation of the financial services industry, as well as pervasive weaknesses in the enforcement of existing regulations for and deficiencies in Federal and State regulatory authority related to that industry; and 


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Whereas the current financial crisis has severely depressed 

housing prices, caused a precipitous decline in the net 

worth of Americans, constricted global credit markets, 

contracted growth of the Nation’s gross domestic product, and increased the United States rate of unemployment: Now, therefore, be it 

1 Resolved, 

2 SECTION 1. ESTABLISHMENT. 

3 There is established a select committee to investigate 

4 the causes of the current financial crisis. 

5 SEC. 2. COMPOSITION. 

6 The select committee shall be composed of 15 mem7 bers appointed by the Speaker from among the members 

8 of the Committee on Financial Services, the Committee 

9 on Agriculture, the Committee on Energy and Commerce, 

10 and the Committee on Oversight and Government Reform, 

11 of whom 6 shall be appointed after consultation with the 

12 minority leader. The Speaker shall designate one member 

13 as the chair. 

14 SEC. 3. INVESTIGATION AND REPORT. 

15 (a) INVESTIGATION.—The select committee is author16 ized and directed to conduct a thorough and complete in17 vestigation of— 

18 (1) the operation by any person, firm, co-part19 nership, company, association, corporation, or other 

20 entity of the business of banking, financing, and exVerDate Nov 24 2008 05:46 Apr 22, 2009 Jkt 079200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\HR345.IH HR345

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1 tending credit; and of the business of issuing, offer2 ing, or selling securities, futures, and derivatives; 

3 (2) the operation of any mortgage broker and 

4 originator with respect to the business of issuing, of5 fering, or selling securities, futures, and derivatives; 

6 (3) the practices of any insurance company or 

7 insurance company affiliate relative or related to the 

8 business of issuing, offering, or selling securities, fu9 tures, and derivatives; 

10 (4) the practices with respect to the buying and 

11 selling and the borrowing and lending of securities 

12 which are traded upon the various securities ex13 changes, or on the over-the-counter market, or on 

14 any other market; and of the values of such securi15 ties, as well as the practices of agencies related to 

16 rating securities; and 

17 (5) the effect of all such business operations 

18 and practices upon interstate and foreign commerce, 

19 upon the industrial and commercial credit structure 

20 of the United States, upon the operation of the na21 tional banking system and the Federal Reserve Sys22 tem, upon the market for securities of the United 

23 States Government, upon the market for securities, 

24 futures, and derivatives, and the desirability of re25 forming the regulation of any such business and any 


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1 such securities, futures, and derivatives, including 

2 the ability of the United States to impose civil or 

3 criminal penalties with respect to any such oper4 ations and practices deemed fraudulent or contrary 

5 to the public interest. 

6 (b) REPORT.—The select committee shall report its 

7 findings to the House during the current Congress. 

8 SEC. 4. PROCEDURES. 

9 (a) AUTHORITY.—For the purpose of carrying out 

10 this resolution, the select committee may sit and act dur11 ing the present Congress at any time and place within the 

12 United States or elsewhere, whether the House is in ses13 sion, has recessed, or has adjourned and hold such hear14 ings as it considers necessary. 

15 (b) RULES OF PROCEDURE.—Rule XI of the Rules 

16 of the House of Representatives (including the authority 

17 to subpoena witnesses and documents) shall apply to the 

18 select committee. 

19 SEC. 5. ADMINISTRATIVE PROVISIONS. 

20 (a) EXPENSES.—There shall be paid out of the appli21 cable accounts of the House such sums as may be nec22 essary for the expenses of the select committee. Such pay23 ments shall be made on vouchers signed by the chairman 

24 of the select committee and approved in the manner di25 rected by the Committee on House Administration. 


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1 Amounts made available under this subsection shall be ex2 pended in accordance with regulations prescribed by the 

3 Committee on House Administration. 

4 (b) STAFF AND TRAVEL.—In carrying out its func5 tions under this resolution, the select committee may— 

6 (1) appoint, either on a permanent basis or as 

7 experts or consultants, any staff that the select com8 mittee considers necessary; 

9 (2) prescribe the duties and responsibilities of 

10 the staff; 

11 (3) fix the compensation of the staff at per 

12 annum gross rates that do not exceed the highest 

13 rate of basic pay, as in effect from time to time, of 

14 level V of the Executive Schedule in section 5316 of 

15 title 5, United States Code; 

16 (4) terminate the employment of any such staff 

17 as the select committee considers appropriate; 

18 (5) reimburse members of the select committee 

19 and its staff for travel, subsistence, and other nec20 essary expenses incurred by them in the performance 

21 of their functions for the select committee, other 

22 than expenses in connection with any meeting of the 

23 select committee held in the District of Columbia; 

24 and 


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1 (6) obtain detailees or staff from the executive 

2 or legislative branch of the Government, who shall 

3 be deemed staff of the select committee. 

4 SEC. 7. DISSOLUTION AND DISPOSITION OF RECORDS. 

5 (a) DISSOLUTION.—The select committee shall cease 

6 to exist 30 days after filing the report required under sec7 tion 3. 

8 (b) RECORDS.—Upon dissolution of the select com9 mittee, the records of the select committee shall become 

10 the records of the Committee on Financial Services, the 

11 Committee on Agriculture, the Committee on Energy and 

12 Commerce, and the Committee on Oversight and Govern13 ment Reform. 

Æ 


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