I 
111TH CONGRESS 
1ST SESSION H. R. 2253 
To establish a Financial Markets Commission, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 5, 2009 
Mr. DELAHUNT (for himself and Mr. LATOURETTE) introduced the following 
bill; which was referred to the Committee on Financial Services, and in 
addition to the Committee on Agriculture, for a period to be subsequently 
determined by the Speaker, in each case for consideration of such provi-
sions as fall within the jurisdiction of the committee concerned 
A BILL 
To establish a Financial Markets Commission, and for other 
purposes. 
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 ‘‘Financial Markets 
Commission Act of 2009’’. 
SEC. 2. ESTABLISHMENT OF COMMISSION. 
There is established in the legislative branch the Fi-
nancial Markets Commission (in this Act referred to as 
the ‘‘Commission’’) to examine all causes, domestic and 
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global, of the current financial and economic crisis in the 
United States. 
SEC. 3. COMPOSITION OF THE COMMISSION. 
(a) MEMBERS.—The Commission shall be composed 
of 7 members, of whom— 
(1) 2 members shall be appointed by the Presi-
dent; 
(2) 1 member shall be appointed by the major-
ity leader of the Senate; 
(3) 1 member shall be appointed by the Speak-
er of the House of Representatives; 
(4) 1 member shall be appointed by the minor-
ity leader of the Senate; 
(5) 1 member shall be appointed by the minor-
ity leader of the House of Representatives; and 
(6) 1 member shall be appointed by the Chair-
man of the Board of Governors of the Federal Re-
serve System. 
(b) QUALIFICATIONS.—It is the sense of Congress 
that individuals appointed to the Commission should be 
United States citizens with national recognition and sig-
nificant depth of experience in such fields as governmental 
regulation, finance, economics, and housing. 
(c) CHAIRPERSON; VICE CHAIRPERSON.— 
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(1) IN GENERAL.—Subject to the requirement 
of paragraph (2), the Chairperson and Vice Chair-
person of the Commission shall be elected by the 
members. 
(2) 
POLITICAL
PARTY
AFFILIATION.—The 
Chairperson and Vice Chairperson shall not be from 
the same political party. 
(d) INITIAL MEETING.—If 45 days after the date of 
enactment of this Act, 4 or more members of the Commis-
sion have been appointed, those members who have been 
appointed may meet and, if necessary, select a temporary 
Chairperson and Vice Chairperson, who may begin the op-
erations of the Commission, including the hiring of staff. 
(e) QUORUM; VACANCIES.—After the initial meeting 
of the Commission, the Commission shall meet upon the 
call of the Chairperson or a majority of its members. Four 
members of the Commission shall constitute a quorum. 
Any vacancy on the Commission shall not affect its pow-
ers, but shall be filled in the same manner in which the 
original appointment was made. 
SEC. 4. FUNCTIONS OF THE COMMISSION. 
The functions of the Commission are— 
(1) to examine all causes, domestic and global, 
of the current financial and economic crisis in the 
United States, including the collapse of major finan-
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cial and commercial firms and the deterioration of 
the credit and housing markets; 
(2) to investigate the role in the financial and 
economic crisis, if any, of— 
(A) the Securities and Exchange Commis-
sion; 
(B) nationally recognized statistical rating 
organizations, as that term is defined in section 
3(a) of the Securities Exchange Act of 1934 
(15 U.S.C. 78c(a)); 
(C) the Commodity Futures Trading Com-
mission; 
(D) the Federal National Mortgage Asso-
ciation and the Federal Home Loan Mortgage 
Corporation; 
(E) trading facilities for commodities, as 
those terms are defined in section 1a of the 
Commodity Exchange Act (7 U.S.C. 1a), and 
self-regulatory organizations, as that term is 
defined in section 3 of the Securities Exchange 
Act of 1934 (15 U.S.C. 78c); 
(F) the Federal banking agencies, as that 
term is defined in section 3 of the Federal De-
posit Insurance Act (12 U.S.C. 1813); 
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(G) any financial or commercial corpora-
tion, partnership, or entity; and 
(H) any other governmental or non-govern-
mental entity; 
(3) to submit a report under section 8 of this 
Act; and 
(4) to refer to the Attorney General of the 
United States and any appropriate State attorney 
general any person that the Commission finds may 
have violated the laws of the United States in rela-
tion to such crisis. 
SEC. 5. POWERS OF THE COMMISSION. 
(a) HEARINGS
AND EVIDENCE.—The Commission 
may, for purposes of carrying out this Act— 
(1) hold hearings, sit and act at times and 
places, take testimony, receive evidence, and admin-
ister oaths; and 
(2) require, by subpoena or otherwise, the at-
tendance and testimony of witnesses and the produc-
tion of books, records, correspondence, memoranda, 
papers, and documents. 
(b) SUBPOENAS.— 
(1) SERVICE.—Subpoenas issued under sub-
section (a)(2) may be served by any person des-
ignated by the Commission. 
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(2) ENFORCEMENT.— 
(A) IN GENERAL.—In the case of contu-
macy or failure to obey a subpoena issued 
under subsection (a)(2), the United States dis-
trict court for the judicial district in which the 
subpoenaed person resides, is served, or may be 
found, or where the subpoena is returnable, 
may issue an order requiring such person to ap-
pear at any designated place to testify or to 
produce documentary or other evidence. Any 
failure to obey the order of the court may be 
punished by the court as a contempt of that 
court. 
(B) 
ADDITIONAL
ENFORCEMENT.—Sec-
tions 102 through 104 of the Revised Statutes 
of the United States (2 U.S.C. 192 through 
194) shall apply in the case of any failure of 
any witness to comply with any subpoena or to 
testify when summoned under the authority of 
this section. 
(c) CONTRACTING.—The Commission may enter into 
contracts to enable the Commission to discharge its duties 
under this Act. 
(d) INFORMATION FROM FEDERAL AGENCIES.—The 
Commission may secure directly from any department, 
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agency, or instrumentality of the United States any infor-
mation related to any inquiry of the Commission con-
ducted under this Act. Each such department, agency, or 
instrumentality shall, to the extent authorized by law, fur-
nish such information directly to the Commission upon re-
quest. 
(e) ASSISTANCE FROM FEDERAL AGENCIES.— 
(1) DEPARTMENT OF THE TREASURY.— 
(A) IN GENERAL.—The Secretary of the 
Treasury shall provide all amounts necessary to 
defray the costs and provide administrative sup-
port and other services to the Commission for 
the performance of the functions of the Com-
mission. 
(B) LIMITATION.—The value of the assist-
ance required to be provided by the Secretary 
of the Treasury under this paragraph may not 
exceed $3,000,000. 
(2) OTHER DEPARTMENTS AND AGENCIES.—In 
addition to the assistance prescribed in paragraph 
(1), departments and agencies of the United States 
are authorized to 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. 
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(f) GIFTS.—The Commission may accept, use, and 
dispose of gifts or donations of services or property. 
(g) 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. 
(h) POWERS OF SUBCOMMITTEES, MEMBERS, AND 
AGENTS.—Any subcommittee, member, or agent of the 
Commission may, if authorized by the Commission, take 
any action which the Commission is authorized to take by 
this section. 
SEC. 6. STAFF OF THE COMMISSION. 
(a) DIRECTOR.—The Commission shall have a Direc-
tor who shall be appointed by the Chairperson and the 
Vice Chairperson, acting jointly. 
(b) STAFF.—The Chairperson, in consultation with 
the Vice Chairperson, may appoint additional personnel as 
may be necessary to enable the Commission to carry out 
its functions. 
(c) APPLICABILITY
OF CERTAIN CIVIL SERVICE 
LAWS.—The Director and staff of the Commission may 
be appointed without regard to the provisions of title 5, 
United States Code, governing appointments in the com-
petitive service, and may be paid without regard to the 
provisions of chapter 51 and subchapter III of chapter 53 
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of such title relating to classification and General Schedule 
pay rates, except that no rate of pay fixed under this sub-
section may exceed the equivalent of that payable for a 
position at level V of the Executive Schedule under section 
5316 of title 5, United States Code. Any individual ap-
pointed under subsection (a) or (b) shall be treated as an 
employee for purposes of chapters 63, 81, 83, 84, 85, 87, 
89, 89A, 89B, and 90 of that title. 
(d) DETAILEES.—Any Federal Government employee 
may be detailed to the Commission without reimbursement 
from the Commission, and such detailee shall retain the 
rights, status, and privileges of his or her regular employ-
ment without interruption. 
(e) CONSULTANT SERVICES.—The Commission is au-
thorized to procure the services of experts and consultants 
in accordance with section 3109 of title 5, United States 
Code, but at rates not to exceed the daily rate paid a per-
son occupying a position at level IV of the Executive 
Schedule under section 5315 of title 5, United States 
Code. 
SEC. 7. 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 
at level IV of the Executive Schedule under section 5315 
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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 the same manner as persons em-
ployed intermittently in the Government service are al-
lowed expenses under section 5703(b) of title 5, United 
States Code. 
SEC. 8. REPORTS OF THE COMMISSION; TERMINATION. 
(a) FINAL REPORT.—Not later than 1 year after the 
date of the first meeting of the Commission, the Commis-
sion shall submit to the President and Congress a final 
report containing— 
(1) the findings and conclusions of the Commis-
sion on the causes of the current financial and eco-
nomic crisis in the United States; and 
(2) 
such 
findings, 
conclusions, 
and 
rec-
ommendations for statutory and regulatory changes 
as a majority of Commission members finds are nec-
essary to prevent a financial and economic crisis 
comparable to the current financial and economic 
crisis in the United States. 
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(b) INTERIM REPORTS.—At any time after the first 
meeting of the Commission, the Commission may submit 
to the President and Congress an interim report con-
taining such findings, conclusions, and recommendations 
for corrective measures as have been agreed to by a major-
ity of Commission members. 
(c) TERMINATION.— 
(1) IN GENERAL.—The Commission, and all the 
authorities of this Act, shall terminate 60 days after 
the date on which the final report is submitted 
under subsection (a). 
(2) ADMINISTRATIVE ACTIVITIES BEFORE TER-
MINATION.—The Commission may use the 60-day 
period referred to in paragraph (1) for the purpose 
of concluding its activities, including providing testi-
mony to committees of Congress concerning its re-
ports and disseminating the final report submitted 
under subsection (a). 
Æ 
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