Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Commission on the Foreclosure and
Mortgage Lending Crisis Act''.

SEC. 2. ESTABLISHMENT OF COMMISSION.

There is established in the legislative branch a commission to be
known as the ''Commission on the Foreclosure and Mortgage Lending
Crisis'' (in this Act referred to as the ''Commission'').

SEC. 3. FINDINGS AND PURPOSE.

(a) Findings.--Congress finds the following:
(1) The United States is experiencing a steady increase in
foreclosures and mortgage lending problems that have impacted
homeowners, families, communities, the United States economy
and the global credit markets.
(2) In 2006, there were an estimated 1,300,000 foreclosures
in the United States.
(3) This number increased by 79 percent in 2007, bringing
the estimated number of foreclosures nationwide to 2,200,000.
(4) In 2008, an estimated 3,200,000 foreclosures were
reported nationwide.
(5) Estimates suggest that this trend is likely to continue
with millions more Americans potentially losing their homes to
foreclosure in the next 4 years.
(b) Purpose.--The purpose of this Act is to establish a commission
to undertake a comprehensive analysis and review of the causes of the
current foreclosure and mortgage lending crisis and to submit a report
of its findings to the Congress. The Commission shall also recommend
legislative and regulatory changes that will prohibit the kinds of
lending practices that contributed to the increased foreclosure rate
and the current mortgage lending crisis.

SEC. 4. COMPOSITION.

(a) Members.--The Commission shall be composed of 10 members as
follows:
(1) 2 members shall be appointed by the Speaker of the
House of Representatives.
(2) 2 members shall be appointed by the minority leader of
the House of Representatives.
(3) 2 members shall be appointed by the majority leader of
the Senate.
(4) 2 members shall be appointed by the minority leader of
the Senate.
(5) The Secretary of the Treasury or his designee.
(6) The Chairman of the Board of Governors of the Federal
Reserve System or his designee.
(b) Deadline for Appointment.--All members of the Commission shall
be appointed not later than 30 days after the date of the enactment of
this Act.
(c) Co-Chairmen.--Of the members appointed to the Commission under
paragraphs (1) through (4) of subsection (a), 2 shall be designated as
the Co-Chairmen of the Commission. One Co-Chairman shall be designated
by the Speaker of the House of Representatives in consultation with the
majority leader of the Senate and the other Co-Chairman shall be
designated by the minority leader of the House of Representatives in
consultation with the minority leader of the Senate.
(d) Vacancies.--Any vacancy in the Commission shall not affect its
powers and shall be filled in the same manner in which the original
appointment was made.
(e) Compensation.--
(1) In general.--Members of the Commission shall serve
without pay.
(2) 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
the same manner as persons employed intermittently in the
Government service are allowed expenses under section 5703 of
title 5, United States Code.
(f) Initial Meeting; Rules of Procedure; Quorum.--
(1) Initial meeting.--The Commission shall meet and begin
the operations of the Commission not later than 60 days after
the date of the enactment of this Act.
(2) Meetings.--After its initial meeting, the Commission
shall meet upon the call of a majority of its members.
(3) Quorum.--A majority of the members of the Commission
shall constitute a quorum.
(4) Rules of procedure.--The Commission may establish rules
for the conduct of the Commission's business, if such rules are
consistent with this Act and other applicable law.

SEC. 5. DUTIES.

(a) In General.--The Commission shall--
(1) study and assess the current legal and regulatory
framework governing the housing mortgage lending markets and
investigate how such framework contributed to the increased
foreclosure rate, including--
(A) refinancing practices;
(B) loan-to-value ratios; and
(C) the prevalence of fraudulent industry
practices;
(2) recommend changes to the current legal and regulatory
framework to prohibit lending practices that have contributed
to the mortgage lending crisis;
(3) review the impact of subprime abuses and predatory
lending practices;
(4) assess the role of States in enacting policies to
reduce predatory lending practices and abuses in the subprime
markets;
(5) assess the impact of mortgage-backed securities and the
Federal National Mortgage Corporation (''Fannie Mae'') and the
Federal Home Loan Mortgage Corporation (''Freddie Mac'') on the
mortgage lending crisis; and
(6) assess the impact of the Community Reinvestment Act of
1977 (12 U.S.C. 2901 et seq.) on the mortgage lending crisis.
(b) Final Report.--Not later than 12 months after the date of
enactment of this Act, the Commission shall submit to the Congress a
final report containing such findings, conclusions, and recommendations
as have been agreed to by a majority of Commission members. If, at the
conclusion of such 12-month period, a majority of the Commission
determines it necessary, the Commission may be granted a 6-month
extension for submission of its final report upon written notification
to the Congress.

SEC. 6. POWERS OF THE COMMISSION.

(a) Hearings and Evidence.--The Commission may, for the purpose of
carrying out this Act--
(1) hold such hearings and sit and act at such times and
places, take such testimony, receive such evidence, administer
such oaths; and
(2) subject to subsection (b)(1), subpoena or otherwise
require the attendance and testimony of such witnesses and the
production of such books, records, correspondence, memoranda,
papers, and documents as the Commission may determine
advisable.
(b) Subpoenas.--
(1) Issuance.--
(A) In general.--A subpoena may be issued under
this section only by the affirmative vote of a majority
of the members of the Commission.
(B) Signature.--Subject to subparagraph (A),
subpoenas issued under this section may be issued under
the signature of the Co-Chairmen or any member
designated by a majority of the Commission, may be
served by any person designated by the Co-Chairmen or
by a member designated by a majority of the Commission.
(2) Enforcement.--
(A) In general.--In the case of contumacy or
failure to obey a subpoena issued under paragraph (1),
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.
(B) 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 as certification
under section 102 through 104 of the Revised Statutes
of the United States (2 U.S.C. 192 through 194).
(c) Contract Authority.--The Commission may, to such extent and in
such amounts as are provided in appropriation Acts, enter into
contracts to enable the Commission to carry out its duties under this
Act.
(d) 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 to carry out its duties under 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 a majority of the members 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.
(e) 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 to
assist the Commission in carrying out its duties.
(2) Other departments and agencies.--In addition to the
assistance described 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.
(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.
(g) Staff.--
(1) In general.--
(A) Appointment and compensation.--The Co-Chairmen,
in accordance with rules agreed upon by the Commission,
may appoint and fix the compensation of a staff
director and such other personnel as may be necessary
to enable the Commission to carry out its duties,
without regard to the provisions of title 5, United
States Code, governing appointments in the competitive
service, and without regard to the provisions of
chapter 51 and subchapter III of chapter 53 of such
title relating to classification and General Schedule
pay rates, except that no rate of pay fixed under this
subsection may exceed the equivalent of that payable
for a position at level IV of the Executive Schedule
under section 5316 of title 5, United States Code.
(B) Personnel as federal employees.--
(i) In general.--The staff director and any
personnel of the Commission who are employees
shall be employees under section 2105 of title
5, United States Code, for purposes of chapters
63, 81, 83, 84, 85, 87, 89, and 90 of that
title.
(ii) Members of the commission.--Clause (i)
shall not apply to members of the Commission.
(2) Detailees.--Any Federal Government employee may be
detailed to the Commission without reimbursement from the
Commission, and such detailee shall retain the rights, status,
and privileges of his or her regular employment without
interruption.
(3) Expert and consultant services.--The Commission is
authorized to procure the services of experts and consultants
in accordance with section 3109 of title 5, United States Code,
but at rates not to exceed the daily rate paid to a person
occupying a position at level IV of the Executive Schedule
under section 5315 of title 5, United States Code.
(4) Volunteer services.--Notwithstanding section 1342 of
title 31, United States Code, the Commission may accept and use
voluntary and uncompensated services as the Commission
determines necessary.

SEC. 7. NONAPPLICABILITY OF FEDERAL ADVISORY COMMITTEE ACT.

(a) In General.--The Federal Advisory Committee Act (5 U.S.C. App.)
shall not apply to the Commission.
(b) Public Meetings and Release of Public Versions of Reports.--The
Commission shall--
(1) hold public hearings and meetings to the extent
appropriate; and
(2) release public versions of the report required under
section 5(b).
(c) Public Hearings.--Any public hearings of the Commission shall
be conducted in a manner consistent with the protection of information
provided to or developed for or by the Commission as required by any
applicable statute, regulations, or Executive order.

SEC. 8. TERMINATION.

(a) In General.--The Commission and all the authorities of this
Act, shall terminate not later than 60 days after the date on which the
final report is submitted under section 5(b).
(b) Administrative Activities Before Termination.--The Commission
may use the 60-day period referred to in subsection (a) for the purpose
of concluding its activities, including providing testimony to
committees of Congress concerning its report and disseminating the
final report.
(c) Authorization of Appropriation.--There are authorized to be
appropriated such sums as necessary to carry out this Act.
Output:
Commission on the Foreclosure and Mortgage Lending Crisis Act - Establishes in the legislative branch the Commission on the Foreclosure and Mortgage Lending Crisis to: (1) study and report to Congress on the current legal and regulatory framework governing the housing mortgage lending markets and how it contributed to the increased foreclosure rate; (2) recommend changes to the current framework to prohibit lending practices that have contributed to the mortgage lending crisis; (3) review the impact of subprime abuses and predatory lending practices; (4) assess the role of states in enacting policies to reduce predatory lending practices and abuses in the subprime markets; (5) assess the impact of mortgage-backed securities and the Federal National Mortgage Corporation (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) upon the mortgage lending crisis; and (6) assess the impact of the Community Reinvestment Act of 1977 on the crisis.