,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #bcd  ,,in ,,the ,,house ,,of   
,,representatives  ,january #ad1 #bjac  
,ms4 ,kaptur introduced the following   
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to establish the ,fannie ,mae  
and ,freddie ,mac ,investigative        
,commission to investigate the policies 
and practices engaged in by officers and
 directors at ,fannie ,mae and ,freddie 
,mac responsible for making the         
decisions that led to the enterprises'  
financial instability and the subsequent
 ,federal conservatorship of such       
enterprises4  #a4 ,short title ,this    
,act may be cited as the ,fannie ,mae   
and ,freddie ,mac ,investigative        
,commission ,act4  #b4 ,definitions ,in 
this ,act3  7#a7 ,the term ,commission  
means the ,fannie ,mae and ,freddie ,mac
 ,investigative ,commission established 
under section #c4  7#b7 ,the term       
,fannie ,mae means the ,federal         
,national ,mortgage ,corporation4  7#c7 

,the term ,freddie ,mac means the       
,federal ,home ,loan ,mortgage          
,corporation4  #c4 ,establishment ,there
 is established a commission to be known
 as the ,fannie ,mae and ,freddie ,mac  
,investigative ,commission4  #d4 ,duty  
of the ,commission  7a7 ,in general ,the
 ,commission shall investigate1         
determine1 and make recommendations to  
,congress with respect to the policies1 
practices1 and board decisions of       
,fannie ,mae and ,freddie ,mac          
subsequent to the actions of the        
,resolution ,trust ,corporation during  
the late #aihjs and from the #aiijs     
through the present that led to the     
enterprises' financial instability and  
the subsequent ,federal conservatorship 
of such enterprises4  7b7 ,specific     
topics ,in carrying out its duty under  
subsection 7a71 the ,commission shall   
address and analyze1 by year1 beginning 
in #aiij and through the present1 the   
following3  7#a7 ,the appropriate role  
of ,fannie ,mae and ,freddie ,mac in    

expanding homeownership and the         
appropriate role in helping the housing 
market recover nationwide4  7#b7 ,fannie
 ,mae and ,freddie ,mac's involvement1  
if any1 in the development of faulty    
risk standards and accounting practices 
and the creation and proliferation of   
the securitized mortgage instrument1 and
 how such instrument affected the       
solvency of such enterprises4  7#c7 ,the
 role of the boards of directors of     
,fannie ,mae and ,freddie ,mac in       
developing and voting for the           
investment1 accounting1 and contracting 
policies of such enterprises1           
particularly as they relate to risk     
assessments1 subprime mortgages1 and the
 international securitization of        
mortgages4  7#d7 ,any board members1    
working committees1 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 loans1 a summary of actual     

board votes on the same1 and the process
 that led to such decisions4  7#e7 ,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 and1 later1 to the growth of the 
subprime mortgage industry4  7#f7 ,the  
annual compensation1 including all forms
 of compensation1 stock options1 and    
other financial benefits accrued to each
 of ,fannie ,mae and ,freddie ,mac's    
executive officers and members of the   
boards of directors4  7#g7 ,such other  
matters that the ,congress may place    
before the ,commission4  #e4 ,membership
  7a7 ,number and appointment  7#a7 ,in 
general ,the ,commission shall be       
composed of #h members1 appointed as    
follows3  7,a7 ,two members appointed by
 the ,speaker of the ,house of          
,representatives4  7,b7 ,two members    
appointed by the minority leader of the 
,house of ,representatives4  7,c7 ,two  

members appointed by the majority leader
 of the ,senate4  7,d7 ,two members     
appointed by the minority leader of the 
,senate4  7#b7 ,qualifications ,members 
of the ,commission shall be individuals 
who are of recognized standing and      
distinction in the areas of banking1    
securities and finance regulation1      
consumer advocacy and fair housing      
programs1 and the mortgage industry4    
7#c7 ,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 #d4  7#d7  
,deadline for appointment ,members of   
the ,commission shall be appointed not  
later than #ij days after the date of   
enactment of this ,act4  7#e7           
,chairperson ,the ,chairperson of the   
,commission shall be designated by the  
,speaker of the ,house of               
,representatives at the time of         
appointment4  7b7 ,terms  7#a7 ,in      
general ,each member shall be appointed 

for the life of the ,commission4  7#b7  
,vacancies ,a vacancy on the ,commission
 shall--  7,a7 not affect the power of  
the remaining members to execute the    
duty of the ,commission2 and  7,b7 be   
filled in the manner in which the       
original appointment was made4  7c7     
,compensation  7#a7 ,rates of ,pay2     
,travel ,expenses ,each member shall    
serve without pay1 except that each     
member shall receive travel expenses1   
including per diem in lieu of           
subsistence1 in accordance with         
applicable provisions under subchapter  
,i of chapter #eg of title #e1 ,united  
,states ,code4  7#b7 ,prohibition of    
,compensation of ,federal ,employees    
,notwithstanding paragraph 7#a71 any    
member of the ,commission who is a      
full-time officer or employee of the    
,united ,states may not receive         
additional pay1 allowances1 or benefits 
because of service on the ,commission4  
7d7 ,meeting requirements  7#a7         
,frequency  7,a7 ,quarterly meetings    

,the ,commission shall meet at least    
quarterly4  7,b7 ,additional meetings   
,in addition to quarterly meetings1 the 
,commission shall meet at the call of   
the ,chairperson or a majority of its   
members4  7#b7 ,quorum ,five members of 
the ,commission shall constitute a      
quorum1 but a lesser number may hold    
hearings4  7#c7 ,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 simultaneously4  #f4 ,director  
and ,staff of ,commission2 ,experts and 
,consultants  7a7 ,director  7#a7       
,appointment ,the ,commission shall have
 a ,director who shall be appointed by  
the ,chairperson with the approval of   
the ,commission4  7#b7 ,credentials ,the
 ,director shall have experience in the 
areas of banking1 securities and finance
 regulation1 consumer advocacy and fair 

housing programs1 and the mortgage      
industry4  7#c7 ,salary ,the ,director  
shall be paid at a rate determined by   
the ,chairperson with the approval of   
the ,commission1 except that such rate  
may not exceed the rate of basic pay for
 ,,gs-#ae of the ,general ,schedule4    
7b7 ,staff ,with the approval of the    
,chairperson1 the ,director may appoint 
and fix the pay of additional qualified 
personnel as the ,director considers    
appropriate4  7c7 ,experts and          
consultants ,with the approval of the   
,commission1 the ,director may procure  
temporary and intermittent services     
under section #caji7;b7 of title #e1    
,united ,states ,code1 but at rates for 
individuals not to exceed the daily     
equivalent of the maximum annual rate of
 basic pay for ,,gs-#ae of the ,general 
,schedule4  7d7 ,staff of ,federal      
,agencies ,upon request of the          
,commission1 ,chairperson1 or ,director1
 the head of any ,federal department or 
agency may detail1 on a nonreimbursable 

basis1 any of the personnel of that     
department or agency to the ,commission 
to assist the ,commission in carrying   
out its duty under this ,act4  #g4      
,powers of ,commission  7a7 ,hearings   
and sessions ,the ,commission may1 for  
the purposes of carrying out this ,act1 
hold hearings1 sit and act at such times
 and such places1 take testimony1 and   
receive evidence as the ,commission     
considers appropriate4  7b7 ,subpoena   
power  7#a7 ,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
 ,commission4  7#b7 ,issuance and       
signature ,subpoenas issued under       
paragraph 7#a7 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 purpose4  7#c7    
,enforcement ,if a person refuses to    
obey a subpoena issued under paragraph  

7#a71 the ,commission may apply to a    
,united ,states district court for an   
order requiring that person to appear   
before the ,commission to give          
testimony1 produce evidence1 or both1   
relating to the matter under            
investigation4 ,the application may be  
made within the judicial district where 
the hearing is conducted or where that  
person is found1 resides1 or transacts  
business4 ,any failure to obey the order
 of the court may be punished by the    
court as civil contempt4  7c7 ,powers of
 ,members and agents ,any member or     
agent of the ,commission may1 if        
authorized by the ,commission1 take any 
action which the ,commission is         
authorized to take under this ,act4  7d7
 ,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     
,act4 ,upon request of the ,chairperson1
 the head of that department or agency  

shall furnish that information to the   
,commission4  7e7 ,physical facilities  
and equipment ,the ,architect of the    
,capitol1 in consultation with the      
appropriate entities in the legislative 
branch1 shall locate and provide        
suitable facilities and equipment for   
the operation of the ,commission on a   
nonreimbursable basis4  7f7             
,administrative support services ,upon  
request of the ,commission1 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 ,act4  7g7 ,bylaws1 rules1 and    
regulations ,the ,commission may adopt1 
amend1 and repeal bylaws1 rules1 and    
regulations governing the conduct of its
 business and the performance of its    
duties4  7h7 ,commission ,records ,the  
,commission shall keep accurate and     

complete records of its doings and      
transactions which shall be made        
available for public inspection1 and for
 the purpose of audit and examination by
 the ,comptroller ,general or his       
designee4  #h4 ,information from        
,freddie ,mac1 ,fannie ,mae1 and the    
,,fhfa  7a7 ,enterprises ,fannie ,mae   
and ,freddie ,mac shall provide full and
 prompt access to the ,commission to any
 books1 records1 and other information  
requested for the purposes of carrying  
out its duty under this ,act4  7b7      
,,fhfa ,upon request of the ,commission1
 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 ,act4  #i4 ,report ,not later
 than #ab months after the date on which
 all initial members are appointed1 the 
,commission shall submit to ,congress a 
final report containing a detailed      
statement of the findings1 conclusions1 
and recommendations of the ,commission4 

#aj4 ,authorization of appropriations   
,there are authorized to be appropriated
 to the ,commission such sums as may be 
necessary for fiscal year #bjac to carry
 out this ,act4  #aa4 ,termination ,the 
,commission shall terminate following   
the submission and presentation of its  
final report and recommendations under  
section #i1 but not later than #cj days 
after such submission and presentation4