I 
110TH CONGRESS 
2D SESSION 
H. R. 7104 
To establish a legislative commission to examine the causes of the financial 
crisis of 2008. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 25, 2008 
Mr. PORTER introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To establish a legislative commission to examine the causes 
of the financial crisis of 2008. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘National Commission 
on Financial Collapse and Recovery Act of 2008’’. 
SEC. 2. ESTABLISHMENT. 
There is hereby established the National Commission 
on the Financial Collapse and Recovery of 2008 (in this 
Act referred to as the ‘‘Commission’’) as an establishment 
in the legislative branch. 
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SEC. 3. DUTIES. 
The duties of the Commission shall be— 
(1) to examine, analyze, and determine the 
facts and causes relating to the collapse of the finan-
cial markets and financial institutions that occurred 
during 2008; 
(2) to collect and report on the evidence devel-
oped and collected by all relevant agencies of the 
Federal Government regarding the facts and cir-
cumstances surrounding the financial failures; 
(3) to make a full and complete accounting of 
the circumstances surrounding the failures and the 
extent of regulatory preparedness for an immediate 
response to the failures; and 
(4) to report to the President and the Congress 
on the findings and conclusions pursuant to para-
graphs (1) through (3) and to recommendation for 
corrective measures that can be taken to prevent 
such failures in the future. 
SEC. 4. MEMBERSHIP. 
(a) MEMBERS OF THE COMMISSION.—The Commis-
sion shall consist of the following members: 
(1) 3 members who shall be appointed by the 
majority leader of the Senate. 
(2) 3 members who shall be appointed by the 
minority leader of the Senate. 
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(3) 3 members who shall be appointed jointly 
by the Speaker and majority leader of the House of 
Representatives. 
(4) 3 members who shall be appointed by the 
minority leader of the House of Representatives. 
(b) POLITICAL AFFILIATION.—Not more than 5 
members of the Commission may be of the same political 
party. 
(c) NONGOVERNMENTAL
APPOINTEES.—An indi-
vidual appointed to the Commission may not be an officer 
or employee of the Federal Government or any State or 
local government. 
(d) OTHER QUALIFICATIONS.—It is the sense of Con-
gress that individuals appointed to the Commission should 
be prominent United States citizens who— 
(1) have national recognition and significant 
depth of experience in such professions as govern-
mental service, law enforcement, law, economics, 
banking, financial services, public administration, 
commerce, and international banking; and 
(2) should not have any conflict of interest in 
carrying out the responsibilities of serving on the 
Commission. 
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(e) DEADLINE FOR APPOINTMENT.—All members of 
the Commission shall be appointed within 30 days after 
the date of the enactment of this Act. 
(f) INITIAL MEETING.—The Commission shall meet 
and begin the operations of the Commission as soon as 
practicable following appointment of the members. 
(g) CHAIRMAN.—The Chairman of the Commission 
shall be elected by the members. 
(h) 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 
the same manner in which the original appointment was 
made. 
SEC. 5. POWERS OF COMMISSION. 
(a) IN GENERAL.— 
(1) HEARINGS AND EVIDENCE.—The Commis-
sion or, on the authority of the Commission, any 
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 
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(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 
served by any person designated by the 
chairman or by a member designated by a 
majority of the Commission. 
(B) ENFORCEMENT.— 
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(i) IN GENERAL.—In the case of con-
tumacy or failure to obey a subpoena 
issued under subparagraph (A), the United 
States district court for the judicial district 
in which the subpoenaed person resides, is 
served, or may be found, or where the sub-
poena is returnable, may issue an order re-
quiring such person to appear at any des-
ignated place to testify or to produce docu-
mentary or other evidence. Any failure to 
obey the order of the court may be pun-
ished by the court as a contempt of that 
court. 
(ii) ADDITIONAL ENFORCEMENT.—In 
the case of any failure of any witness to 
comply with any subpoena or to testify 
when summoned under authority of this 
section, the Commission may, by majority 
vote, certify a statement of fact consti-
tuting such failure to the appropriate 
United States attorney, who may bring the 
matter before the grand jury for its action, 
under the same statutory authority and 
procedures as if the United States attorney 
had received a certification under sections 
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102 through 104 of the Revised Statutes 
of the United States (2 U.S.C. 192 
through 194). 
(b) CONTRACTING.—The Commission may, to such 
extent and in such amounts as are provided in appropria-
tion Acts, enter into contracts to enable the Commission 
to discharge its duties under this Act. 
(c) INFORMATION FROM FEDERAL AGENCIES.— 
(1) IN GENERAL.—The Commission is author-
ized to secure directly from any executive depart-
ment, bureau, agency, board, commission, office, 
independent establishment, or instrumentality of the 
Government, information, suggestions, estimates, 
and statistics for the purposes of this Act. Each de-
partment, bureau, agency, board, commission, office, 
independent establishment, or instrumentality shall, 
to the extent authorized by law, furnish such infor-
mation, suggestions, estimates, and statistics di-
rectly to the Commission, upon request made by the 
chairman, the chairman of any subcommittee cre-
ated by a majority of the Commission, or any mem-
ber designated by a majority of the Commission. 
(2) RECEIPT, HANDLING, STORAGE, AND DIS-
SEMINATION.—Information shall only be received, 
handled, stored, and disseminated by members of 
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the Commission and its staff consistent with all ap-
plicable statutes, regulations, and Executive orders. 
(d) ASSISTANCE FROM FEDERAL AGENCIES.— 
(1) GENERAL
SERVICES
ADMINISTRATION.— 
The Administrator of General Services shall provide 
to the Commission on a reimbursable basis adminis-
trative support and other services for the perform-
ance of the Commission’s functions. 
(2) OTHER DEPARTMENTS AND AGENCIES.—In 
addition to the assistance prescribed in paragraph 
(1), departments and agencies of the United States 
may provide to the Commission such services, funds, 
facilities, staff, and other support services as they 
may determine advisable and as may be authorized 
by law. 
(e) GIFTS.—The Commission may accept, use, and 
dispose of gifts or donations of services or property. 
(f) POSTAL SERVICES.—The Commission may use 
the United States mails in the same manner and under 
the same conditions as departments and agencies of the 
United States. 
SEC. 6. COMPENSATION AND TRAVEL EXPENSES. 
(a) COMPENSATION.—Each member of the Commis-
sion may be compensated at not to exceed the daily equiva-
lent of the annual rate of basic pay in effect for a position 
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at level IV of the Executive Schedule under section 5315 
of title 5, United States Code, for each day during which 
that member is engaged in the actual performance of the 
duties of the Commission. 
(b) TRAVEL EXPENSES.—While away from their 
homes or regular places of business in the performance 
of services for the Commission, members of the Commis-
sion shall be allowed travel expenses, including per diem 
in lieu of subsistence, in accordance with sections 5702 
and 5703 of title 5, United States Code. 
SEC. 7. REPORT. 
Not later than 18 months after the date of the enact-
ment of this Act, the Commission shall submit to the 
President and Congress a final report setting forth the 
findings and conclusions of the Commission pursuant to 
paragraphs (1) through (3) of section 3 and any rec-
ommendations as have been agreed to by a majority of 
the members of the Commission for corrective measures 
that can be taken to prevent the failures referred to in 
such paragraphs in the future. 
SEC. 8. TERMINATION. 
(a) IN GENERAL.—The Commission, and all the au-
thorities of this Act, shall terminate 60 days after the date 
on which the final report under section 7 is submitted. 
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(b) ACTIVITIES BEFORE TERMINATION.—The Com-
mission may use such 60-day period for the purpose of 
concluding its activities, including providing testimony to 
committees of the Congress concerning its reports and dis-
seminating the final report. 
SEC. 9. FUNDING. 
(a) APPROPRIATION.—There is hereby appropriated 
out of any money in the Treasury not otherwise appro-
priated $2,000,000 for purposes of the carrying out the 
activities of the Commission under this Act. 
(b) AUTHORIZATION OF ADDITIONAL FUNDING.— 
There are authorized to be appropriated such sums as may 
be necessary in addition to the amounts made available 
under subsection (a) for carrying out the activities of the 
Commission under this Act. 
Æ 
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