SEC. 2. FINDINGS AND PURPOSE. 
(a) FINDINGS.—The Congress makes the following 
findings: 
(1) The United States is experiencing a wave of 
foreclosures and mortgage lending problems that has 
had widespread negative repercussions for world 
credit markets, the United States economy, and 
neighborhoods and families in the United States. 
(2) The large number of actors, the complexity 
of the transactions involved, and the lack of clear 
lines of accountability have revealed numerous op-
portunities to improve legislative and regulatory 
oversight of the industries involved. 
(3) This crisis has caused many Americans to 
lose their homes, their jobs, and their financial sta-
bility. 
(4) The magnitude of this crisis, the likelihood 
that foreclosure filings will continue to increase, and 
the widespread effects throughout the world econ-
omy make it critically important that a bipartisan 
commission undertake a comprehensive examination 
of the causes of this crisis, the solutions to the cri-
sis, and the legislative and regulatory changes that 
will prevent such a crisis from occurring in the fu-
ture. 
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(b) PURPOSE.—The purpose of this Act is to estab-
lish a Commission to perform a detailed and comprehen-
sive examination of the origins and causes of the current 
foreclosure crisis and to issue a report of its findings to 
the President and to the Congress, which shall also rec-
ommend legislative and regulatory changes that will assist 
homeowners who are currently in danger of losing their 
homes, stem the rising tide of foreclosures, and prevent 
the occurrence of similar crises in the future. 
SEC. 3. ESTABLISHMENT. 
There is established a bipartisan commission to be 
known as the Commission to Preserve the American 
Dream (in this Act referred to as the ‘‘Commission’’). 
SEC. 4. MEMBERSHIP. 
(a) MEMBERS.—The Commission shall be composed 
of the following individuals or their designees: 
(1) 1 member shall be appointed by the Speak-
er of the House of Representatives, in consultation 
with the majority leader of the Senate, who shall 
serve as chairperson of the Commission. 
(2) The Secretary of Housing and Urban Devel-
opment. 
(3) The Chairman of the Board of Governors of 
the Federal Reserve System. 
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(4) The chief executive officer of the Federal 
National Mortgage Association. 
(5) The chief executive officer of the Federal 
Home Loan Mortgage Corporation. 
(6) 8 additional members or their designees, ap-
pointed in the following manner: 
(A) 2 members appointed by the Speaker 
of the House of Representatives. 
(B) 2 members appointed by the minority 
leader of the House of Representatives. 
(C) 2 members appointed by the majority 
leader of the Senate. 
(D) 2 members appointed by the minority 
leader of the Senate. 
(b) CONSULTATION REQUIRED.—The Speaker of the 
House of Representatives, the minority leader of the 
House of Representatives, the majority leader of the Sen-
ate, and the minority leader of the Senate shall consult 
among themselves prior to the appointment of the mem-
bers of the Commission designated in subsection (a)(6) in 
order to achieve, to the maximum extent possible, fair and 
equitable representation of various points of view with re-
spect to the matters to be studied by the Commission. 
(c) BACKGROUND.—The members of the Commission 
designated in subsection (a)(6) shall have expertise in a 
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broad range of issues, including community housing, con-
sumer lending, real estate finance, economics, mortgage 
banking, loan servicing, credit risk assessment, and the 
operation of housing finance agencies at the State govern-
ment level. 
(d) PERIOD OF APPOINTMENT.— 
(1) IN GENERAL.—Each member of the Com-
mission shall be appointed for the life of the Com-
mission. 
(2) VACANCIES.—A vacancy on the Commission 
shall not affect its powers, but shall be filled in the 
same manner as the original appointment was made. 
(e) QUORUM.— 
(1) MAJORITY.—A majority of the members of 
the Commission shall constitute a quorum, but a 
lesser number may hold hearings. 
(2) APPROVAL ACTIONS.—All recommendations 
and reports of the Commission required by this Act 
shall be approved only by a majority vote of a 
quorum of the Commission. 
(f) MEETINGS.— 
(1) FIRST
MEETING.—The Speaker of the 
House shall call the first meeting of the Commission 
not later than— 
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(A) 60 days after the date of enactment of 
this Act; or 
(B) 30 days after the date of the enact-
ment of legislation making appropriations to 
carry out this Act. 
(2) SUBSEQUENT MEETINGS.—Except as pro-
vided in paragraph (1), the Commission shall meet 
at the call of the Chairperson. 
SEC. 5. DUTIES AND PURPOSE. 
(a) ASSESSMENTS.—The Commission shall study and 
assess— 
(1) the adequacy of the existing legal and regu-
latory framework to address the current foreclosure 
and mortgage lending crisis and to prevent similar 
crises from happening in the future; 
(2) the role of the States versus the role of the 
Federal Government in ensuring homeowners are 
protected against unscrupulous lending practices; 
and 
(3) the effects of this crisis on the domestic and 
world economies. 
(b) RECOMMENDATIONS.—The Commission shall 
make recommendations of— 
(1) ways to assist homeowners currently in dan-
ger of losing their homes; 
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(2) ways to encourage lenders and borrowers to 
work together to prevent foreclosure; and 
(3) legislative and regulatory changes that will 
provide protection for homeowners against unscrupu-
lous lending practices and strengthen accountability 
for those involved in the mortgage lending market. 
SEC. 6. POWERS. 
(a) HEARINGS.—The Commission or, at its direction, 
any subcommittee or member of the Commission, may, for 
the purpose of carrying out this Act— 
(1) hold such public hearings in such cities and 
countries, sit and act at such times and places, take 
such testimony, receive such evidence, and admin-
ister such oaths as the Commission or such sub-
committee or member considers advisable; and 
(2) require, by subpoena or otherwise, the at-
tendance and testimony of such witnesses and the 
production of such books, records, correspondence, 
memoranda, papers, documents, tapes, and materials 
as the Commission or such subcommittee or member 
considers advisable. 
(b) 
ISSUANCE
AND
ENFORCEMENT
OF
SUB-
POENAS.— 
(1) ISSUANCE.—Subpoenas issued under sub-
section (a) shall bear the signature of the Chair-
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partment or agency shall furnish such information to the 
Commission. 
(e) POSTAL SERVICES.—The Commission may use 
the United States mails in the same manner and under 
the same conditions as other departments and agencies of 
the Federal Government. 
SEC. 7. PERSONNEL. 
(a) COMPENSATION OF MEMBERS.—Each member of 
the Commission who is not an officer or employee of the 
Federal Government shall be compensated at a rate equal 
to the daily equivalent of the annual rate of basic pay pre-
scribed for level IV of the Executive Schedule under sec-
tion 5315 of title 5, United States Code, for each day (in-
cluding travel time) during which such member is engaged 
in the performance of the duties of the Commission. All 
members of the Commission who are officers or employees 
of the United States shall serve without compensation in 
addition to that received for their services as officers or 
employees of the United States. 
(b) TRAVEL EXPENSES.—The members of the Com-
mission shall be allowed travel expenses, including per 
diem in lieu of subsistence, at rates authorized for employ-
ees of agencies under subchapter I of chapter 57 of title 
5, United States Code, while away from their homes or 
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regular places of business in the performance of services 
for the Commission. 
(c) STAFF.— 
(1) IN
GENERAL.—The Chairperson of the 
Commission may, without regard to the civil service 
laws and regulations, appoint and terminate the em-
ployment of such personnel as may be necessary to 
enable the Commission to perform its duties. 
(2) COMPENSATION.—The Chairperson of the 
Commission may fix the compensation of the per-
sonnel without regard to chapter 51 and subchapter 
III of chapter 53 of title 5, United States Code, re-
lating to classification of positions and General 
Schedule pay rates, except that the rate of pay for 
the personnel may not exceed the rate payable for 
level V of the Executive Schedule under section 5316 
of such title. 
(d) DETAIL
OF GOVERNMENT EMPLOYEES.—Any 
Federal Government employee may be detailed to the 
Commission without reimbursement, and such detail shall 
be without interruption or loss of civil service status or 
privilege. 
(e) PROCUREMENT OF TEMPORARY AND INTERMIT-
TENT SERVICES.—The Chairperson of the Commission 
may procure temporary and intermittent services under 
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section 3109(b) of title 5, United States Code, at rates 
for individuals that do not exceed the daily equivalent of 
the annual rate of basic pay prescribed for level V of the 
Executive Schedule under section 5316 of such title. 
(f) OTHER ADMINISTRATIVE MATTERS.—The Com-
mission may— 
(1) enter into agreements with the Adminis-
trator of General Services to procure necessary fi-
nancial and administrative services; 
(2) enter into contracts to procure supplies, 
services, and property; and 
(3) enter into contracts with Federal, State, or 
local agencies, or private institutions or organiza-
tions, for the conduct of research or surveys, the 
preparation of reports, and other activities necessary 
to enable the Commission to perform its duties. 
SEC. 8. REPORT. 
(a) IN GENERAL.—Not later than 180 days after the 
appointment of the Commission members under section 4, 
the Commission shall submit to the President and the 
Congress a final report containing a detailed statement 
of its findings, together with any recommendations for leg-
islation or administrative action that the Commission con-
siders appropriate, in accordance with the requirements 
of section 5. 
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(b) CONSIDERATIONS.—In developing any rec-
ommendations under subsection (a), the Commission shall 
consider— 
(1) the role of the Federal Government in pre-
venting similar crises in the future and its role in as-
sisting homeowners today; 
(2) ways in which to strengthen accountability 
of all actors involved, including homeowners, mort-
gage brokers, lenders, appraisers, State housing 
agencies, the Federal Housing Administration, Gov-
ernment-sponsored enterprises, credit rating agen-
cies, investors in collateralized debt obligations, the 
Federal Reserve System, and other Federal agencies 
with jurisdiction over entities involved with the fore-
closure crisis; 
(3) the extent to which predatory and abusive 
lending practices contributed to the crisis and 
whether new legislation is required to curb such 
practices; 
(4) the role of subprime lending practices in 
precipitating this crisis; and 
(5) ways to prevent blight and whether targeted 
solutions may be required for neighborhoods that 
have been particularly hard hit by the crisis. 
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SEC. 9. TERMINATION. 
The Commission shall terminate upon the expiration 
of the 90-day period beginning upon the date on which 
the Commission submits its report to the Congress under 
section 8(a). 
SEC. 10. AUTHORIZATION OF APPROPRIATIONS. 
(a) IN GENERAL.—There is authorized to be appro-
priated $3,000,000 to carry out this Act. 
(b) AVAILABILITY.—Any amounts appropriated pur-
suant to this section shall remain available, without fiscal 
year limitation, until expended. 
Æ 
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