(1) 1 member shall be appointed by the Presi-
dent, who shall serve as chairman of the Commis-
sion; 
(2) 1 member shall be appointed by the leader 
of the Senate (majority or minority leader, as the 
case may be) of the Democratic Party, in consulta-
tion with the leader of the House of Representatives 
(majority or minority leader, as the case may be) of 
the Democratic Party, who shall serve as vice chair-
man of the Commission; 
(3) 2 members shall be appointed by the senior 
member of the Senate leadership of the Democratic 
Party; 
(4) 2 members shall be appointed by the senior 
member of the leadership of the House of Represent-
atives of the Republican Party; 
(5) 2 members shall be appointed by the senior 
member of the Senate leadership of the Republican 
Party; and 
(6) 2 members shall be appointed by the senior 
member of the leadership of the House of Represent-
atives of the Democratic Party. 
(b) QUALIFICATIONS; INITIAL MEETING.— 
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(1) POLITICAL PARTY AFFILIATION.—Not more 
than 5 members of the Commission shall be from 
the same political party. 
(2) NONGOVERNMENTAL APPOINTEES.—An in-
dividual appointed to the Commission may not be an 
officer or employee of the Federal Government or 
any State or local government. 
(3) OTHER QUALIFICATIONS.—It is the sense of 
Congress that individuals appointed to the Commis-
sion should be prominent United States citizens, 
with national recognition and significant depth of ex-
perience in such professions as governmental service, 
financial services, economics, law, public administra-
tion, commerce, and foreign markets. 
(4) DEADLINE FOR APPOINTMENT.—All mem-
bers of the Commission shall be appointed on or be-
fore December 1, 2008. 
(5) INITIAL MEETING.—The Commission shall 
meet and begin the operations of the Commission as 
soon as practicable. 
(c) QUORUM; VACANCIES.—After its initial meeting, 
the Commission shall meet upon the call of the chairman 
or a majority of its members. Six members of the Commis-
sion shall constitute a quorum. Any vacancy in the Com-
mission shall not affect its powers, but shall be filled in 
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the same manner in which the original appointment was 
made. 
SEC. 5. FUNCTIONS OF COMMISSION. 
(a) IN GENERAL.—The functions of the Commission 
are to— 
(1) conduct an investigation that— 
(A) investigates relevant facts and cir-
cumstances relating to the financial crisis of 
2008, including any relevant legislation, Execu-
tive order, regulation, plan, policy, practice, or 
procedure; and 
(B) may include relevant facts and cir-
cumstances relating to— 
(i) government sponsored enterprises 
(GSE), including the Federal National 
Mortgage Association (Fannie Mae), and 
the Federal Home Loan Mortgage Cor-
poration (Freddie Mac); 
(ii) the stock market; 
(iii) the housing market; 
(iv) credit rating agencies; 
(v) the financial services sector, in-
cluding hedge funds, private equity and the 
insurance industry; 
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(vi) the role of congressional oversight 
and resource allocation; and 
(vii) other areas of the public and pri-
vate sectors determined relevant by the 
Commission for its inquiry; 
(2) identify, review, and evaluate the lessons 
learned from the financial crisis of 2008, regarding 
the structure, coordination, management policies, 
and procedures of the Federal Government, and, if 
appropriate, State and local governments and non-
governmental entities, relative to detecting, pre-
venting, and responding to such financial crises; and 
(3) submit to the President and Congress such 
reports as are required by this Act containing such 
findings, conclusions, and recommendations as the 
Commission shall determine, including proposing or-
ganization, coordination, planning, management ar-
rangements, procedures, rules, and regulations, and 
reports of the on-going review by the Commission 
under section 11(c) after the submission of the final 
investigative report. 
SEC. 6. POWERS OF COMMISSION. 
(a) IN GENERAL.— 
(1) HEARINGS AND EVIDENCE.—The Commis-
sion or, on the authority of the Commission, any 
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subcommittee or member thereof, may, for the pur-
pose of carrying out this Act— 
(A) hold such hearings and sit and act at 
such times and places, take such testimony, re-
ceive such evidence, administer such oaths; and 
(B) subject to paragraph (2)(A), require, 
by subpoena or otherwise, the attendance and 
testimony of such witnesses and the production 
of such books, records, correspondence, memo-
randa, papers, and documents, as the Commis-
sion or such designated subcommittee or des-
ignated member may determine advisable. 
(2) SUBPOENAS.— 
(A) ISSUANCE.— 
(i) IN GENERAL.—A subpoena may be 
issued under this subsection only— 
(I) by the agreement of the 
chairman and the vice chairman; or 
(II) by the affirmative vote of 6 
members of the Commission. 
(ii) SIGNATURE.—Subject to clause 
(i), subpoenas issued under this subsection 
may be issued under the signature of the 
chairman or any member designated by a 
majority of the Commission, and may be 
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