I
107TH CONGRESS
2D SESSION
H. R. 5050
To establish the Market Integrity Commission to study issues relating to
the governance of corporations in interstate and foreign commerce.
IN THE HOUSE OF REPRESENTATIVES
JUNE 27, 2002
Mr. GREENWOOD (for himself, Mr. TAUZIN, Mr. STEARNS, Mr. TOWNS, Mr.
BARTON of Texas, Mr. HALL of Texas, Mr. GILLMOR, Mr. BILIRAKIS,
Mr. UPTON, Mr. COX, Mr. HORN, Mr. TOM DAVIS of Virginia, Mr.
MCKEON, Mr. LAHOOD, Mrs. JOHNSON of Connecticut, Mr. SHAYS, Mr.
HOUGHTON, Mrs. MORELLA, Mr. TOOMEY, Mrs. WILSON of New Mexico,
Mr. PETERSON of Pennsylvania, Mr. SIMMONS, Mr. PLATTS, Mr.
GILCHREST, Mr. LEACH, Mr. BASS, Mr. WHITFIELD, and Mr. BUYER)
introduced the following bill; which was referred to the Committee on En-
ergy and Commerce
A BILL
To establish the Market Integrity Commission to study issues
relating to the governance of corporations in interstate
and foreign commerce.
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 ‘‘Corporate Governance
and Market Integrity Commission Act’’.
SEC. 2. ESTABLISHMENT OF COMMISSION.
(a) ESTABLISHMENT.—There is established a com-
mission to be known as the ‘‘Market Integrity Commis-
sion’’ (in this Act referred to as the ‘‘Commission’’).
(b) PURPOSE.—The purpose of the Commission shall
be to study issues relating to the governance of corpora-
tions in interstate and foreign commerce and to rec-
ommend steps to be taken to improve corporate govern-
ance.
SEC. 3. MEMBERSHIP.
(a) NUMBER AND APPOINTMENT.—The Commission
shall be composed of 9 members who shall be appointed
by the President, based upon the recommendations of the
Secretary of Commerce.
(b) POLITICAL AFFILIATION.—Not more than 5
members appointed under subsection (a) may be of the
same political party.
(c) QUALIFICATIONS OF MEMBERS.—Members shall
be appointed to the Commission from among individuals
who are prominent experts in issues of interstate and for-
eign commerce, corporate governance, corporate law, and
related fields.
(d) CHAIRPERSON.—The President shall designate a
Chairperson from among the members appointed to the
Commission.
(e) TERMS.—Members of the Commission shall be
appointed not later than 60 days after the date of enact-
ment of this Act. Members shall be appointed until the
termination of the Commission under section 7.
(f) VACANCIES.—A vacancy in the Commission shall
not affect its powers, but shall be filled in the same man-
ner as the original appointment.
(g) MEETINGS.—
(1) INITIAL MEETING.—Not later than 30 days
after the date on which all members of the Commis-
sion have been appointed, the Commission shall hold
its first meeting.
(2) ADDITIONAL MEETINGS.—The Commission
shall meet at the call of the Chairperson or a major-
ity of its members.
(h) QUORUM.—A majority of the Commission shall
constitute a quorum for the transaction of business.
(i) BASIC PAY AND EXPENSES.—Members of the
Commission shall serve without pay. Each member shall
receive travel expenses, including per diem in lieu of sub-
sistence, in accordance with applicable provisions under
subchapter I of chapter 57 of title 5, United States Code.
SEC. 4. DUTIES OF THE COMMISSION.
(a) IN GENERAL.—The Commission shall examine
issues related to corporate governance and the impact of
corporate governance practices on the development,
growth, and regulation of interstate and foreign com-
merce, including the effect of such practices on the market
economy and on consumers.
(b) FINAL REPORT.—Not later than 6 months after
the date of the initial meeting of the Commission, the
Commission shall transmit to the President, the Congress,
and the Secretary of Commerce a final report which shall
include an analysis of the issues of corporate governance
as it affects interstate and foreign commerce and rec-
ommendations for specific legislation to improve corporate
governance and to address the problems identified as part
of the Commission’s analysis.
SEC. 5. EXECUTIVE DIRECTOR AND STAFF OF COMMISSION.
(a) EXECUTIVE DIRECTOR.—The Commission shall
have an Executive Director who shall be appointed by the
Commission. To the extent or in the amounts provided in
appropriation Acts, the Executive Director shall be paid
at a rate not to exceed the rate of basic pay for level 3
of the Executive Schedule.
(b) STAFF.—The Commission may appoint and fix
the rate of pay of additional personnel as it considers ap-
propriate.
SEC. 6. POWERS OF THE COMMISSION.
(a) HEARINGS.—The Commission may hold such
hearings, sit and act at such times and places, take such
testimony, and receive such evidence as the Commission
may find advisable to fulfill the requirements of this Act.
The Commission may administer oaths and affirmations
to witnesses appearing before the Commission
(b) ADMINISTRATIVE SUPPORT SERVICES.—Upon
the request of the Chairperson of the Commission, the Ad-
ministrator of General Services shall provide to the Com-
mission, on a reimbursable basis, the administrative sup-
port services, including personnel and facilities, that are
necessary to enable the Commission to carry out its duties
under this Act.
(c) POSTAL SERVICES.—The Commission may use
the United States mails in the same manner and under
the same conditions as other departments and agencies of
the Federal Government.
SEC. 7. TERMINATION OF COMMISSION.
The Commission shall terminate 6 months after the
date on which the Commission submits its report under
section 4.
SEC. 8. AUTHORIZATION OF APPROPRIATIONS.
There are authorized to be appropriated $2,000,000
for the Commission to carry out this Act.
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