,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #bcd  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #ad1 #bjac    
,ms4 ,kaptur introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,a ,,bill  ,to      
e/abli% ! ,fannie ,mae & ,fr$die ,mac   
,inve/igative ,commission to inve/igate 
! policies & practices engag$ 9 by      
(fic]s & directors at ,fannie ,mae &    
,fr$die ,mac responsible = mak+ !       
decisions t l$ to ! ent]prises' f9ancial
 in/ability & ! subsequ5t ,f$]al        
cons]vator%ip ( su* ent]prises4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,fannie ,mae & ,fr$die ,mac             
,inve/igative ,commission ,act4  #b4    
,def9itions ,9 ?is ,act3  7#a7 ,! t]m   
,commission means ! ,fannie ,mae &      
,fr$die ,mac ,inve/igative ,commission  
e/abli%$ "u section #c4  7#b7 ,! t]m    
,fannie ,mae means ! ,f$]al ,national   
,mortgage ,corporation4  7#c7 ,! t]m    
,fr$die ,mac means ! ,f$]al ,home ,loan 
,mortgage ,corporation4  #c4 ,e/abli%m5t

 ,!re is e/abli%$ a commission to be    
kn[n z ! ,fannie ,mae & ,fr$die ,mac    
,inve/igative ,commission4  #d4 ,duty ( 
! ,commission  7a7 ,9 g5]al ,!          
,commission %all inve/igate1 det]m9e1 & 
make recomm5dations to ,congress )      
respect to ! policies1 practices1 & bo>d
 decisions ( ,fannie ,mae & ,fr$die ,mac
 subsequ5t to ! actions ( ! ,resolution 
,tru/ ,corporation dur+ ! late #aihjs & 
f ! #aiijs ?r\gh ! pres5t t l$ to !     
ent]prises' f9ancial in/ability & !     
subsequ5t ,f$]al cons]vator%ip ( su*    
ent]prises4  7b7 ,specific topics ,9    
c>ry+ out its duty "u subsection 7a71 ! 
,commission %all address & analyze1 by  
ye>1 beg9n+ 9 #aiij & ?r\gh ! pres5t1 ! 
foll[+3  7#a7 ,! appropriate role (     
,fannie ,mae & ,fr$die ,mac 9 exp&+     
home[n]%ip & ! appropriate role 9 help+ 
! h\s+ m>ket recov] nationwide4  7#b7   
,fannie ,mae & ,fr$die ,mac's           
involvem5t1 if any1 9 ! developm5t (    
faulty risk /&>ds & acc\nt+ practices & 
! creation & prolif]ation ( ! securitiz$

 mortgage in/rum5t1 & h[ su* in/rum5t   
affect$ ! solv5cy ( su* ent]prises4     
7#c7 ,! role ( ! bo>ds ( directors (    
,fannie ,mae & ,fr$die ,mac 9 develop+ &
 vot+ = ! inve/m5t1 acc\nt+1 & contract+
 policies ( su* ent]prises1 p>ticul>ly z
 !y relate to risk assessm5ts1 subprime 
mortgages1 & ! int]national             
securitization ( mortgages4  7#d7 ,any  
bo>d memb]s1 work+ committees1 or       
executive (fic]s responsible = mak+ !   
decisions to adapt or *ange risk        
assessm5ts or gr[ ,fannie ,mae & ,fr$die
 ,mac's portfolios ( subprime mortgage  
loans1 a summ>y ( actual bo>d votes on !
 same1 & ! process t l$ to su*          
decisions4  7#e7 ,! decisions ( ! bo>ds 
or executive (fic]s ( ,fannie ,mae &    
,fr$die ,mac t contribut$ or may h      
contribut$ to ! ov]valuation ( risky    
mortgage inve/m5ts 9 ! /ock m>ket &1    
lat]1 to ! gr[? ( ! subprime mortgage   
indu/ry4  7#f7 ,! annual comp5sation1   
includ+ all =ms ( comp5sation1 /ock     
options1 & o!r f9ancial b5efits accru$  

to ea* ( ,fannie ,mae & ,fr$die ,mac's  
executive (fic]s & memb]s ( ! bo>ds (   
directors4  7#g7 ,su* o!r matt]s t !    
,congress may place be=e ! ,commission4 
#e4 ,memb]%ip  7a7 ,numb] & appo9tm5t   
7#a7 ,9 g5]al ,! ,commission %all be    
compos$ ( #h memb]s1 appo9t$ z foll[s3  
7,a7 ,two memb]s appo9t$ by ! ,speak] ( 
! ,h\se ( ,repres5tatives4  7,b7 ,two   
memb]s appo9t$ by ! m9ority lead] ( !   
,h\se ( ,repres5tatives4  7,c7 ,two     
memb]s appo9t$ by ! majority lead] ( !  
,s5ate4  7,d7 ,two memb]s appo9t$ by !  
m9ority lead] ( ! ,s5ate4  7#b7         
,qualifications ,memb]s ( ! ,commission 
%all be individuals :o are ( recogniz$  
/&+ & di/9ction 9 ! areas ( bank+1      
securities & f9ance regulation1 consum] 
advocacy & fair h\s+ programs1 & !      
mortgage indu/ry4  7#c7 ,conflict (     
int]e/ ,memb]s ( ! ,commission %all n h 
a conflict ( int]e/ t is relevant to any
 matt] ! ,commission is requir$ to      
inve/igate "u section #d4  7#d7 ,deadl9e
 = appo9tm5t ,memb]s ( ! ,commission    

%all be appo9t$ n lat] ?an #ij days aft]
 ! date ( enactm5t ( ?is ,act4  7#e7    
,*airp]son ,! ,*airp]son ( ! ,commission
 %all be designat$ by ! ,speak] ( !     
,h\se ( ,repres5tatives at ! "t (       
appo9tm5t4  7b7 ,t]ms  7#a7 ,9 g5]al    
,ea* memb] %all be appo9t$ = ! life ( ! 
,commission4  7#b7 ,vacancies ,a vacancy
 on ! ,commission %all--  7,a7 n affect 
! p[] ( ! rema9+ memb]s to execute !    
duty ( ! ,commission2 &  7,b7 be fill$ 9
 ! mann] 9 :i* ! orig9al appo9tm5t 0    
made4  7c7 ,comp5sation  7#a7 ,rates (  
,pay2 ,travel ,exp5ses ,ea* memb] %all  
s]ve )\t pay1 except t ea* memb] %all   
receive travel exp5ses1 includ+ p] diem 
9 lieu ( subsi/5ce1 9 accordance )      
applicable provisions "u sub*apt] ,i (  
*apt] #eg ( title #e1 ,unit$ ,/ates     
,code4  7#b7 ,prohibition ( ,comp5sation
 ( ,f$]al ,employees ,not)/&+ p>agraph  
7#a71 any memb] ( ! ,commission :o is a 
full-"t (fic] or employee ( ! ,unit$    
,/ates may n receive additional pay1    
all[ances1 or b5efits because ( s]vice  

on ! ,commission4  7d7 ,meet+           
requirem5ts  7#a7 ,frequ5cy  7,a7       
,qu>t]ly meet+s ,! ,commission %all meet
 at lea/ qu>t]ly4  7,b7 ,additional     
meet+s ,9 addition to qu>t]ly meet+s1 ! 
,commission %all meet at ! call ( !     
,*airp]son or a majority ( its memb]s4  
7#b7 ,quorum ,five memb]s ( !           
,commission %all con/itute a quorum1 b a
 less] numb] may hold he>+s4  7#c7      
,meet+ by telephone or o!r appropriate  
te*nology ,memb]s ( ! ,commission are   
p]mitt$ to meet us+ telephones or o!r   
suitable telecommunications te*nologies 
provid$ t all memb]s ( ! ,commission c  
fully communicate ) all o!r memb]s      
simultane\sly4  #f4 ,director & ,/aff ( 
,commission2 ,exp]ts & ,consultants  7a7
 ,director  7#a7 ,appo9tm5t ,!          
,commission %all h a ,director :o %all  
be appo9t$ by ! ,*airp]son ) ! approval 
( ! ,commission4  7#b7 ,cr$5tials ,!    
,director %all h exp]i5ce 9 ! areas (   
bank+1 securities & f9ance regulation1  
consum] advocacy & fair h\s+ programs1 &

 ! mortgage indu/ry4  7#c7 ,sal>y ,!    
,director %all be paid at a rate det]m9$
 by ! ,*airp]son ) ! approval ( !       
,commission1 except t su* rate may n    
exce$ ! rate ( basic pay = ,,gs-#ae ( ! 
,g5]al ,s*$ule4  7b7 ,/aff ,) ! approval
 ( ! ,*airp]son1 ! ,director may appo9t 
& fix ! pay ( additional qualifi$       
p]sonnel z ! ,director consid]s         
appropriate4  7c7 ,exp]ts & consultants 
,) ! approval ( ! ,commission1 !        
,director may procure tempor>y &        
int]mitt5t s]vices "u section #caji7;b7 
( title #e1 ,unit$ ,/ates ,code1 b at   
rates = individuals n to exce$ ! daily  
equival5t ( ! maximum annual rate (     
basic pay = ,,gs-#ae ( ! ,g5]al ,s*$ule4
  7d7 ,/aff ( ,f$]al ,ag5cies ,^u reque/
 ( ! ,commission1 ,*airp]son1 or        
,director1 ! head ( any ,f$]al dep>tm5t 
or ag5cy may detail1 on a               
nonreimbursable basis1 any ( ! p]sonnel 
( t dep>tm5t or ag5cy to ! ,commission  
to assi/ ! ,commission 9 c>ry+ out its  
duty "u ?is ,act4  #g4 ,p[]s (          

,commission  7a7 ,he>+s & sessions ,!   
,commission may1 = ! purposes ( c>ry+   
out ?is ,act1 hold he>+s1 sit & act at  
su* times & su* places1 take te/imony1 &
 receive evid5ce z ! ,commission        
consid]s appropriate4  7b7 ,subpo5a p[] 
7#a7 ,9 g5]al ,! ,commission may issue a
 subpo5a to require ! att5dance &       
te/imony ( witnesses & ! production (   
evid5ce relat+ to any matt] "u          
inve/igation by ! ,commission4  7#b7    
,issuance & signature ,subpo5as issu$ "u
 p>agraph 7#a7 %all be> ! signature ( ! 
,*airp]son ( ! ,commission & %all be    
s]v$ by any p]son or class ( p]sons     
designat$ by ! ,*airp]son = t purpose4  
7#c7 ,en=cem5t ,if a p]son refuses to   
obey a subpo5a issu$ "u p>agraph 7#a71 !
 ,commission may apply to a ,unit$      
,/ates di/rict c\rt = an ord] requir+ t 
p]son to appe> be=e ! ,commission to    
give te/imony1 produce evid5ce1 or bo?1 
relat+ to ! matt] "u inve/igation4 ,!   
application may be made )9 ! judicial   
di/rict :]e ! he>+ is conduct$ or :]e t 

p]son is f\nd1 resides1 or transacts    
bus9ess4 ,any failure to obey ! ord] ( !
 c\rt may be puni%$ by ! c\rt z civil   
contempt4  7c7 ,p[]s ( ,memb]s & ag5ts  
,any memb] or ag5t ( ! ,commission may1 
if au?oriz$ by ! ,commission1 take any  
action :i* ! ,commission is au?oriz$ to 
take "u ?is ,act4  7d7 ,obta9+ (ficial  
data ,! ,commission may secure directly 
f any dep>tm5t or ag5cy ( ! ,unit$      
,/ates in=mation necess>y to enable x to
 c>ry out its duty "u ?is ,act4 ,^u     
reque/ ( ! ,*airp]son1 ! head ( t       
dep>tm5t or ag5cy %all furni% t         
in=mation to ! ,commission4  7e7        
,physical facilities & equipm5t ,!      
,ar*itect ( ! ,capitol1 9 consultation )
 ! appropriate entities 9 ! legislative 
bran*1 %all locate & provide suitable   
facilities & equipm5t = ! op]ation ( !  
,commission on a nonreimbursable basis4 
7f7 ,adm9i/rative support s]vices ,^u   
reque/ ( ! ,commission1 ! ,ar*itect ( ! 
,capitol & ! ,adm9i/rator ( ! ,g5]al    
,s]vices %all provide to ! ,commission  

on a nonreimbursable basis su*          
adm9i/rative support s]vices z !        
,commission may reque/ 9 ord] = !       
,commission to c>ry out its duty "u ?is 
,act4  7g7 ,bylaws1 rules1 & regulations
 ,! ,commission may adopt1 am5d1 &      
repeal bylaws1 rules1 & regulations     
gov]n+ ! conduct ( its bus9ess & !      
p]=mance ( its duties4  7h7 ,commission 
,records ,! ,commission %all keep       
accurate & complete records ( its do+s &
 transactions :i* %all be made available
 = public inspection1 & = ! purpose (   
audit & exam9ation by ! ,comptroll]     
,g5]al or 8 designee4  #h4 ,in=mation f 
,fr$die ,mac1 ,fannie ,mae1 & ! ,,fhfa  
7a7 ,ent]prises ,fannie ,mae & ,fr$die  
,mac %all provide full & prompt access  
to ! ,commission to any books1 records1 
& o!r in=mation reque/$ = ! purposes (  
c>ry+ out its duty "u ?is ,act4  7b7    
,,fhfa ,^u reque/ ( ! ,commission1 !    
,director ( ! ,f$]al ,h\s+ ,f9ance      
,ag5cy %all provide access to any       
in=mation necess>y to assi/ !           

,commission 9 c>ry+ out its duty "u ?is 
,act4  #i4 ,report ,n lat] ?an #ab mon?s
 aft] ! date on :i* all initial memb]s  
are appo9t$1 ! ,commission %all submit  
to ,congress a f9al report conta9+ a    
detail$ /atem5t ( ! f9d+s1 conclusions1 
& recomm5dations ( ! ,commission4  #aj4 
,au?orization ( appropriations ,!re are 
au?oriz$ to be appropriat$ to !         
,commission su* sums z may be necess>y =
 fiscal ye> #bjac to c>ry out ?is ,act4 
#aa4 ,t]m9ation ,! ,commission %all     
t]m9ate foll[+ ! submission &           
pres5tation ( its f9al report &         
recomm5dations "u section #i1 b n lat]  
?an #cj days aft] su* submission &      
pres5tation4