of the International Financial Institutions Act), the
World Trade Organization, and the Bank for Inter-
national Settlements.
(2) AFFILIATION.—At least 4 members of the
Commission shall be individuals who were officers or
employees of the Executive Branch before January
20, 1992, and not more than half of such 4 mem-
bers shall have served under Presidents from the
same political party.
(d) PERIOD OF APPOINTMENT; VACANCIES.—Mem-
bers shall be appointed for the life of the Commission. Any
vacancy in the Commission shall be filled in the same man-
ner as the original appointment was made.
(e) DUTIES OF THE COMMISSION.—The Commission
shall advise and report to the Congress on the future role
and responsibilities of the international financial institu-
tions (as defined in section 1701(c)(2) of the International
Financial Institutions Act), the World Trade Organiza-
tion, and the Bank for International Settlements. In car-
rying out such duties, the Commission shall examine—
(1) the effect of globalization, increased trade,
capital flows, and other relevant factors on such in-
stitutions;
(2) the adequacy, efficacy, and desirability of
current policies and programs at such institutions as
well as their suitability for respective beneficiaries of
such institutions;
(3) cooperation or duplication of functions and
responsibilities of such institutions; and
(4) other matters the Commission deems nec-
essary to make recommendations pursuant to sub-
section (g).
(f) POWERS
AND PROCEDURES
OF
THE COMMIS-
SION.—
(1) HEARINGS.—The Commission or, at its di-
rection, any panel or member of the Commission
may, for the purpose of carrying out the provisions
of this section, hold hearings, sit and act at times
and places, take testimony, receive evidence, and ad-
minister oaths to the extent that the Commission or
any panel or member considers advisable.
(2) INFORMATION.—The Commission may se-
cure directly information that the Commission con-
siders necessary to enable the Commission to carry
out its responsibilities under this section.
(3) CHAIRMAN.—The members appointed under
subparagraphs (A) and (B) of subsection (b)(1)
shall select the Chairman of the Commission.
(4) MEETINGS.—The Commission shall meet at
the call of the Chairman.
(g) REPORT.—On the termination of the Commis-
sion, the Commission shall submit Secretary of the Treas-
ury, the Committees on Banking, Housing, and Urban Af-
fairs and on Appropriations of the Senate, and the Com-
mittees on Banking and Financial Services and on Appro-
priations of the House of Representatives a report that
contains recommendations regarding the following mat-
ters:
(1) Changes to policy goals set forth in the
Bretton Woods Agreements Act and the Inter-
national Financial Institutions Act.
(2) Changes to the charters, organizational
structures, policies and programs of the inter-
national financial institutions (as defined in section
1701(c)(2) of the International Financial Institu-
tions Act).
(3) Additional monitoring tools, global stand-
ards, or regulations for, among other things, global
capital flows, bankruptcy standards, accounting
standards, payment systems, and safety and sound-
ness principles for financial institutions.
(4) Possible mergers or abolition of the inter-
national financial institutions (as defined in section
1701(c)(2) of the International Financial Institu-
tions Act), including changes to the manner in which
such institutions coordinate their policy and program
implementation and their roles and responsibilities.
(5) Any additional changes necessary to sta-
bilize currencies, promote continued trade liberaliza-
tion and to avoid future financial crises.
(h) TERMINATION.—The Commission shall terminate
6 months after the first meeting of the Commission, which
shall be not later than 30 days after the appointment of
all members of the Commission.
(i) FEASIBILITY AND IMPLEMENTATION REPORTS BY
THE EXECUTIVE BRANCH.—
(1) Within three months of receiving the report
of the Commission under subsection (g), the Presi-
dent of the United States through the Secretary of
the Treasury shall report to the committees specified
in subsection (g) on the desirability and feasibility of
implementing the recommendations contained in the
report.
(2) Annually, for three years after the termi-
nation of the Commission, the President of the
United States through the Secretary of the Treasury
shall submit to the committees specified in sub-
section (g) a report on the steps taken through rel-
evant international institutions and international
fora to implement such recommendations.
Æ