To establish the Congressional Commission on Financial Accountability and Preparedness to examine and report upon the facts and causes relating to the breakdown in the financial and credit markets in 2008, and investigate and report to the Congress on its findings, conclusions, and recommendations for prosecution of criminal behavior.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Congressional Commission on 
Financial Accountability and Preparedness Act of 2009''.

SEC. 2. CONGRESSIONAL COMMISSION ON FINANCIAL ACCOUNTABILITY AND 
              PREPAREDNESS.

    (a) Establishment.--There is hereby established the Congressional 
Commission on Financial Accountability and Preparedness (hereafter in 
this section referred to as the ``Commission'') as an establishment in 
the legislative 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 surrounding 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 breakdown and the 
        extent of the Federal Governments' 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 system and submit reports to the 
        Congress in accordance 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 conducted under paragraph (1).
                    (B) Factors to be included.--Each report submitted 
                under subparagraph (A) shall include the following:
                            (i) All relevant events, persons, entities 
                        and data leading up to the breakdown in the 
                        financial markets through December 2008.
                            (ii) The impact of public and private 
                        actions on the financial markets and financial 
                        institutions.
                            (iii) The extent to which the information 
                        made available on transactions contributed to 
                        market transparency.
                            (iv) The effectiveness of efforts, 
                        regulatory authority, and programs from the 
                        standpoint of minimizing risk to investors and 
                        taxpayers.
                    (C) Final report.--The last report submitted under 
                this paragraph before the termination 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 Commission 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--
                    (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 regulatory 
                system and effectiveness of the regulatory system in 
                overseeing the participants in the financial system and 
                protecting consumers.
            (4) Special report on corporate officers and elected or 
        appointed government officials.--The Commission shall submit a 
        special report to the Congress on any fiduciary negligence, 
        fraudulent behavior, poor corporate governance, obstructionism, 
        or media manipulation that the Commission determines was 
        engaged in by relevant corporate officers and elected or 
        appointed government officials.
    (d) Membership.--
            (1) In general.--The Commission shall consist of 5 members, 
        as follows:
                    (A) One member appointed by the majority leader of 
                the House of Representatives.
                    (B) One member appointed by the minority leader of 
                the House of Representatives.
                    (C) One member appointed by the majority leader of 
                the Senate.
                    (D) One member appointed by the minority 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 equivalent of the annual rate of 
        basic pay for level I of the Executive Schedule for each day 
        (including travel time) during which such member is engaged in 
        the actual performance of duties vested in the Commission.
            (3) Prohibition of compensation of federal employees.--
        Members of the Commission who are full-time officers or 
        employees of the United States or Members of Congress may not 
        receive additional 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.
            (5) Quorum.--Four members of the Commission 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 appoint and fix the pay 
        of any personnel as the Commission considers appropriate.
            (2) Experts and consultants.--The Commission 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 department 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.--
            (1) Hearings and sessions.--The Commission may, for the 
        purpose of carrying out this section, hold hearings, sit and 
        act at times and places, take testimony, and receive evidence 
        as the Commission 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 authorized 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 furnish the 
                information referred to in subparagraph (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 authority 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.

Summary: Congressional Commission on Financial Accountability and Preparedness Act of 2009 - Establishes the Congressional Commission on Financial Accountability and Preparedness to review and report to Congress on the actions leading up to the 2008 breakdown in the financial markets and failures in the regulatory system.

Requires the Commission to submit special reports on: (1) any corporate abuse of taxpayer funds the Commission finds occurred; (2) the current state of the regulatory system and its effectiveness in overseeing the participants in the financial system and protecting consumers; and (3) any fiduciary negligence, fraudulent behavior, poor corporate governance, obstructionism, or media manipulation that the Commission determines was engaged in by relevant corporate officers and elected or appointed government officials.