S 386 ES

Resolved, That the bill from the Senate (S. 386) entitled ‘An Act to improve enforcement of mortgage fraud, securities fraud, financial institution fraud, and other frauds related to federal assistance and relief programs, for the recovery of funds lost to these frauds, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Fraud Enforcement and Recovery Act of 2009’ or ‘FERA’. CommentsClose CommentsPermalink

SEC. 2. AMENDMENTS TO IMPROVE MORTGAGE, SECURITIES, COMMODITIES, AND FINANCIAL FRAUD RECOVERY AND ENFORCEMENT.

(a) Definition of Financial Institution Amended To Include Mortgage Lending Business-Section 20 of title 18, United States Code, is amended-- CommentsClose CommentsPermalink





(1) in paragraph (8), by striking ‘or’ after the semicolon; CommentsClose CommentsPermalink





(2) in paragraph (9), by striking the period and inserting ‘; or’; and CommentsClose CommentsPermalink





(3) by inserting at the end the following: CommentsClose CommentsPermalink





‘(10) a mortgage lending business (as defined in section 27 of this title) or any person or entity that makes in whole or in part a federally related mortgage loan as defined in 12 U.S.C. 2602(1)section 3 of the Real Estate Settlement Procedures Act of 1974.’. CommentsClose CommentsPermalink





(b) Mortgage Lending Business Defined- CommentsClose CommentsPermalink





(1) IN GENERAL- Chapter 1 of title 18, United States Code, is amended by inserting after section 26 the following: CommentsClose CommentsPermalink

‘Sec. 27. Mortgage lending business defined

‘In this title, the term ‘mortgage lending business’ means an organization which finances or refinances any debt secured by an interest in real estate, including private mortgage companies and any subsidiaries of such organizations, and whose activities affect interstate or foreign commerce.’. CommentsClose CommentsPermalink





(2) CHAPTER ANALYSIS- The chapter analysis for chapter 1 of title 18, United States Code, is amended by adding at the end the following: CommentsClose CommentsPermalink





‘27. Mortgage lending business defined.’. CommentsClose CommentsPermalink





(c) False Statements in Mortgage Applications Amended To Include False Statements by Mortgage Brokers and Agents of Mortgage Lending Businesses-Section 1014 of title 18, United States Code, is amended by-- CommentsClose CommentsPermalink





(1) striking ‘or’ after ‘the International Banking Act of 1978),’; and CommentsClose CommentsPermalink





(2) inserting after ‘section 25(a) of the Federal Reserve Act’ the following: ‘, or a mortgage lending business whose activities affect interstate or foreign commerce, or any person or entity that makes in whole or in part a federally related mortgage loan as defined in 12 U.S.C. 2602(1)section 3 of the Real Estate Settlement Procedures Act of 1974’. CommentsClose CommentsPermalink





(d) Major Fraud Against the Government Amended To Include Economic Relief and Troubled Asset Relief Program Funds-Section 1031(a) of title 18, United States Code, is amended by-- CommentsClose CommentsPermalink





(1) inserting after ‘or promises, in’ the following: ‘any grant, contract, subcontract, subsidy, loan, guarantee, insurance, or other form of Federal assistance, including through the Troubled Assets Relief Program, an economic stimulus, recovery or rescue plan provided by the Government, or the Government’s purchase of any troubled asset as defined in the Emergency Economic Stabilization Act of 2008, or in’; CommentsClose CommentsPermalink





(2) striking ‘the contract, subcontract’ and inserting ‘such grant, contract, subcontract, subsidy, loan, guarantee, insurance, or other form of Federal assistance,’; and CommentsClose CommentsPermalink





(3) striking ‘for such property or services’. CommentsClose CommentsPermalink





(e) Securities Fraud Amended To Include Fraud Involving Options and Futures in Commodities- CommentsClose CommentsPermalink





(1) IN GENERAL-Section 1348 of title 18, United States Code, is amended-- CommentsClose CommentsPermalink





(A) in the caption, by inserting ‘and commodities’ after ‘Securities’; CommentsClose CommentsPermalink





(B) by insertingin paragraph (1), by inserting ‘any commodity for future delivery, or any option on a commodity for future delivery, or’ after ‘any person in connection with’; and CommentsClose CommentsPermalink





(C) in paragraph (2), by inserting ‘any commodity for future delivery, or any option on a commodity for future delivery, or’ after ‘in connection with the purchase or sale of’. CommentsClose CommentsPermalink





(2) CHAPTER ANALYSIS- The item for section 1348 in the chapter analysis for chapter 63 of title 18, United States Code, is amended by inserting ‘and commodities’ after ‘Securities’. CommentsClose CommentsPermalink





(f) Money Laundering Amended To Define Proceeds of Specified Unlawful Activity- CommentsClose CommentsPermalink





(1) MONEY LAUNDERING-Section 1956(c) of title 18, United States Code, is amended-- CommentsClose CommentsPermalink





(A) in paragraph (8), by striking the period and inserting ‘; and’; and CommentsClose CommentsPermalink





(B) by inserting at the end the following: CommentsClose CommentsPermalink





‘(9) the term ‘proceeds’ means any property derived from or obtained or retained, directly or indirectly, through some form of unlawful activity, including the gross receipts of such activity.’. CommentsClose CommentsPermalink





(2) MONETARY TRANSACTIONS-Section 1957(f) of title 18, United States Code, is amended by striking paragraph (3) and inserting the following: CommentsClose CommentsPermalink





‘(3) the terms ‘specified unlawful activity’ and ‘proceeds’ shall have the meaning given those terms in section 1956 of this title.’. CommentsClose CommentsPermalink





(g) Making the International Money Laundering Statute Apply to Tax Evasion- Section 1956(a)(2)(A) of title 18, United States Code, is amended by--

(1) inserting ‘(i)’ before ‘with the intent to promote’; and

(2) adding at the end the following:

‘(ii) with the intent to engage in conduct constituting a violation of section 7201 or 7206 of the Internal Revenue Code of 1986; or’Sense of the Congress and Report Concerning Required Approval for Merger Cases- CommentsClose CommentsPermalink




(1) SENSE OF CONGRESS- It is the sense of the Congress that no prosecution of an offense under section 1956 or 1957 of title 18, United States Code, should be undertaken in combination with the prosecution of any other offense, without prior approval of the Attorney General, the Deputy Attorney General, the Assistant Attorney General in charge of the Criminal Division, a Deputy Assistant Attorney General in the Criminal Division, or the relevant United States Attorney, if the conduct to be charged as ‘specified unlawful activity’ in connection with the offense under section 1956 or 1957 is so closely connected with the conduct to be charged as the other offense that there is no clear delineation between the two offenses. CommentsClose CommentsPermalink





(2) REPORT- One year after the date of the enactment of this Act, and at the end of each of the four succeeding one-year periods, the Attorney General shall report to the House and Senate Committees on the Judiciary on efforts undertaken by the Department of Justice to ensure that the review and approval described in paragraph (1) takes place in all appropriate cases. The report shall include the following: CommentsClose CommentsPermalink





(A) The number of prosecutions described in paragraph (1) that were undertaken during the previous one-year period after prior approval by an official described in paragraph (1), classified by type of offense and by the approving official. CommentsClose CommentsPermalink





(B) The number of prosecutions described in paragraph (1) that were undertaken during the previous one-year period without such prior approval, classified by type of offense, and the reasons why such prior approval was not obtained. CommentsClose CommentsPermalink





(C) The number of times during the previous year in which an approval described in paragraph (1) was denied. CommentsClose CommentsPermalink

SEC. 3. AUTHORIZATION OF ADDITIONAL FUNDING FOR INVESTIGATORS AND PROSECUTORS FORTO COMBAT MORTGAGE FRAUD, SECURITIES AND COMMODITIES FRAUD, AND OTHER CASEFRAUDS INVOLVING FEDERAL ECONOMIC ASSISTANCE.

(a) In General-(1) AUTHORIZATIONAuthorization of Additional Appropriations for the Department of Justice- CommentsClose CommentsPermalink





(1) IN GENERAL- There is authorized to be appropriated to the Attorney General, to remain available until expended, $165,000,000 for each of the fiscal years 2010 and 2011, for the purposes of investigations, prosecutions, and civil and prosecutions and civil and administrative proceedings involving Federal assistance programs and financial institutions, including financial institutions to which this Act and amendments made by this Act apply. CommentsClose CommentsPermalink





(2) ALLOCATIONS- With respect to fiscal years 2010 and 2011, the amounts authorized to be appropriated under paragraph (1) shall be allocated as follows: CommentsClose CommentsPermalink





(A) Federal Bureau of Investigation: $75,000,000 for fiscal year 2010 and $65,000,000 for fiscal year 2011, an appropriate percentage of which amounts shall be used to investigate mortgage fraud. CommentsClose CommentsPermalink





(B) The offices of the United States Attorneys: $50,000,000 for each fiscal year. CommentsClose CommentsPermalink





(C) The criminal division of the Department of Justice: $20,000,000 for each fiscal year. CommentsClose CommentsPermalink





(D) The civil division of the Department of Justice: $15,000,000 for each fiscal year. CommentsClose CommentsPermalink





(E) The tax division of the Department of Justice: $5,000,000 for each fiscal year. CommentsClose CommentsPermalink





(b) Authorization of Additional Appropriations for the Postal Inspection Service- There is authorized to be appropriated to the Postal Inspection Service of the United States Postal Service, $30,000,000 for each of the fiscal years 2010 and 2011 for investigations involving Federal assistance programs and financial institutions, including financial institutions to which this Act and amendments made by this Act apply. CommentsClose CommentsPermalink





(c) Authorization of Additional Appropriations for the Inspector General for the Department of Housing and Urban Development- There is authorized to be appropriated to the Inspector General of the Department of Housing and Urban Development, $30,000,000 for each of the fiscal years 2010 and 2011 for investigations involving Federal assistance programs and financial institutions, including financial institutions to which this Act and amendments made by this Act apply. CommentsClose CommentsPermalink





(d) Authorization of Additional Appropriations for the United States Secret Service- There is authorized to be appropriated to the United States Secret Service of the Department of Homeland Security, $20,000,000 for each of the fiscal years 2010 and 2011 for investigations involving Federal assistance programs and financial institutions, including financial institutions to which this Act and amendments made by this Act apply. CommentsClose CommentsPermalink





(e) Authorization of Additional Appropriations for the Securities and Exchange Commission- CommentsClose CommentsPermalink





(1) IN GENERAL- There is authorized to be appropriated to the Securities and Exchange Commission, $20,000,000 for each of the fiscal years 2010 and 2011 for investigations and enforcement proceedings involving financial institutions, including financial institutions to which this Act and amendments made by this Act apply. CommentsClose CommentsPermalink





(2) INSPECTOR GENERAL- There is authorized to be appropriated to the Securities and Exchange Commission, $1,000,000 for each of the fiscal years 2010 and 2011 for the salaries and expenses of the Office of the Inspector General of the Securities and Exchange Commission. CommentsClose CommentsPermalink





(f) Use of Funds- CommentsClose CommentsPermalink





The funds authorized to be appropriated under subsections (a), (b), (c), and (d)(1) IN GENERAL- The funds appropriated pursuant to authorization under this section shall be limited to covering the costs of each listed agency or department for investigating possible criminal, civil, or administrative violations and for prosecuting criminal, civil, or administrative proceedings involving financial crimes and crimes against Federal assistance programs, including mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs. CommentsClose CommentsPermalink





(f2) FUNDS FOR TRAINING AND RESEARCH- Funds authorized to be appropriated under this section may be used and expended for programs for improving the detection, investigation, and prosecution of economic crime including financial fraud and mortgage fraud. Funds allocated under this section may be allocated to programs which assist State and local criminal justice agencies to develop, establish, and maintain intelligence-focused policing strategies and related information sharing; provide training and investigative support services to State and local criminal justice agencies to provide such agencies with skills and resources needed to investigate and prosecute such criminal activities and related criminal activities; provide research support, establish partnerships, and provide other resources to aid State and local criminal justice agencies to prevent, investigate, and prosecute such criminal activities and related problems; provide information and research to the general public to facilitate the prevention of such criminal activities; and any other programs specified by the Attorney General as furthering the purposes of this Act. CommentsClose CommentsPermalink





(g) Additional Nature of Authorizations; Availability- The amounts authorized under this section are in addition to amounts otherwise authorized in other Acts and shall remain available until expended. CommentsClose CommentsPermalink





(h) Report to Congress- Following the final expenditure of all funds appropriated under this section that were authorized by subsections (a), (b), (c), and (d)pursuant to authorization under this section, the Attorney General, in consultation with the United States Postal Inspection Service, the Inspector General for the Department of Housing and Urban Development, and the Secretary of Homeland Security, shall and the Commissioner of the Securities and Exchange Commission, shall submit a joint report to Congress identifying-- CommentsClose CommentsPermalink





(1) the amounts expended under each of subsections (a), (b), (c), and (d(d), and (e) and a certification of compliance with the requirements listed in subsection (ef); and CommentsClose CommentsPermalink





(2) the amounts recovered as a result of criminal or civil restitution, fines, penalties, and other monetary recoveries resulting from criminal, civil, or administrative proceedings and settlements undertaken with funds authorized by this Act. CommentsClose CommentsPermalink

SEC. 4. CLARIFICATIONS TO THE FALSE CLAIMS ACT TO REFLECT THE ORIGINAL INTENT OF THE LAW.

(a) Clarification of the False Claims Act-Section 3729 of title 31, United States Code, is amended-- CommentsClose CommentsPermalink





(1) by striking subsection (a) and inserting the following: CommentsClose CommentsPermalink





‘(a) Liability for Certain Acts- CommentsClose CommentsPermalink





‘(1) IN GENERAL- Subject to paragraph (2), any person who-- CommentsClose CommentsPermalink





‘(A) knowingly presents, or causes to be presented, a false or fraudulent claim for payment or approval; CommentsClose CommentsPermalink





‘(B) knowingly makes, uses, or causes to be made or used, a false record or statement material to a false or fraudulent claim; CommentsClose CommentsPermalink





‘(C) conspires to commit a violation of subparagraph (A), (B), (D), (E), (F), or (G); CommentsClose CommentsPermalink





‘(D) has possession, custody, or control of property or money used, or to be used, by the Government and knowingly delivers, or causes to be delivered, less than all of that money or property; CommentsClose CommentsPermalink





‘(E) is authorized to make or deliver a document certifying receipt of property used, or to be used, by the Government and, intending to defraud the Government, makes or delivers the receipt without completely knowing that the information on the receipt is true; CommentsClose CommentsPermalink





‘(F) knowingly buys, or receives as a pledge of an obligation or debt, public property from an officer or employee of the Government, or a member of the Armed Forces, who lawfully may not sell or pledge property; or CommentsClose CommentsPermalink





‘(G) knowingly makes, uses, or causes to be made or used, a false record or statement material to an obligation to pay or transmit money or property to the Government, or knowingly conceals or knowingly and improperly avoids or decreases an obligation to pay or transmit money or property to the Government, CommentsClose CommentsPermalink





is liable to the United States Government for a civil penalty of not less than $5,000 and not more than $10,000, as adjusted by the Federal Civil Penalties Inflation Adjustment Act of 1990 (28 U.S.C. 2461 note; Public Law 104-410), plus 3 times the amount of damages which the Government sustains because of the act of that person. CommentsClose CommentsPermalink





‘(2) REDUCED DAMAGES- If the court finds that-- CommentsClose CommentsPermalink





‘(A) the person committing the violation of this subsection furnished officials of the United States responsible for investigating false claims violations with all information known to such person about the violation within 30 days after the date on which the defendant first obtained the information; CommentsClose CommentsPermalink





‘(B) such person fully cooperated with any Government investigation of such violation; and CommentsClose CommentsPermalink





‘(C) at the time such person furnished the United States with the information about the violation, no criminal prosecution, civil action, or administrative action had commenced under this title with respect to such violation, and the person did not have actual knowledge of the existence of an investigation into such violation, CommentsClose CommentsPermalink





the court may assess not less than 2 times the amount of damages which the Government sustains because of the act of that person. CommentsClose CommentsPermalink





‘(3) COSTS OF CIVIL ACTIONS- A person violating this subsection shall also be liable to the United States Government for the costs of a civil action brought to recover any such penalty or damages.’; CommentsClose CommentsPermalink





(2) by striking subsections (b) and (c) and inserting the following: CommentsClose CommentsPermalink





‘(b) Definitions- For purposes of this section-- CommentsClose CommentsPermalink





‘(1) the terms ‘knowing’ and ‘knowingly’-- CommentsClose CommentsPermalink





‘(A) mean that a person, with respect to information-- CommentsClose CommentsPermalink





‘(i) has actual knowledge of the information; CommentsClose CommentsPermalink





‘(ii) acts in deliberate ignorance of the truth or falsity of the information; or CommentsClose CommentsPermalink





‘(iii) acts in reckless disregard of the truth or falsity of the information; and CommentsClose CommentsPermalink





‘(B) require no proof of specific intent to defraud; CommentsClose CommentsPermalink





‘(2) the term ‘claim’-- CommentsClose CommentsPermalink





‘(A) means any request or demand, whether under a contract or otherwise, for money or property and whether or not the United States has title to the money or property, that-- CommentsClose CommentsPermalink





‘(i) is presented to an officer, employee, or agent of the United States; or CommentsClose CommentsPermalink





‘(ii) is made to a contractor, grantee, or other recipient, if the money or property is to be spent or used on the Government’s behalf or to advance a Government program or interest, and if the United States Government-- CommentsClose CommentsPermalink





‘(I) provides or has provided any portion of the money or property requested or demanded; or CommentsClose CommentsPermalink





‘(II) will reimburse such contractor, grantee, or other recipient for any portion of the money or property which is requested or demanded; and CommentsClose CommentsPermalink





‘(B) does not include requests or demands for money or property that the Government has paid to an individual as compensation for Federal employment or as an income subsidy with no restrictions on that individual’s use of the money or property; CommentsClose CommentsPermalink





‘(3) the term ‘obligation’ means an established duty, whether or not fixed, arising from an express or implied contractual, grantor-grantee, or licensor-licensee relationship, from a fee-based or similar relationship, from statute or regulation, or from the retention of any overpayment; and CommentsClose CommentsPermalink





‘(4) the term ‘material’ means having a natural tendency to influence, or be capable of influencing, the payment or receipt of money or property.’; CommentsClose CommentsPermalink





(3) by redesignating subsections (d) and (e) as subsections (c) and (d), respectively; and CommentsClose CommentsPermalink





(4) in subsection (c), as redesignated, by striking ‘subparagraphs (A) through (C) of subsection (a)’ and inserting ‘subsection (a)(2)’. CommentsClose CommentsPermalink





(b) Intervention by the Government-Section 3731(b) of title 31, United States Code, is amended-- CommentsClose CommentsPermalink





(1) by redesignating subsection (c) as subsection (d); CommentsClose CommentsPermalink





(2) by redesignating subsection (d) as subsection (e); and CommentsClose CommentsPermalink





(3) by inserting the new subsection (c): CommentsClose CommentsPermalink





‘(c) If the Government elects to intervene and proceed with an action brought under 3730(b), the Government may file its own complaint or amend the complaint of a person who has brought an action under section 3730(b) to clarify or add detail to the claims in which the Government is intervening and to add any additional claims with respect to which the Government contends it is entitled to relief. For statute of limitations purposes, any such Government pleading shall relate back to the filing date of the complaint of the person who originally brought the action, to the extent that the claim of the Government arises out of the conduct, transactions, or occurrences set forth, or attempted to be set forth, in the prior complaint of that person.’. CommentsClose CommentsPermalink





(c) Civil Investigative Demands-Section 3733 of title 31, United States Code, is amended-- CommentsClose CommentsPermalink





(1) in subsection (a)-- CommentsClose CommentsPermalink





(A) in paragraph (1)-- CommentsClose CommentsPermalink





(i) in the matter preceding subparagraph (A)-- CommentsClose CommentsPermalink





(I) by inserting ‘, or a designee (for purposes of this section),’ after ‘Whenever the Attorney General’; and CommentsClose CommentsPermalink





(II) by striking ‘the Attorney General may, before commencing a civil proceeding under section 3730 or other false claims law,’ and inserting ‘the Attorney General, or a designee, may, before commencing a civil proceeding under section 3730(a) or other false claims law, or making an election under section 3730(b),’; and CommentsClose CommentsPermalink





(ii) in the matter following subparagraph (D)-- CommentsClose CommentsPermalink





(I) by striking ‘may not delegate’ and inserting ‘may delegate’; and CommentsClose CommentsPermalink





(II) by adding at the end the following: ‘Any information obtained by the Attorney General or a designee of the Attorney General under this section may be shared with any qui tam relator if the Attorney General or designee determine it is necessary as part of any false claims act investigation.’; and CommentsClose CommentsPermalink





(B) in paragraph (2)(G), by striking the second sentence; CommentsClose CommentsPermalink





(2) in subsection (i)(2)-- CommentsClose CommentsPermalink





(A) in subparagraph (B), by striking ‘, who is authorized for such use under regulations which the Attorney General shall issue’; and CommentsClose CommentsPermalink





(B) in subparagraph (C), by striking ‘Disclosure of information to any such other agency shall be allowed only upon application, made by the Attorney General to a United States district court, showing substantial need for the use of the information by such agency in furtherance of its statutory responsibilities.’; and CommentsClose CommentsPermalink





(3) in subsection (l)-- CommentsClose CommentsPermalink





(A) in paragraph (6), by striking ‘and’ after the semicolon; CommentsClose CommentsPermalink





(B) in paragraph (7), by striking the period and inserting ‘; and’; and CommentsClose CommentsPermalink





(C) by adding at the end the following: CommentsClose CommentsPermalink





‘(8) the term ‘official use’ means any use that is consistent with the law, and the regulations and policies of the Department of Justice, including use in connection with internal Department of Justice memoranda and reports; communications between the Department of Justice and a Federal, State, or local government agency, or a contractor of a Federal, State, or local government agency, undertaken in furtherance of a Department of Justice investigation or prosecution of a case; interviews of any qui tam relator or other witness; oral examinations; depositions; preparation for and response to civil discovery requests; introduction into the record of a case or proceeding; applications, motions, memoranda and briefs submitted to a court or other tribunal; and communications with Government investigators, auditors, consultants and experts, the counsel of other parties, arbitrators and mediators, concerning an investigation, case or proceeding.’. CommentsClose CommentsPermalink





(d) Relief From Retaliatory Actions-Section 3730(h) of title 31, United States Code, is amended to read as follows: CommentsClose CommentsPermalink





‘(h) Relief From Retaliatory Actions- CommentsClose CommentsPermalink





‘(1) IN GENERAL- Any employee, contractor, or agent shall be entitled to all relief necessary to make that employee, contractor, or agent whole, if that employee, contractor, or agent is discharged, demoted, suspended, threatened, harassed, or in any other manner discriminated against in the terms and conditions of employment because of lawful acts done by the employee, contractor, or agent on behalf of the employee, contractor, or agent or associated others in furtherance of other efforts to stop 1 or more violations of this subchapter. CommentsClose CommentsPermalink





‘(2) RELIEF- Relief under paragraph (1) shall include reinstatement with the same seniority status that employee, contractor, or agent would have had but for the discrimination, 2 times the amount of back pay, interest on the back pay, and compensation for any special damages sustained as a result of the discrimination, including litigation costs and reasonable attorneys’ fees. An action under this subsection may be brought in the appropriate district court of the United States for the relief provided in this subsection.’. CommentsClose CommentsPermalink





(e) False Claims Jurisdiction-Section 3732 of title 31, United States Code, is amended by adding at the end the following new subsection: CommentsClose CommentsPermalink





‘(c) Service on State or Local Authorities- With respect to any State or local government that is named as a co-plaintiff with the United States in an action brought under subsection (b), a seal on the action ordered by the court under section 3730(b) shall not preclude the Government or the person bringing the action from serving the complaint, any other pleadings, or the written disclosure of substantially all material evidence and information possessed by the person bringing the action on the law enforcement authorities that are authorized under the law of that State or local government to investigate and prosecute such actions on behalf of such governments, except that such seal applies to the law enforcement authorities so served to the same extent as the seal applies to other parties in the action.’. CommentsClose CommentsPermalink





(f) Effective Date and Application- The amendments made by this section shall take effect on the date of enactment of this Act and shall apply to conduct on or after the date of enactment, except that-- CommentsClose CommentsPermalink





(1) subparagraph (B) ofsection 3729(a)(1) of title 31, United States Code, as added by subsection (a)(1), shall take effect as if enacted on June 7, 2008, and apply to all claims under the False Claims Act (31 U.S.C. 3729 et seq.) that are pending on or after that date; and CommentsClose CommentsPermalink





(2) section 3731(b) of title 31, as amended by subsection (b); section 3733, of title 31, as amended by subsection (c); and section 3732 of title 31, as amended by subsection (e); shall apply to cases pending on the date of enactment. CommentsClose CommentsPermalink

SEC. 5. FINANCIAL MARKETSCRISIS INQUIRY COMMISSION.

(a) Establishment of Commission- There is established in the legislative branch the Financial MarketsCrisis Inquiry Commission (in this section referred to as the ‘Commission’) to examine allthe causes, domestic and global, of the current financial and economic crisis in the United States. CommentsClose CommentsPermalink





(b) Composition of the Commission- CommentsClose CommentsPermalink





(1) MEMBERS- The Commission shall be composed of 10 members, of whom-- CommentsClose CommentsPermalink





(A) 23 members shall be appointed by the majority leader of the Senate;(B) 2, in consultation with relevant Committees; CommentsClose CommentsPermalink





(B) 3 members shall be appointed by the Speaker of the House of Representatives;(C) 1 member, in consultation with relevant Committees; CommentsClose CommentsPermalink





(C) 2 members shall be appointed by the minority leader of the Senate;(D) 1 member, in consultation with relevant Committees; and CommentsClose CommentsPermalink





(D) 2 members shall be appointed by the minority leader of the House of Representatives;

(E) 1 member shall be appointed by the Chairman of the Committee on Banking, Housing, and Urban Affairs of the Senate;

(F) 1 member shall be appointed by the ranking member of the Committee on Banking, Housing, and Urban Affairs of the Senate;

(G) 1 member shall be appointed by the chairman of the Committee on Financial Services of the House of Representatives; and

(H) 1 member shall be appointed by the ranking member of the Committee on Financial Services of the House of Representativ, in consultation with relevant Committees. CommentsClose CommentsPermalink




(2) QUALIFICATIONS; LIMITATION- CommentsClose CommentsPermalink





(A) IN GENERAL- Individuals appointed to the Commission shall be United States citizens havingt is the sense of the Congress that individuals appointed to the Commission should be prominent United States citizens with national recognition and significant depth of experience in such fields as banking, regulation of markets, taxation, finance, economics, consumer protection, and housing. CommentsClose CommentsPermalink





(B) LIMITATION- No person who is a member of Congress or an officer or employee of the Federal Government or any State or local government may serve as a member of the Commission. CommentsClose CommentsPermalink





(3) CHAIRPERSON; VICE CHAIRPERSON- CommentsClose CommentsPermalink





(A) IN GENERAL- Subject to the requirements of subparagraph (B), the Chairperson of the Commission shall be selected jointly by the Majority Leader of the Senate and the Speaker of the House of Representatives, and the Vice Chairperson shall be selected jointly by the Minority Leader of the Senate and the Minority Leader of the House of Representatives. CommentsClose CommentsPermalink





(B) POLITICAL PARTY AFFILIATION- The Chairperson and Vice Chairperson of the Commission may not be from the same political party. CommentsClose CommentsPermalink





(4) MEETINGS, QUORUM; VACANCIES- CommentsClose CommentsPermalink





(A) MEETINGS- CommentsClose CommentsPermalink





(i) INITIAL MEETING- If, 45 days after the date of enactment of this Act, 4 or more members of the CommissionThe initial meeting of the Commission shall be as soon as possible after a quorum of members 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.(5) QUORUM; VACANCIE. CommentsClose CommentsPermalink





(ii) SUBSEQUENT MEETINGS- After the initial meeting of the Commission, the Commission shall meet upon the call of the Chairperson or a majority of its members. CommentsClose CommentsPermalink





Six(B) QUORUM- 6 members of the Commission shall constitute a quorum. CommentsClose CommentsPermalink





(C) VACANCIES- Any vacancy on the Commission shall not affect its powers, but shall-- CommentsClose CommentsPermalink





(i) not affect the powers of the Commission; and CommentsClose CommentsPermalink





(ii) be filled in the same manner in which the original appointment was made. CommentsClose CommentsPermalink





(c) Functions of the Commission- The functions of the Commission are-- CommentsClose CommentsPermalink





(1) to examine the causes of the current financial and economic crisis in the United States, including the role, if any,specifically the role of-- CommentsClose CommentsPermalink





(A) fraud and abuse in the financial sector, including fraud and abuse towards consumers in the mortgage sector; CommentsClose CommentsPermalink





(B) Federal and State financial regulators, including the extent to which they enforced, or failed to enforce statutory, regulatory, or supervisory requirements; CommentsClose CommentsPermalink





(C) the global imbalance of savings, international capital flows, and fiscal imbalances of various governments; CommentsClose CommentsPermalink





(D) monetary policy and the availability and terms of credit; CommentsClose CommentsPermalink





(E) accounting practices, including, mark-to-market and fair value rules, and treatment of off-balance sheet vehicles; CommentsClose CommentsPermalink





(F) tax treatment of financial products and investments; CommentsClose CommentsPermalink





(G) capital requirements and regulations on leverage and liquidity, including the capital structures of regulated and non-regulated financial entities; CommentsClose CommentsPermalink





(H) credit rating agencies in the financial system, including, reliance on credit ratings by financial institutions and Federal financial regulators, the use of credit ratings in financial regulation, and the use of credit ratings in the securitization markets; CommentsClose CommentsPermalink





(I) lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk; CommentsClose CommentsPermalink





(J) affiliations between insured depository institutions and securities, insurance, and other types of nonbanking companies; CommentsClose CommentsPermalink





(K) market participant expectations that certain institutions wethe concept that certain institutions are ‘too-big-to-fail’ and its impact on market expectations; CommentsClose CommentsPermalink





(L) corporate governance, including the impact of company conversions from partnerships to corporations; CommentsClose CommentsPermalink





(M) compensation structures; CommentsClose CommentsPermalink





(N) changes in compensation for employees of financial companies, as compared to compensation for others with similar skill sets in the labor market; CommentsClose CommentsPermalink





(O) Federal the legal and regulatory structure of the United States housing policymarket; CommentsClose CommentsPermalink





(P) derivatives and unregulated financial products and practices, including credit default swaps; CommentsClose CommentsPermalink





(Q) short-selling; CommentsClose CommentsPermalink





(R) financial institution reliance on numerical models, including risk models and credit ratings; CommentsClose CommentsPermalink





(S) the legal and regulatory structure governing financial institutions, including the extent to which the structure creates the opportunity for financial institutions to engage in regulatory arbitrage; CommentsClose CommentsPermalink





(T) the legal and regulatory structure governing investor and mortrgagor protection; CommentsClose CommentsPermalink





(U) financial institutions and government-sponsored enterprises;

(V) the reliance on credit ratings by Federal financial regulators, and the use of credit ratings in financial regulation; and

(W and CommentsClose CommentsPermalink




(V) the quality of due diligence undertaken by financial institutions; CommentsClose CommentsPermalink





(2) to examine the causes of the collapse of each major financial institution that failed (including institutions that were acquired to prevent their failure) or was likely to have failed if not for the receipt of exceptional Government assistance from the DepartmentSecretary of the Treasury during the period beginning in August 2007 through April 2009; CommentsClose CommentsPermalink





(3) to submit a report under subsection (gh); CommentsClose CommentsPermalink





(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; and CommentsClose CommentsPermalink





(5) to review and build upon the record of the Committee onwork of other entities, and avoid unnecessary duplication, by reviewing the record of the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, other Ccongressional committees, the Government Accountability Office, and other legislative panels, and any other department, agency, bureau, board, commission, office, independent establishment, or instrumentality of the United States (to the fullest extent permitted by law) with respect to the current financial and economic crisis. CommentsClose CommentsPermalink





(d) Powers of the Commission- CommentsClose CommentsPermalink





(1) HEARINGS AND EVIDENCE- The Commission may, for purposes of carrying out this section-- CommentsClose CommentsPermalink





(A) hold hearings, sit and act at times and places, take testimony, receive evidence, and administer oaths; and CommentsClose CommentsPermalink





(B) require, by subpoena or otherwise, the attendance and testimony of witnesses and the production of books, records, correspondence, memoranda, papers, and documents. CommentsClose CommentsPermalink





(2) SUBPOENAS- CommentsClose CommentsPermalink





(A) SERVICE- Subpoenas issued under paragraph (1)(B) may be served by any person designated by the Commission. CommentsClose CommentsPermalink





(B) ENFORCEMENT- CommentsClose CommentsPermalink





(i) IN GENERAL- In the case of contumacy or failure to obey a subpoena issued under paragraph (1)(B), 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. CommentsClose CommentsPermalink





(ii) 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. CommentsClose CommentsPermalink





(3)iii) ISSUANCE- A subpoena may be issued under this subsection only-- CommentsClose CommentsPermalink





(I) by the agreement of the Chairperson and the Vice Chairperson; or CommentsClose CommentsPermalink





(II) by the affirmative vote of a majority of the Commission, a majority being present. CommentsClose CommentsPermalink





(3) CONTRACTING- The Commission may enter into contracts to enable the Commission to discharge its duties under this section. CommentsClose CommentsPermalink





(4) INFORMATION FROM FEDERAL AGENCIES AND OTHER ENTITIES- CommentsClose CommentsPermalink





(A) IN GENERAL- The Commission may secure directly from any department, agency, bureau, board, commission, office, independent establishment, or instrumentality of the United States any information related to any inquiry of the Commission conducted under this section, including information of a confidential nature (which the Commission shall maintain in a secure manner). Each such department, agency, bureau, board, commission, office, independent establishment, or instrumentality shall furnish such information directly to the Commission upon request. CommentsClose CommentsPermalink





(B) OTHER ENTITIES- It is the sense of the Congress that the Commission should seek testimony or information from principals and other representatives of government agencies and private entities that were significant participants in the United States and global financial and housing markets during the time period examined by the Commission. CommentsClose CommentsPermalink





(5) FUNDING- The Secretary of the Treasury shall provide, out of money previously appropriated, $5,000,000 toADMINISTRATIVE SUPPORT SERVICES- Upon the request of the Commission-- CommentsClose CommentsPermalink





(A) the Administrator of General Services shall provide to the Commission, on a reimbursable basis, the administrative support services necessary for the Commission to carry out this section, to remain available until expended or until termination of the Commission under subsection (h)its responsibilities under this Act; and CommentsClose CommentsPermalink





(B) other Federal departments and agencies may provide to the Commission any administrative support services as may be determined by the head of such department or agency to be advisable and authorized by law. CommentsClose CommentsPermalink





(6) DONATIONS OF GOODS AND SERVICES- The Commission may accept, use, and dispose of gifts or donations of services or property. CommentsClose CommentsPermalink





(7) 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. CommentsClose CommentsPermalink





(8) 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. CommentsClose CommentsPermalink





(e) Staff of the Commission- CommentsClose CommentsPermalink





(1) DIRECTOR- The Commission shall have a Director who shall be appointed by the Chairperson and the Vice Chairperson, acting jointly. CommentsClose CommentsPermalink





(2) STAFF- The Chairperson and the Vice Chairperson may jointly appoint additional personnel, as may be necessary, to enable the Commission to carry out its functions. CommentsClose CommentsPermalink





(3) 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 paragraph may exceed the equivalent of that payable for a position at level V of the Executive Schedule undersection 5316 of title 5, United States Code. Any individual appointed under paragraph (1) or (2) shall be treated as an employee for purposes of chapters 63, 81, 83, 84, 85, 87, 89, 89A, 89B, and 90 of that title. CommentsClose CommentsPermalink





(4) 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. CommentsClose CommentsPermalink





(5) CONSULTANT SERVICES- The Commission is authorized to procure the services of experts and consultants in accordance withsection 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. CommentsClose CommentsPermalink





(f) Compensation and Travel Expenses- CommentsClose CommentsPermalink





(1) COMPENSATION- Each member of the Commission may be compensated at a rate 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 undersection 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. CommentsClose CommentsPermalink





(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 undersection 5703(b) of title 5, United States Code. CommentsClose CommentsPermalink





(g) Nonapplicability of Federal Advisory Committee Act- The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply to the Commission. CommentsClose CommentsPermalink





(h) Report of the Commission; Appearance Before and Consultations With Congress- CommentsClose CommentsPermalink





(1) REPORT- On December 15, 2010, the Commission shall submit to the President and to the Congress a report containing the findings and conclusions of the Commission on the causes of the current financial and economic crisis in the United States. CommentsClose CommentsPermalink





(2) INSTITUTION-SPECIFIC REPORTS AUTHORIZED- At the discretion of the chairperson of the Commission, the report under paragraph (1) may include reports or specific findings on any financial institution examined by the Commission under subsection (c)(2). CommentsClose CommentsPermalink





(3) APPEARANCE BEFORE THE CONGRESS- The chairperson of the Commission shall, not later than 120 days after the date of submission of the final reports under paragraph (1), appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives regarding such reports and the findings of the Commission. CommentsClose CommentsPermalink





(4) CONSULTATIONS WITH THE CONGRESS- The Commission shall consult with the Committee on Banking, Housing, and Urban Affairs of the Senate and, the Committee on Financial Services of the House of Representatives, and may consult with other Committees ofother relevant committees of the Congress, for purposes of informing the Congress on the work of the Commission. CommentsClose CommentsPermalink





(hi) Termination of Commission- CommentsClose CommentsPermalink





(1) IN GENERAL- The Commission, and all the authorities of this section, shall terminate 60 days after the date on which the final report is submitted under subsection (gh). CommentsClose CommentsPermalink





(2) ADMINISTRATIVE ACTIVITIES BEFORE TERMINATION- The Commission may use the 60-day period referred to in paragraph (1) for the purpose of concluding its activitiesthe activities of the Commission, including providing testimony to committees of Congress concerning its reportsthe Congress concerning reports of the Commission and disseminating the final report submitted under subsection (g).

TITLE II--SELECT COMMITTEE ON INVESTIGATION OF THE ECONOMIC CRISIS

SEC. 201. FINDINGS.

The Senate finds the following:

(1) The United States is currently facing an unprecedented economic crisis, with massive losses of jobs in the United States and an alarming contraction of economic activity in the United States.

(2) The United States Government has pledged, committed, or loaned more than $9,000,000,000,000 as of February 2009 in an attempt to mitigate and resolve the economic crisis and trillions of dollars more may well be necessary before the crisis is over.

(3) The economic crisis reaches into, and has impacted, almost every aspect of the United States economy and significant parts of the international economy.

(4) Any thorough and complete study and investigation of this complex and far-reaching economic crisis will require sustained and singular focus for many months.

(5) A study and investigation of this size and scope implicates the jurisdiction of several Standing Committees of the Senate and, if it is to be done correctly and timely, will require a degree of undivided attention and resources beyond the capacity of the Standing Committees of the Senate, which are already over-burdened.

(6) Adding such a significant study and investigation to the duties of the existing Standing Committees of the Senate would make it difficult for such committees to get their regular required work accomplished, particularly when so much attention and so many resources are appropriately devoted to responding to the ongoing economic crisis.

(7) Dozens of important investigations have been conducted with the creation of a select committee of the Senate for a specific purpose and a set time.

(8) The American public has a right to get straight answers on how this economic crisis developed and what steps should be taken to make sure that nothing like it happens again.

SEC. 202. SELECT COMMITTEE ON INVESTIGATION OF THE ECONOMIC CRISIS.

There is established a select committee of the Senate to be known as the Select Committee on Investigation of the Economic Crisis (hereafter in this title referred to as the ‘Select Committee’).

SEC. 203. PURPOSE AND DUTIES.

(a) Purpose- The purpose of the Select Committee is to study and investigate the facts and circumstances giving rise to the current economic crisis facing the United States and to recommend actions to be taken to prevent a future recurrence of such a crisis.

(b) Duties- The Select Committee is authorized and directed to do everything necessary or appropriate to conduct the study and investigation specified in subsection (a). Without restricting in any way the authority conferred on the Select Committee by the preceding sentence, the Senate further expressly authorizes and directs the Select Committee to examine the facts and circumstances giving rise to the current economic crisis facing the United States, and report on such examination, regarding the following:

(1) The causes of the current economic crisis.

(2) Lessons learned from the current economic crisis.

(3) Actions to prevent a recurrence of an economic crisis such as the current economic crisis.

SEC. 204. COMPOSITION OF SELECT COMMITTEE.

(a) Membership-

(1) IN GENERAL- The Select Committee shall consist of 7 members of the Senate of whom--

(A) 4 members shall be appointed by the majority leader of the Senate; and

(B) 3 members shall be appointed by the minority leader of the Senate.

(2) DATE- The appointments of the members of the Select Committee shall be made not later than 30 days after the date of enactment of this title.

(b) Vacancies- Any vacancy in the Select Committee shall not affect its powers, but shall be filled in the same manner as the original appointment.

(c) Service- Service of a Senator as a member, Chair, or Vice Chair of the Select Committee shall not be taken into account for the purposes of paragraph (4) of rule XXV of the Standing Rules of the Senate.

(d) Chair and Vice Chair- The Chair of the Select Committee shall be designated by the majority leader of the Senate, and the Vice Chair of the Select Committee shall be designated by the minority leader of the Senate.

(e) Quorum-

(1) REPORTS AND RECOMMENDATIONS- A majority of the members of the Select Committee shall constitute a quorum for the purpose of reporting a matter or recommendation to the Senate.

(2) TESTIMONY- One member of the Select Committee shall constitute a quorum for the purpose of taking testimony.

(3) OTHER BUSINESS- A majority of the members of the Select Committee, or 1/3 of the members of the Select Committee if at least one member of the minority party is present, shall constitute a quorum for the purpose of conducting any other business of the Select Committee.

SEC. 205. RULES AND PROCEDURES.

(a) Governance Under Standing Rules of Senate- Except as otherwise specifically provided in this title, the investigation, study, and hearings conducted by the Select Committee shall be governed by the Standing Rules of the Senate.

(b) Additional Rules and Procedures- In addition to the provisions of section 208(h), the Select Committee may adopt additional rules or procedures if the Chair and the Vice Chair of the Select Committee agree, or if the Select Committee by majority vote so decides, that such additional rules or procedureh). CommentsClose CommentsPermalink




(j) Authorization of Appropriation- There is authorized to be appropriated to the Secretary of the Treasury such sums as are necessary or advisable to enable the Select Committee to conduct the investigation, study, and hearings authorized by this title. Any such additional rules and procedures--

(1) shall not be inconsistent with this title or the Standing Rules of the Senate; and

(2) shall become effective upon publication in the Congressional Record.

SEC. 206. AUTHORITY OF SELECT COMMITTEE.

(a) In General- The Select Committee may exercise all of the powers and responsibilities of a committee under rule XXVI of the Standing Rules of the Senate.

(b) Powers- The Select Committee or, at its direction, any subcommittee or member of the Select Committee, may, for the purpose of carrying out this title--

(1) hold hearings;

(2) administer oaths;

(3) sit and act at any time or place during the sessions, recess, and adjournment periods of the Senate;

(4) authorize and require, by issuance of subpoena or otherwise, the attendance and testimony of witnesses and the preservation and production of books, records, correspondence, memoranda, papers, documents, tapes, and any other materials in whatever form the Select Committee considers advisable;

(5) take testimony, orally, by sworn statement, by sworn written interrogatory, or by deposition, and authorize staff members to do the same; and

(6) issue letters rogatory and requests, through appropriate channels, for any other means of international assistance.

(c) Authorization, Issuance, and Enforcement of Subpoenas-

(1) AUTHORIZATION AND ISSUANCE- Subpoenas authorized and issued under this section--

(A) may be done only with the joint concurrence of the Chair and the Vice Chair of the Select Committee;

(B) shall bear the signature of the Chair or the designee of the Chair; and

(C) shall be served by any person or class of persons designated by the Chair for that purpose anywhere within or without the borders of the United States to the full extent provided by law.

(2) ENFORCEMENT- The Select Committee may make to the Senate by report or resolution any recommendation, including a recommendation for criminal or civil enforcement, that the Select Committee considers appropriate with respect to--

(A) the failure or refusal of any person to appear at a hearing or deposition or to produce or preserve documents or materials described in subsection (b)(4) in obedience to a subpoena or order of the Select Committee;

(B) the failure or refusal of any person to answer questions truthfully and completely during the person’s appearance as a witness at a hearing or deposition of the Select Committee; or

(C) the failure or refusal of any person to comply with any subpoena or order issued under the authority of subsection (b).

(d) Avoidance of Duplication-

(1) IN GENERAL- To expedite the study and investigation, avoid duplication, and promote efficiency under this title, the Select Committee shall seek to--

(A) confer with other investigations into the matters set forth in section 203(a); and

(B) access all information and materials acquired or developed in such other investigations.

(2) ACCESS TO INFORMATION AND MATERIALS- The Select Committee shall have, to the fullest extent permitted by law, access to any such information or materials obtained by any other governmental department, agency, or body investigating the matters set forth in section 203(a).

SEC. 207. REPORTS.

(a) Initial Report- The Select Committee shall submit to the Senate a report on the study and investigation conducted pursuant to section 203 not later than one year after the appointment of all of the members of the Select Committee.

(b) Updated Report- The Select Committee shall submit an updated report on such investigation not later than 180 days after the submittal of the report under subsection (a).

(c) Final Report- The Select Committee shall submit a final report on such investigation not later than two years after the appointment of all of the members of the Select Committee.

(d) Additional Reports- The Select Committee may submit any additional report or reports that the Select Committee considers appropriate.

(e) Findings and Recommendations- The reports under this section shall include findings and recommendations of the Select Committee regarding the matters considered under section 203.

(f) Disposition of Reports- All reports made by the Select Committee shall be submitted to the Secretary of the Senate. All reports made by the Select Committee shall be referred to the committee or committees that have jurisdiction over the subject matter of the report.

SEC. 208. ADMINISTRATIVE PROVISIONS.

(a) Staff-

(1) IN GENERAL- The Select Committee may employ in accordance with paragraph (2) a staff composed of such clerical, investigatory, legal, technical, and other personnel as the Select Committee, or the Chair and the Vice Chair of the Select Committee considers necessary or appropriate.

(2) APPOINTMENT OF STAFF- The staff of the Select Committee shall consist of such personnel as the Chair and the Vice Chair shall jointly appoint. Such staff may be removed jointly by the Chair and the Vice Chair, and shall work under the joint general supervision and direction of the Chair and the Vice Chair.

(b) Compensation- The Chair and the Vice Chair of the Select Committee shall jointly fix the compensation of all personnel of the staff of the Select Committee.

(c) Reimbursement of Expenses- The Select Committee may reimburse the members of its staff for travel, subsistence, and other necessary expenses incurred by such staff members in the performance of their functions for the Select Committee.

(d) Services of Senate Staff- The Select Committee may use, with the prior consent of the chair of any other committee of the Senate or the chair of any subcommittee of any committee of the Senate, the facilities of any other committee of the Senate, or the services of any members of the staff of such committee or subcommittee, whenever the Select Committee or the Chair of the Select Committee considers that such action is necessary or appropriate to enable the Select Committee to carry out its responsibilities, duties, or functions under this title.

(e) Detail of Employees- The Select Committee may use on a reimbursable basis, with the prior consent of the head of the department or agency of Government concerned and the approval of the Committee on Rules and Administration of the Senate, the services of personnel of such department or agency.

(f) Temporary and Intermittent Services- The Select Committee may procure the temporary or intermittent services of individual consultants, or organizations thereof.

(g) Payment of Expenses- There shall be paid out of the applicable accounts of the Senate such sums as may be necessary for the expenses of the Select Committee. Such payments shall be made on vouchers signed by the Chair of the Select Committee and approved in the manner directed by the Committee on Rules and Administration of the Senate. Amounts made available under this subsection shall be expended in accordance with regulations prescribed by the Committee on Rules and Administration of the Senate.

(h) Conflicts of Interest- The Select Committee shall issue rules to prohibit or minimize any conflicts of interest involving its members, staff, detailed personnel, consultants, and any others providing assistance to the Select Committee. Such rules shall not be inconsistent with the Code of Official Conduct of the Senate or applicable Federal law.

SEC. 209. EFFECTIVE DATE; TERMINATION.

(a) Effective Date- This title shall take effect on the date of enactment of this title.

(b) Termination- The Select Committee shall terminate three months after the submittal of the report required by section 207(c).

Passed the Senate April 28, 2009.

Attest:

Secretary.

111th CONGRESS

1st Session

S. 386

AN ACT

Tto cover the costs of the Commission. CommentsClose CommentsPermalink

Amend the title so as to read: ‘An Act to improve enforcement of mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to fFederal assistance and relief programs, for the recovery of funds lost to these frauds, and for other purposes.’.CommentsClose CommentsPermalink