To establish a legislative commission to examine the causes of the financial crisis of 2008.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Commission on Financial 
Collapse and Recovery Act of 2008''.

SEC. 2. ESTABLISHMENT.

    There is hereby established the National Commission on the 
Financial Collapse and Recovery of 2008 (in this Act referred to as the 
``Commission'') as an establishment in the legislative branch.

SEC. 3. DUTIES.

    The duties of the Commission shall be--
            (1) to examine, analyze, and determine the facts and causes 
        relating to the collapse of the financial markets and financial 
        institutions that occurred during 2008;
            (2) to collect and report on the evidence developed and 
        collected by all relevant agencies of the Federal Government 
        regarding the facts and circumstances surrounding the financial 
        failures;
            (3) to make a full and complete accounting of the 
        circumstances surrounding the failures and the extent of 
        regulatory preparedness for an immediate response to the 
        failures; and
            (4) to report to the President and the Congress on the 
        findings and conclusions pursuant to paragraphs (1) through (3) 
        and to recommendation for corrective measures that can be taken 
        to prevent such failures in the future.

SEC. 4. MEMBERSHIP.

    (a) Members of the Commission.--The Commission shall consist of the 
following members:
            (1) 3 members who shall be appointed by the majority leader 
        of the Senate.
            (2) 3 members who shall be appointed by the minority leader 
        of the Senate.
            (3) 3 members who shall be appointed jointly by the Speaker 
        and majority leader of the House of Representatives.
            (4) 3 members who shall be appointed by the minority leader 
        of the House of Representatives.
    (b) Political Affiliation.--Not more than 5 members of the 
Commission may be of the same political party.
    (c) Nongovernmental Appointees.--An individual appointed to the 
Commission may not be an officer or employee of the Federal Government 
or any State or local government.
    (d) Other Qualifications.--It is the sense of Congress that 
individuals appointed to the Commission should be prominent United 
States citizens who--
            (1) have national recognition and significant depth of 
        experience in such professions as governmental service, law 
        enforcement, law, economics, banking, financial services, 
        public administration, commerce, and international banking; and
            (2) should not have any conflict of interest in carrying 
        out the responsibilities of serving on the Commission.
    (e) Deadline for Appointment.--All members of the Commission shall 
be appointed within 30 days after the date of the enactment of this 
Act.
    (f) Initial Meeting.--The Commission shall meet and begin the 
operations of the Commission as soon as practicable following 
appointment of the members.
    (g) Chairman.--The Chairman of the Commission shall be elected by 
the members.
    (h) Quorum; Vacancies.--After its initial meeting, the Commission 
shall meet upon the call of the chairman or a majority of its members. 
Six members of the Commission shall constitute a quorum. Any vacancy in 
the Commission shall not affect its powers, but shall be filled in the 
same manner in which the original appointment was made.

SEC. 5. POWERS OF COMMISSION.

    (a) In General.--
            (1) Hearings and evidence.--The Commission or, on the 
        authority of the Commission, any subcommittee or member 
        thereof, may, for the purpose of carrying out this Act--
                    (A) hold such hearings and sit and act at such 
                times and places, take such testimony, receive such 
                evidence, administer such oaths; and
                    (B) subject to paragraph (2)(A), require, by 
                subpoena or otherwise, the attendance and testimony of 
                such witnesses and the production of such books, 
                records, correspondence, memoranda, papers, and 
                documents, as the Commission or such designated 
                subcommittee or designated member may determine 
                advisable.
            (2) Subpoenas.--
                    (A) Issuance.--
                            (i) In general.--A subpoena may be issued 
                        under this subsection only--
                                    (I) by the agreement of the 
                                chairman and the vice chairman; or
                                    (II) by the affirmative vote of 6 
                                members of the Commission.
                            (ii) Signature.--Subject to clause (i), 
                        subpoenas issued under this subsection may be 
                        issued under the signature of the chairman or 
                        any member designated by a majority of the 
                        Commission, and may be served by any person 
                        designated by the chairman or by a member 
                        designated by a majority of the Commission.
                    (B) Enforcement.--
                            (i) In general.--In the case of contumacy 
                        or failure to obey a subpoena issued under 
                        subparagraph (A), the United States district 
                        court for the judicial district in which the 
                        subpoenaed person resides, is served, or may be 
                        found, or where the subpoena is returnable, may 
                        issue an order requiring such person to appear 
                        at any designated place to testify or to 
                        produce documentary or other evidence. Any 
                        failure to obey the order of the court may be 
                        punished by the court as a contempt of that 
                        court.
                            (ii) Additional enforcement.--In the case 
                        of any failure of any witness to comply with 
                        any subpoena or to testify when summoned under 
                        authority of this section, the Commission may, 
                        by majority vote, certify a statement of fact 
                        constituting such failure to the appropriate 
                        United States attorney, who may bring the 
                        matter before the grand jury for its action, 
                        under the same statutory authority and 
                        procedures as if the United States attorney had 
                        received a certification under sections 102 
                        through 104 of the Revised Statutes of the 
                        United States (2 U.S.C. 192 through 194).
    (b) Contracting.--The Commission may, to such extent and in such 
amounts as are provided in appropriation Acts, enter into contracts to 
enable the Commission to discharge its duties under this Act.
    (c) Information From Federal Agencies.--
            (1) In general.--The Commission is authorized to secure 
        directly from any executive department, bureau, agency, board, 
        commission, office, independent establishment, or 
        instrumentality of the Government, information, suggestions, 
        estimates, and statistics for the purposes of this Act. Each 
        department, bureau, agency, board, commission, office, 
        independent establishment, or instrumentality shall, to the 
        extent authorized by law, furnish such information, 
        suggestions, estimates, and statistics directly to the 
        Commission, upon request made by the chairman, the chairman of 
        any subcommittee created by a majority of the Commission, or 
        any member designated by a majority of the Commission.
            (2) Receipt, handling, storage, and dissemination.--
        Information shall only be received, handled, stored, and 
        disseminated by members of the Commission and its staff 
        consistent with all applicable statutes, regulations, and 
        Executive orders.
    (d) Assistance From Federal Agencies.--
            (1) General services administration.--The Administrator of 
        General Services shall provide to the Commission on a 
        reimbursable basis administrative support and other services 
        for the performance of the Commission's functions.
            (2) Other departments and agencies.--In addition to the 
        assistance prescribed in paragraph (1), departments and 
        agencies of the United States may provide to the Commission 
        such services, funds, facilities, staff, and other support 
        services as they may determine advisable and as may be 
        authorized by law.
    (e) Gifts.--The Commission may accept, use, and dispose of gifts or 
donations of services or property.
    (f) Postal Services.--The Commission may use the United States 
mails in the same manner and under the same conditions as departments 
and agencies of the United States.

SEC. 6. COMPENSATION AND TRAVEL EXPENSES.

    (a) Compensation.--Each member of the Commission may be compensated 
at not to exceed the daily equivalent of the annual rate of basic pay 
in effect for a position at level IV of the Executive Schedule under 
section 5315 of title 5, United States Code, for each day during which 
that member is engaged in the actual performance of the duties of the 
Commission.
    (b) Travel Expenses.--While away from their homes or regular places 
of business in the performance of services for the Commission, members 
of the Commission shall be allowed travel expenses, including per diem 
in lieu of subsistence, in accordance with sections 5702 and 5703 of 
title 5, United States Code.

SEC. 7. REPORT.

    Not later than 18 months after the date of the enactment of this 
Act, the Commission shall submit to the President and Congress a final 
report setting forth the findings and conclusions of the Commission 
pursuant to paragraphs (1) through (3) of section 3 and any 
recommendations as have been agreed to by a majority of the members of 
the Commission for corrective measures that can be taken to prevent the 
failures referred to in such paragraphs in the future.

SEC. 8. TERMINATION.

    (a) In General.--The Commission, and all the authorities of this 
Act, shall terminate 60 days after the date on which the final report 
under section 7 is submitted.
    (b) Activities Before Termination.--The Commission may use such 60-
day period for the purpose of concluding its activities, including 
providing testimony to committees of the Congress concerning its 
reports and disseminating the final report.

SEC. 9. FUNDING.

    (a) Appropriation.--There is hereby appropriated out of any money 
in the Treasury not otherwise appropriated $2,000,000 for purposes of 
the carrying out the activities of the Commission under this Act.
    (b) Authorization of Additional Funding.--There are authorized to 
be appropriated such sums as may be necessary in addition to the 
amounts made available under subsection (a) for carrying out the 
activities of the Commission under this Act.

Summary: National Commission on Financial Collapse and Recovery Act of 2008 - Establishes in the legislative branch the National Commission on the Financial Collapse and Recovery of 2008 to study and report to the President and Congress on the facts, circumstances, and causes relating to the collapse of the financial markets and financial institutions that occurred during 2008, along with recommendations for corrective measures to prevent such failures in the future.