Proposals for a Congressional Commission on the Financial Crisis

"Proposals for a Congressional Commission on the Financial Crisis: A Comparative Analysis,"
CRS Report for Congress
Matthew Eric Glassman, Analyst on the Congress
Jacob R. Straus, Analyst on the Congress
April 29, 2009
Prepared for Members and Committees of Congress
Congressional Research Service
7-5700
www.crs.gov
R40553

Summary

This report provides a comparative analysis of six proposed congressional advisory commissions that would investigate various aspects of the recent financial crisis and economic downturn. The report specifically discusses (1) the membership structure, (2) appointment structure, (3) rules of procedure and operation, (4) duties and reporting requirements, (5) powers of the commission, (6) staffing issues, and (7) funding. Tables 1 through 7 (at the end of the report) summarize major provisions of the six proposals. The six proposed commissions are found in Senate amendment 995 to S. 386 (sponsored by Senator Isakson); S. 195 (the “Taxpayer Protection Act,” sponsored by Senator Dorgan); S. 298 (the “Financial Markets Commission Act of 2009,” sponsored by Senator Isakson); H.R. 74 (the “Financial Oversight Commission Act of 2009,” sponsored by Representative Issa); H.R. 768 (the “Commission on Financial Crisis Accountability Act of 2009,” sponsored by Representative Larson); and H.R. 2111 (the “Congressional Commission on Financial Accountability and Preparedness Act of 2009,” sponsored by Representative Burgess). The overall structures of each of the proposed commissions are similar in many respects, both to each other and to previous independent advisory entities established by Congress. Specifically, the proposed commissions (1) exist temporarily; (2) serve in an advisory capacity; and (3) report a work product detailing the findings, conclusions, and recommendations of the commission. That said, each particular proposed commission has unique elements, particularly concerning its membership structure, appointment structure, and timeline for reporting its work product to Congress. [more]
[thanks to Steven Aftergood, Secrecy News, FAS]