SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Congressional Commis-
sion on Financial Accountability and Preparedness Act of 
2009’’. 
SEC. 2. CONGRESSIONAL COMMISSION ON FINANCIAL AC-
COUNTABILITY AND PREPAREDNESS. 
(a) ESTABLISHMENT.—There is hereby established 
the Congressional Commission on Financial Account-
ability and Preparedness (hereafter in this section referred 
to as the ‘‘Commission’’) as an establishment in the legis-
lative branch. 
(b) PURPOSES.—The purposes of the Commission are 
as follows: 
(1) To examine and report upon the facts and 
causes relating to the breakdown in the financial 
markets in 2008. 
(2) To ascertain, evaluate, and report on the 
evidence developed by all relevant governmental 
agencies regarding the facts and circumstances sur-
rounding the breakdown. 
(3) To determine whether all credible leads and 
information regarding fraud or manipulation were 
pursued with due diligence by Federal investigators. 
(4) To make a full and complete accounting of 
the circumstances surrounding the financial break-
down and the extent of the Federal Governments’ 
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preparedness for, and immediate response to, the 
breakdown. 
(5) To investigate and report to the Congress 
on findings the conclusions of the Commission and 
recommendations for corrective measures that can 
be taken to prevent and respond to financial crisis 
in the future. 
(c) DUTIES.— 
(1) IN GENERAL.—The Commission shall review 
the actions leading up to the 2008 breakdown in the 
financial markets and failures in the regulatory sys-
tem and submit reports to the Congress in accord-
ance with this subsection. 
(2) REGULAR MONTHLY REPORTS.— 
(A) IN GENERAL.—The Commission shall 
make regular monthly progress reports to the 
Congress on the findings and conclusions of the 
Commission with regard to the review con-
ducted under paragraph (1). 
(B) FACTORS TO BE INCLUDED.—Each re-
port submitted under subparagraph (A) shall 
include the following: 
(i) All relevant events, persons, enti-
ties and data leading up to the breakdown 
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in the financial markets through December 
2008. 
(ii) The impact of public and private 
actions on the financial markets and finan-
cial institutions. 
(iii) The extent to which the informa-
tion made available on transactions con-
tributed to market transparency. 
(iv) The effectiveness of efforts, regu-
latory authority, and programs from the 
standpoint of minimizing risk to investors 
and taxpayers. 
(C) FINAL REPORT.—The last report sub-
mitted under this paragraph before the termi-
nation of the Commission shall constitute the 
final report of the Commission to the Congress 
and shall include a detailed description of the 
findings and conclusions of the Commission 
over the period of the existence of the Commis-
sion and such recommendations for legislative 
or administrative action as the Commission may 
determine to be appropriate. 
(3) SPECIAL REPORT ON CORPORATE ABUSE OF 
TAX PAYER FUNDS.—The Commission shall— 
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(A) submit a special report to the Congress 
on any corporate abuse of taxpayer funds the 
Commission finds occurred; and 
(B) analyze the current state of the regu-
latory system and effectiveness of the regu-
latory system in overseeing the participants in 
the financial system and protecting consumers. 
(4) SPECIAL REPORT ON CORPORATE OFFICERS 
AND ELECTED OR APPOINTED GOVERNMENT OFFI-
CIALS.—The Commission shall submit a special re-
port to the Congress on any fiduciary negligence, 
fraudulent behavior, poor corporate governance, ob-
structionism, or media manipulation that the Com-
mission determines was engaged in by relevant cor-
porate officers and elected or appointed government 
officials. 
(d) MEMBERSHIP.— 
(1) IN GENERAL.—The Commission shall con-
sist of 5 members, as follows: 
(A) One member appointed by the majority 
leader of the House of Representatives. 
(B) One member appointed by the minor-
ity leader of the House of Representatives. 
(C) One member appointed by the majority 
leader of the Senate. 
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(D) One member appointed by the minor-
ity leader of the Senate. 
(E) One member appointed by the majority 
Leader of the House and the majority leader of 
the Senate in consultation with the minority 
leader of the Senate and the minority leader of 
the House of Representatives. 
(2) PAY.—Each member of the Commission 
shall each be paid at a rate equal to the daily equiv-
alent of the annual rate of basic pay for level I of 
the Executive Schedule for each day (including trav-
el time) during which such member is engaged in 
the actual performance of duties vested in the Com-
mission. 
(3) PROHIBITION OF COMPENSATION OF FED-
ERAL
EMPLOYEES.—Members of the Commission 
who are full-time officers or employees of the United 
States or Members of Congress may not receive ad-
ditional pay, allowances, or benefits by reason of 
their service on the Commission. 
(4) TRAVEL
EXPENSES.—Each member shall 
receive travel expenses, including per diem in lieu of 
subsistence, in accordance with applicable provisions 
under subchapter I of chapter 57 of title 5, United 
States Code. 
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(5) QUORUM.—Four members of the Commis-
sion shall constitute a quorum but a lesser number 
may hold hearings. 
(6) VACANCIES.—A vacancy on the Commission 
shall be filled in the manner in which the original 
appointment was made. 
(7) MEETINGS.—The Commission shall meet at 
the call of the Chairperson or a majority of the 
members of the Commission. 
(e) STAFF.— 
(1) IN
GENERAL.—The Commission may ap-
point and fix the pay of any personnel as the Com-
mission considers appropriate. 
(2) EXPERTS AND CONSULTANTS.—The Com-
mission may procure temporary and intermittent 
services under section 3109(b) of title 5, United 
States Code. 
(3) STAFF OF AGENCIES.—Upon the request of 
the Commission, the head of any Federal depart-
ment or agency may detail, on a reimbursable basis, 
any of the personnel of that department or agency 
to the Commission to assist it in carrying out the 
duties of the Commission under this Act. 
(f) POWERS.— 
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(1) HEARINGS AND SESSIONS.—The Commis-
sion may, for the purpose of carrying out this sec-
tion, hold hearings, sit and act at times and places, 
take testimony, and receive evidence as the Commis-
sion considers appropriate and may administer oaths 
or affirmations to witnesses appearing before the 
Commission. 
(2) POWERS OF MEMBERS AND AGENTS.—Any 
member or agent of the Commission may, if author-
ized by the Commission take any action which the 
Commission is authorized to take by this section. 
(3) OBTAINING OFFICIAL DATA.— 
(A) IN GENERAL.—The Commission may 
secure directly from any department or agency 
of the United States information necessary to 
enable the Commission to carry out this section. 
(B) DUTY TO FURNISH.—Upon request of 
the Chairperson of the Commission, the head of 
any department or agency or agency shall fur-
nish the information referred to in subpara-
graph (A) to the Commission. 
(4) SUBPOENA POWER.—Subject to approval by 
the House Office of General Counsel, any member of 
the Commission may issue subpoenas under the au-
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thority given to the House of Representatives of the 
Congress of the United States of America. 
(5) REPORTS
RECEIVED.—The Commission 
shall receive and consider all reports required to be 
submitted to the Commission under this Act. 
(g) TERMINATION.—The Commission shall cease to 
exist at the end of the 1-year period beginning on the date 
of the enactment of this Act, except that the Congress may 
extend the life of the Commission on an annual basis for 
not more than 1 year at a time. 
Æ 
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