SEC. 2. ESTABLISHMENT. 
There is established a commission to be known as the 
‘‘Commission on Financial Crisis Accountability’’ (here-
after in this Act referred to as the ‘‘Commission’’). 
SEC. 3. DUTIES. 
(a) IN GENERAL.—The Commission shall conduct a 
study of the financial system in the United States. In con-
ducting such study, the Commission shall examine the cur-
rent financial crisis, its causes and its impact on the Fed-
eral deficit and tax revenues, including— 
(1) regulation and transparency, 
(2) fraud and abuse, 
(3) the fairness and equity of the tax treat-
ments of financial products and arrangements, and 
(4) the role of any and all participants in the 
financial services industry that the Commission 
deems necessary, including— 
(A) government agencies, including the De-
partment of Housing and Urban Development, 
Department of Treasury, the Securities and Ex-
change Commission, and any other agency the 
Commission considers necessary, 
(B) government-sponsored entities, includ-
ing the Federal National Mortgage Association 
and the Federal Home Loan Mortgage Cor-
poration, 
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(C) the Board of Governors of the Federal 
Reserve System, and its banks and leadership, 
(D) the executive, legislative and judicial 
branches of government, 
(E) credit rating agencies, and 
(F) the Federal Deposit Insurance Cor-
poration and the Commodities Futures Trading 
Corporation. 
(b) REPORT.—The Commission shall prepare a re-
port to the Congress on its findings pursuant to the study 
conducted under subsection (a). Such report shall include 
a detailed statement of the findings, conclusions, and rec-
ommendations of the Commission and shall address the 
following: 
(1) The causes of the current financial crisis 
and how this kind of crisis can be avoided in the fu-
ture. 
(2) The stage the current financial crisis is in 
and what can be expected in subsequent stages. 
(3) The impact of the current financial crisis on 
Federal revenues. 
(4) The extent to which the financial regulatory 
structure should be restructured. 
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(5) The tax treatment of financial products and 
arrangements and how to make them more fair and 
equitable. 
(c) SHAREHOLDER BILL OF RIGHTS.—The Commis-
sion shall also make recommendations for investors bill of 
rights, which shall include necessary protections, as deter-
mined by the Commission, to prevent shareholders from 
being deprived of their rights and their savings. 
SEC. 4. MEMBERSHIP. 
(a) NUMBER AND APPOINTMENT.—The Commission 
shall be composed of 10 members appointed as follows: 
(1) 3 members shall be appointed by the major-
ity leader of the Senate. 
(2) 3 members shall be appointed by the Speak-
er of the House of Representatives. 
(3) 2 members shall be appointed by the minor-
ity leader of the Senate. 
(4) 2 members shall be appointed by the minor-
ity leader of the House of Representatives. 
(b) QUALIFICATIONS.—The members shall have 
knowledge and expertise in matters to be studied by the 
Commission, except that the members shall not have a 
conflict of interest with any matter the Commission is re-
quired to review under section 3. 
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(c) TERMS.—Members shall be appointed for the life 
of the Commission. 
(d) VACANCIES.—Any vacancy in the Commission 
shall be filled in the same manner as the original appoint-
ment. 
(e) CHAIR.—The Chair of the Commission shall be 
designated by the Speaker of the House of Representa-
tives, after consulting with the majority leader of the Sen-
ate and the minority leaders of the House of Representa-
tives and the Senate. 
(f) DEADLINE
FOR APPOINTMENT.—The appoint-
ments of the members of the Commission shall be made 
no later than 30 days after the date of enactment of this 
Act. 
(g) BASIC PAY.— 
(1) RATES
OF
PAY.—Except as provided in 
paragraph (2), members shall each be paid at a rate 
not to exceed the rate of basic pay for level IV of 
the Executive Schedule for each day (including trav-
el time) during which they are engaged in the actual 
performance of duties vested in the Commission. 
(2) PROHIBITION OF COMPENSATION OF FED-
ERAL
EMPLOYEES.—Members of the Commission 
who are full-time officers or employees of the United 
States may not receive additional pay, allowances, or 
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benefits by reason of their service on the Commis-
sion. 
(h) 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. 
(i) RETIRED ANNUITANTS.—A member of the Com-
mission who is an annuitant otherwise covered by section 
8344 or section 8468 of title 5, United States Code, shall 
not be subject to the provisions of that section with respect 
to membership on the Commission by reason of member-
ship on the Commission. 
(j) QUORUM.—A majority of the members of the 
Commission shall constitute a quorum, but a lesser num-
ber may hold hearings. 
(k) MEETINGS.— 
(1) FIRST
MEETING.—The Commission shall 
hold its first meeting on a date designated by the 
Speaker of the House of Representatives which is 
not later than 30 days after the date on which all 
members have been appointed. 
(2) SUBSEQUENT
MEETINGS.—After the first 
meeting, the Commission shall meet upon the call of 
the Chair. 
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SEC. 5. STAFF OF COMMISSION. 
(a) DIRECTOR.—The Commission shall have a Direc-
tor who shall be appointed by the Chair. The Director 
shall be paid a rate not to exceed the maximum rate of 
basic pay for GS–15 of the General Schedule. 
(b) ADDITIONAL STAFF.—In addition to the Direc-
tor, the Chair may appoint and fix the pay of up to 3 
staff members, except that any staff member appointed 
under this subsection shall not be paid at a rate to exceed 
the maximum rate of basic pay for GS–15 of the General 
Schedule. 
(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 
of that title relating to classification and General Schedule 
pay rates. 
(d) STAFF OF FEDERAL AGENCIES.—Upon the re-
quest of the Chair of the Commission, the head of any 
Federal department or agency may detail, without reim-
bursement, any of the personnel of that department or 
agency to the Commission to assist in carrying out its du-
ties under this Act. 
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SEC. 6. POWERS OF COMMISSION. 
(a) HEARINGS
AND SESSIONS.—The Commission 
may, for the purpose of carrying out this Act, hold hear-
ings, sit and act at times and places, take testimony, and 
receive evidence as the Commission considers appropriate. 
(b) POWERS OF MEMBERS AND AGENTS.—Any mem-
ber or agent of the Commission may, if authorized by the 
Commission, take any action which the Commission is au-
thorized to take by this section. 
(c) OBTAINING OFFICIAL DATA.—The Commission 
may secure directly from any agency of the United States 
information necessary to enable it to carry out this Act. 
Upon the request of the Chair of the Commission, the 
head of that department or agency shall furnish that infor-
mation to the Commission. 
(d) MAILS.—The Commission may use the United 
States mails in the same manner and under the same con-
ditions as other departments and agencies of the United 
States. 
(e) ADMINISTRATIVE SUPPORT SERVICES.—Upon 
the request of the Commission, the Administrator of Gen-
eral Services shall provide to the Commission, on a reim-
bursable basis, the administrative support services nec-
essary for the Commission to carry out its responsibilities 
under this Act. 
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SEC. 7. REPORT. 
The Commission shall transmit the report required 
by section 3 to the President and Congress not later than 
90 days after the date on which the members of the Com-
mission are first appointed. 
SEC. 8. TERMINATION. 
The Commission shall terminate 30 days after the 
date on which the Commission submits its final report to 
the President and Congress under section 7. 
SEC. 9. AUTHORIZATION OF APPROPRIATIONS. 
There are authorized to be appropriated such sums 
as may be necessary to carry out this Act. 
Æ 
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