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 finan-
cial crisis and other matters. 
Whereas the current financial crisis was caused by weak un-
derwriting standards, unsound risk management prac-
tices, 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 impru-
dence of prior deregulation of the financial services in-
dustry, as well as pervasive weaknesses in the enforce-
ment of existing regulations for and deficiencies in Fed-
eral and State regulatory authority related to that indus-
try; and 
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•HRES 345 IH 
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 prod-
uct, and increased the United States rate of unemploy-
ment: Now, therefore, be it 
Resolved, 
SECTION 1. ESTABLISHMENT. 
There is established a select committee to investigate 
the causes of the current financial crisis. 
SEC. 2. COMPOSITION. 
The select committee shall be composed of 15 mem-
bers appointed by the Speaker from among the members 
of the Committee on Financial Services, the Committee 
on Agriculture, the Committee on Energy and Commerce, 
and the Committee on Oversight and Government Reform, 
of whom 6 shall be appointed after consultation with the 
minority leader. The Speaker shall designate one member 
as the chair. 
SEC. 3. INVESTIGATION AND REPORT. 
(a) INVESTIGATION.—The select committee is author-
ized and directed to conduct a thorough and complete in-
vestigation of— 
(1) the operation by any person, firm, co-part-
nership, company, association, corporation, or other 
entity of the business of banking, financing, and ex-
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•HRES 345 IH 
tending credit; and of the business of issuing, offer-
ing, or selling securities, futures, and derivatives; 
(2) the operation of any mortgage broker and 
originator with respect to the business of issuing, of-
fering, or selling securities, futures, and derivatives; 
(3) the practices of any insurance company or 
insurance company affiliate relative or related to the 
business of issuing, offering, or selling securities, fu-
tures, and derivatives; 
(4) the practices with respect to the buying and 
selling and the borrowing and lending of securities 
which are traded upon the various securities ex-
changes, or on the over-the-counter market, or on 
any other market; and of the values of such securi-
ties, as well as the practices of agencies related to 
rating securities; and 
(5) the effect of all such business operations 
and practices upon interstate and foreign commerce, 
upon the industrial and commercial credit structure 
of the United States, upon the operation of the na-
tional banking system and the Federal Reserve Sys-
tem, upon the market for securities of the United 
States Government, upon the market for securities, 
futures, and derivatives, and the desirability of re-
forming the regulation of any such business and any 
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•HRES 345 IH 
such securities, futures, and derivatives, including 
the ability of the United States to impose civil or 
criminal penalties with respect to any such oper-
ations and practices deemed fraudulent or contrary 
to the public interest. 
(b) REPORT.—The select committee shall report its 
findings to the House during the current Congress. 
SEC. 4. PROCEDURES. 
(a) AUTHORITY.—For the purpose of carrying out 
this resolution, the select committee may sit and act dur-
ing the present Congress at any time and place within the 
United States or elsewhere, whether the House is in ses-
sion, has recessed, or has adjourned and hold such hear-
ings as it considers necessary. 
(b) RULES OF PROCEDURE.—Rule XI of the Rules 
of the House of Representatives (including the authority 
to subpoena witnesses and documents) shall apply to the 
select committee. 
SEC. 5. ADMINISTRATIVE PROVISIONS. 
(a) EXPENSES.—There shall be paid out of the appli-
cable accounts of the House such sums as may be nec-
essary for the expenses of the select committee. Such pay-
ments shall be made on vouchers signed by the chairman 
of the select committee and approved in the manner di-
rected by the Committee on House Administration. 
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•HRES 345 IH 
Amounts made available under this subsection shall be ex-
pended in accordance with regulations prescribed by the 
Committee on House Administration. 
(b) STAFF AND TRAVEL.—In carrying out its func-
tions under this resolution, the select committee may— 
(1) appoint, either on a permanent basis or as 
experts or consultants, any staff that the select com-
mittee considers necessary; 
(2) prescribe the duties and responsibilities of 
the staff; 
(3) fix the compensation of the staff at per 
annum gross rates that do not exceed the highest 
rate of basic pay, as in effect from time to time, of 
level V of the Executive Schedule in section 5316 of 
title 5, United States Code; 
(4) terminate the employment of any such staff 
as the select committee considers appropriate; 
(5) reimburse members of the select committee 
and its staff for travel, subsistence, and other nec-
essary expenses incurred by them in the performance 
of their functions for the select committee, other 
than expenses in connection with any meeting of the 
select committee held in the District of Columbia; 
and 
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•HRES 345 IH 
(6) obtain detailees or staff from the executive 
or legislative branch of the Government, who shall 
be deemed staff of the select committee. 
SEC. 7. DISSOLUTION AND DISPOSITION OF RECORDS. 
(a) DISSOLUTION.—The select committee shall cease 
to exist 30 days after filing the report required under sec-
tion 3. 
(b) RECORDS.—Upon dissolution of the select com-
mittee, the records of the select committee shall become 
the records of the Committee on Financial Services, the 
Committee on Agriculture, the Committee on Energy and 
Commerce, and the Committee on Oversight and Govern-
ment Reform. 
Æ 
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