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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Fannie Mae and Freddie Mac
Investigative Commission Act''.

SEC. 2. DEFINITIONS.

In this Act:
(1) The term ''Commission'' means the Fannie Mae and
Freddie Mac Investigative Commission established under section
3.
(2) The term ''Fannie Mae'' means the Federal National
Mortgage Corporation.
(3) The term ''Freddie Mac'' means the Federal Home Loan
Mortgage Corporation.

SEC. 3. ESTABLISHMENT.

There is established a commission to be known as the ''Fannie Mae
and Freddie Mac Investigative Commission''.

SEC. 4. DUTY OF THE COMMISSION.

(a) In General.--The Commission shall investigate, determine, and
make recommendations to Congress with respect to the policies,
practices, and board decisions of Fannie Mae and Freddie Mac subsequent
to the actions of the Resolution Trust Corporation during the late
1980s and from the 1990s through the present that led to the
enterprises' financial instability and the subsequent Federal
conservatorship of such enterprises.
(b) Specific Topics.--In carrying out its duty under subsection
(a), the Commission shall address and analyze, by year, beginning in
1990 and through the present, the following:
(1) The appropriate role of Fannie Mae and Freddie Mac in
expanding homeownership and the appropriate role in helping the
housing market recover nationwide.
(2) Fannie Mae and Freddie Mac's involvement, if any, in
the development of faulty risk standards and accounting
practices and the creation and proliferation of the securitized
mortgage instrument, and how such instrument affected the
solvency of such enterprises.
(3) The role of the boards of directors of Fannie Mae and
Freddie Mac in developing and voting for the investment,
accounting, and contracting policies of such enterprises,
particularly as they relate to risk assessments, subprime
mortgages, and the international securitization of mortgages.
(4) Any board members, working committees, or executive
officers responsible for making the decisions to adapt or
change risk assessments or grow Fannie Mae and Freddie Mac's
portfolios of subprime mortgage loans, a summary of actual
board votes on the same, and the process that led to such
decisions.
(5) The decisions of the boards or executive officers of
Fannie Mae and Freddie Mac that contributed or may have
contributed to the overvaluation of risky mortgage investments
in the stock market and, later, to the growth of the subprime
mortgage industry.
(6) The annual compensation, including all forms of
compensation, stock options, and other financial benefits
accrued to each of Fannie Mae and Freddie Mac's executive
officers and members of the boards of directors.
(7) Such other matters that the Congress may place before
the Commission.

SEC. 5. MEMBERSHIP.

(a) Number and Appointment.--
(1) In general.--The Commission shall be composed of 8
members, appointed as follows:
(A) Two members appointed by the Speaker of the
House of Representatives.
(B) Two members appointed by the minority leader of
the House of Representatives.
(C) Two members appointed by the majority leader of
the Senate.
(D) Two members appointed by the minority leader of
the Senate.
(2) Qualifications.--Members of the Commission shall be
individuals who are of recognized standing and distinction in
the areas of banking, securities and finance regulation,
consumer advocacy and fair housing programs, and the mortgage
industry.
(3) Conflict of interest.--Members of the Commission shall
not have a conflict of interest that is relevant to any matter
the Commission is required to investigate under section 4.
(4) Deadline for appointment.--Members of the Commission
shall be appointed not later than 90 days after the date of
enactment of this Act.
(5) Chairperson.--The Chairperson of the Commission shall
be designated by the Speaker of the House of Representatives at
the time of appointment.
(b) Terms.--
(1) In general.--Each member shall be appointed for the
life of the Commission.
(2) Vacancies.--A vacancy on the Commission shall--
(A) not affect the power of the remaining members
to execute the duty of the Commission; and
(B) be filled in the manner in which the original
appointment was made.
(c) Compensation.--
(1) Rates of pay; travel expenses.--Each member shall serve
without pay, except that 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.
(2) Prohibition of compensation of federal employees.--
Notwithstanding paragraph (1), any member of the Commission who
is a full-time officer or employee of the United States may not
receive additional pay, allowances, or benefits because of
service on the Commission.
(d) Meeting Requirements.--
(1) Frequency.--
(A) Quarterly meetings.--The Commission shall meet
at least quarterly.
(B) Additional meetings.--In addition to quarterly
meetings, the Commission shall meet at the call of the
Chairperson or a majority of its members.
(2) Quorum.--Five members of the Commission shall
constitute a quorum, but a lesser number may hold hearings.
(3) Meeting by telephone or other appropriate technology.--
Members of the Commission are permitted to meet using
telephones or other suitable telecommunications technologies
provided that all members of the Commission can fully
communicate with all other members simultaneously.

SEC. 6. DIRECTOR AND STAFF OF COMMISSION; EXPERTS AND CONSULTANTS.

(a) Director.--
(1) Appointment.--The Commission shall have a Director who
shall be appointed by the Chairperson with the approval of the
Commission.
(2) Credentials.--The Director shall have experience in the
areas of banking, securities and finance regulation, consumer
advocacy and fair housing programs, and the mortgage industry.
(3) Salary.--The Director shall be paid at a rate
determined by the Chairperson with the approval of the
Commission, except that such rate may not exceed the rate of
basic pay for GS-15 of the General Schedule.
(b) Staff.--With the approval of the Chairperson, the Director may
appoint and fix the pay of additional qualified personnel as the
Director considers appropriate.
(c) Experts and Consultants.--With the approval of the Commission,
the Director may procure temporary and intermittent services under
section 3109(b) of title 5, United States Code, but at rates for
individuals not to exceed the daily equivalent of the maximum annual
rate of basic pay for GS-15 of the General Schedule.
(d) Staff of Federal Agencies.--Upon request of the Commission,
Chairperson, or Director, the head of any Federal department or agency
may detail, on a nonreimbursable basis, any of the personnel of that
department or agency to the Commission to assist the Commission in
carrying out its duty under this Act.

SEC. 7. POWERS OF COMMISSION.

(a) Hearings and Sessions.--The Commission may, for the purposes of
carrying out this Act, hold hearings, sit and act at such times and
such places, take testimony, and receive evidence as the Commission
considers appropriate.
(b) Subpoena Power.--
(1) In general.--The Commission may issue a subpoena to
require the attendance and testimony of witnesses and the
production of evidence relating to any matter under
investigation by the Commission.
(2) Issuance and signature.--Subpoenas issued under
paragraph (1) shall bear the signature of the Chairperson of
the Commission and shall be served by any person or class of
persons designated by the Chairperson for that purpose.
(3) Enforcement.--If a person refuses to obey a subpoena
issued under paragraph (1), the Commission may apply to a
United States district court for an order requiring that person
to appear before the Commission to give testimony, produce
evidence, or both, relating to the matter under investigation.
The application may be made within the judicial district where
the hearing is conducted or where that person is found,
resides, or transacts business. Any failure to obey the order
of the court may be punished by the court as civil contempt.
(c) 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 under this Act.
(d) Obtaining Official Data.--The Commission may secure directly
from any department or agency of the United States information
necessary to enable it to carry out its duty under this Act. Upon
request of the Chairperson, the head of that department or agency shall
furnish that information to the Commission.
(e) Physical Facilities and Equipment.--The Architect of the
Capitol, in consultation with the appropriate entities in the
legislative branch, shall locate and provide suitable facilities and
equipment for the operation of the Commission on a nonreimbursable
basis.
(f) Administrative Support Services.--Upon request of the
Commission, the Architect of the Capitol and the Administrator of the
General Services shall provide to the Commission on a nonreimbursable
basis such administrative support services as the Commission may
request in order for the Commission to carry out its duty under this
Act.
(g) Bylaws, Rules, and Regulations.--The Commission may adopt,
amend, and repeal bylaws, rules, and regulations governing the conduct
of its business and the performance of its duties.
(h) Commission Records.--The Commission shall keep accurate and
complete records of its doings and transactions which shall be made
available for public inspection, and for the purpose of audit and
examination by the Comptroller General or his designee.

SEC. 8. INFORMATION FROM FREDDIE MAC, FANNIE MAE, AND THE FHFA.

(a) Enterprises.--Fannie Mae and Freddie Mac shall provide full and
prompt access to the Commission to any books, records, and other
information requested for the purposes of carrying out its duty under
this Act.
(b) FHFA.--Upon request of the Commission, the Director of the
Federal Housing Finance Agency shall provide access to any information
necessary to assist the Commission in carrying out its duty under this
Act.

SEC. 9. REPORT.

Not later than 12 months after the date on which all initial
members are appointed, the Commission shall submit to Congress a final
report containing a detailed statement of the findings, conclusions,
and recommendations of the Commission.

SEC. 10. AUTHORIZATION OF APPROPRIATIONS.

There are authorized to be appropriated to the Commission such sums
as may be necessary for fiscal year 2011 to carry out this Act.

SEC. 11. TERMINATION.

The Commission shall terminate following the submission and
presentation of its final report and recommendations under section 9,
but not later than 30 days after such submission and presentation.
Fannie Mae and Freddie Mac Investigative Commission Act - Establishes the Fannie Mae and Freddie Mac Investigative Commission to investigate and make recommendations to Congress regarding certain decisions of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises) that led to financial instability and federal conservatorship.

Requires the Commission to analyze specified topics, including: (1) the role of the enterprises in expanding homeownership and in helping housing market recovery; (2) enterprise involvement in the development of faulty risk standards, accounting practices, and the creation and proliferation of the securitized mortgage instrument, and how such instrument affected the solvency of such enterprises; (3) the role of the respective boards of directors in voting for the policies relating to risk assessments, subprime mortgages, and the international securitization of mortgages; and (4) compensation, stock options, and financial benefits that accrued to executive officers and members of the boards of directors.

Requires the enterprises and the Director of the Federal Housing Finance Agency to grant the Commission access to requested records and information.