Detailed 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.
Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''Financial Markets Commission Act of
2009''.

SEC. 2. ESTABLISHMENT OF COMMISSION.

There is established in the legislative branch the Financial
Markets Commission (in this Act referred to as the ''Commission'') to
examine all causes, domestic and global, of the current financial and
economic crisis in the United States.

SEC. 3. COMPOSITION OF THE COMMISSION.

(a) Members.--The Commission shall be composed of 7 members, of
whom--
(1) 2 members shall be appointed by the President;
(2) 1 member shall be appointed by the majority leader of
the Senate;
(3) 1 member shall be appointed by the Speaker of the House
of Representatives;
(4) 1 member shall be appointed by the minority leader of
the Senate;
(5) 1 member shall be appointed by the minority leader of
the House of Representatives; and
(6) 1 member shall be appointed by the Chairman of the
Board of Governors of the Federal Reserve System.
(b) Qualifications.--It is the sense of Congress that individuals
appointed to the Commission should be United States citizens with
national recognition and significant depth of experience in such fields
as governmental regulation, finance, economics, and housing.
(c) Chairperson; Vice Chairperson.--
(1) In general.--Subject to the requirement of paragraph
(2), the Chairperson and Vice Chairperson of the Commission
shall be elected by the members.
(2) Political party affiliation.--The Chairperson and Vice
Chairperson shall not be from the same political party.
(d) Initial Meeting.--If 45 days after the date of enactment of
this Act, 4 or more members of the Commission have been appointed,
those members who have been appointed may meet and, if necessary,
select a temporary Chairperson and Vice Chairperson, who may begin the
operations of the Commission, including the hiring of staff.
(e) Quorum; Vacancies.--After the initial meeting of the
Commission, the Commission shall meet upon the call of the Chairperson
or a majority of its members. Four members of the Commission shall
constitute a quorum. Any vacancy on the Commission shall not affect its
powers, but shall be filled in the same manner in which the original
appointment was made.

SEC. 4. FUNCTIONS OF THE COMMISSION.

The functions of the Commission are--
(1) to examine all causes, domestic and global, of the
current financial and economic crisis in the United States,
including the collapse of major financial and commercial firms
and the deterioration of the credit and housing markets;
(2) to investigate the role in the financial and economic
crisis, if any, of--
(A) the Securities and Exchange Commission;
(B) nationally recognized statistical rating
organizations, as that term is defined in section 3(a)
of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a));
(C) the Commodity Futures Trading Commission;
(D) the Federal National Mortgage Association and
the Federal Home Loan Mortgage Corporation;
(E) trading facilities for commodities, as those
terms are defined in section 1a of the Commodity
Exchange Act (7 U.S.C. 1a), and self-regulatory
organizations, as that term is defined in section 3 of
the Securities Exchange Act of 1934 (15 U.S.C. 78c);
(F) the Federal banking agencies, as that term is
defined in section 3 of the Federal Deposit Insurance
Act (12 U.S.C. 1813);
(G) any financial or commercial corporation,
partnership, or entity; and
(H) any other governmental or non-governmental
entity;
(3) to submit a report under section 8 of this Act; and
(4) to refer to the Attorney General of the United States
and any appropriate State attorney general any person that the
Commission finds may have violated the laws of the United
States in relation to such crisis.

SEC. 5. POWERS OF THE COMMISSION.

(a) Hearings and Evidence.--The Commission may, for purposes of
carrying out this Act--
(1) hold hearings, sit and act at times and places, take
testimony, receive evidence, and administer oaths; and
(2) require, by subpoena or otherwise, the attendance and
testimony of witnesses and the production of books, records,
correspondence, memoranda, papers, and documents.
(b) Subpoenas.--
(1) Service.--Subpoenas issued under subsection (a)(2) may
be served by any person designated by the Commission.
(2) Enforcement.--
(A) In general.--In the case of contumacy or
failure to obey a subpoena issued under subsection
(a)(2), 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.--Sections 102 through
104 of the Revised Statutes of the United States (2
U.S.C. 192 through 194) shall apply in the case of any
failure of any witness to comply with any subpoena or
to testify when summoned under the authority of this
section.
(c) Contracting.--The Commission may enter into contracts to enable
the Commission to discharge its duties under this Act.
(d) Information From Federal Agencies.--The Commission may secure
directly from any department, agency, or instrumentality of the United
States any information related to any inquiry of the Commission
conducted under this Act. Each such department, agency, or
instrumentality shall, to the extent authorized by law, furnish such
information directly to the Commission upon request.
(e) Assistance From Federal Agencies.--
(1) Department of the treasury.--
(A) In general.--The Secretary of the Treasury
shall provide all amounts necessary to defray the costs
and provide administrative support and other services
to the Commission for the performance of the functions
of the Commission.
(B) Limitation.--The value of the assistance
required to be provided by the Secretary of the
Treasury under this paragraph may not exceed
$3,000,000.
(2) Other departments and agencies.--In addition to the
assistance prescribed in paragraph (1), departments and
agencies of the United States are authorized to 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) Gifts.--The Commission may accept, use, and dispose of gifts or
donations of services or property.
(g) 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.
(h) Powers of Subcommittees, Members, and Agents.--Any
subcommittee, 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.

SEC. 6. STAFF OF THE COMMISSION.

(a) Director.--The Commission shall have a Director who shall be
appointed by the Chairperson and the Vice Chairperson, acting jointly.
(b) Staff.--The Chairperson, in consultation with the Vice
Chairperson, may appoint additional personnel as may be necessary to
enable the Commission to carry out its functions.
(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 competitive service, and may be paid 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 V of the Executive Schedule under
section 5316 of title 5, United States Code. Any individual appointed
under subsection (a) or (b) shall be treated as an employee for
purposes of chapters 63, 81, 83, 84, 85, 87, 89, 89A, 89B, and 90 of
that title.
(d) 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.
(e) 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 a person occupying a position at level IV of the Executive
Schedule under section 5315 of title 5, United States Code.

SEC. 7. 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 the same manner as persons employed
intermittently in the Government service are allowed expenses under
section 5703(b) of title 5, United States Code.

SEC. 8. REPORTS OF THE COMMISSION; TERMINATION.

(a) Final Report.--Not later than 1 year after the date of the
first meeting of the Commission, the Commission shall submit to the
President and Congress a final report containing--
(1) the findings and conclusions of the Commission on the
causes of the current financial and economic crisis in the
United States; and
(2) such findings, conclusions, and recommendations for
statutory and regulatory changes as a majority of Commission
members finds are necessary to prevent a financial and economic
crisis comparable to the current financial and economic crisis
in the United States.
(b) Interim Reports.--At any time after the first meeting of the
Commission, the Commission may submit to the President and Congress an
interim report containing such findings, conclusions, and
recommendations for corrective measures as have been agreed to by a
majority of Commission members.
(c) Termination.--
(1) In general.--The Commission, and all the authorities of
this Act, shall terminate 60 days after the date on which the
final report is submitted under subsection (a).
(2) Administrative activities before termination.--The
Commission may use the 60-day period referred to in paragraph
(1) for the purpose of concluding its activities, including
providing testimony to committees of Congress concerning its
reports and disseminating the final report submitted under
subsection (a).
Solution:
Financial Markets Commission Act of 2009 - Establishes in the legislative branch the Financial Markets Commission to: (1) examine all causes, domestic and global, of the current financial and economic crisis in the United States, including the collapse of major financial and commercial firms and the deterioration of the credit and housing markets; and (2) investigate the role in the crisis, if any, of the Securities and Exchange Commission (SEC), nationally recognized statistical rating organizations, the Commodity Futures Trading Commission (CFTC), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), trading facilities for commodities and self-regulatory organizations, the federal banking agencies, any financial or commercial corporation, partnership, or entity, and any other governmental or non-governmental entity.

Requires the Commission to: (1) report its findings and recommendations to the President and Congress; and (2) refer to the U.S. Attorney General and any appropriate state attorney general any person that the Commission finds may have violated federal laws in relation to the crisis.