H.R.5050 - Corporate Governance and Market Integrity Commission Act107th Congress (2001-2002)
|Sponsor:||Rep. Greenwood, James C. [R-PA-8] (Introduced 06/27/2002)|
|Committees:||House - Energy and Commerce|
|Latest Action:||07/16/2002 Referred to the Subcommittee on Commerce, Trade and Consumer Protection. (All Actions)|
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Text: H.R.5050 — 107th Congress (2001-2002)All Bill Information (Except Text)
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Introduced in House (06/27/2002)
[Congressional Bills 107th Congress] [From the U.S. Government Printing Office] [H.R. 5050 Introduced in House (IH)] 107th CONGRESS 2d Session H. R. 5050 To establish the Market Integrity Commission to study issues relating to the governance of corporations in interstate and foreign commerce. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES June 27, 2002 Mr. Greenwood (for himself, Mr. Tauzin, Mr. Stearns, Mr. Towns, Mr. Barton of Texas, Mr. Hall of Texas, Mr. Gillmor, Mr. Bilirakis, Mr. Upton, Mr. Cox, Mr. Horn, Mr. Tom Davis of Virginia, Mr. McKeon, Mr. LaHood, Mrs. Johnson of Connecticut, Mr. Shays, Mr. Houghton, Mrs. Morella, Mr. Toomey, Mrs. Wilson of New Mexico, Mr. Peterson of Pennsylvania, Mr. Simmons, Mr. Platts, Mr. Gilchrest, Mr. Leach, Mr. Bass, Mr. Whitfield, and Mr. Buyer) introduced the following bill; which was referred to the Committee on Energy and Commerce _______________________________________________________________________ A BILL To establish the Market Integrity Commission to study issues relating to the governance of corporations in interstate and foreign commerce. 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 ``Corporate Governance and Market Integrity Commission Act''. SEC. 2. ESTABLISHMENT OF COMMISSION. (a) Establishment.--There is established a commission to be known as the ``Market Integrity Commission'' (in this Act referred to as the ``Commission''). (b) Purpose.--The purpose of the Commission shall be to study issues relating to the governance of corporations in interstate and foreign commerce and to recommend steps to be taken to improve corporate governance. SEC. 3. MEMBERSHIP. (a) Number and Appointment.--The Commission shall be composed of 9 members who shall be appointed by the President, based upon the recommendations of the Secretary of Commerce. (b) Political Affiliation.--Not more than 5 members appointed under subsection (a) may be of the same political party. (c) Qualifications of Members.--Members shall be appointed to the Commission from among individuals who are prominent experts in issues of interstate and foreign commerce, corporate governance, corporate law, and related fields. (d) Chairperson.--The President shall designate a Chairperson from among the members appointed to the Commission. (e) Terms.--Members of the Commission shall be appointed not later than 60 days after the date of enactment of this Act. Members shall be appointed until the termination of the Commission under section 7. (f) Vacancies.--A vacancy in the Commission shall not affect its powers, but shall be filled in the same manner as the original appointment. (g) Meetings.-- (1) Initial meeting.--Not later than 30 days after the date on which all members of the Commission have been appointed, the Commission shall hold its first meeting. (2) Additional meetings.--The Commission shall meet at the call of the Chairperson or a majority of its members. (h) Quorum.--A majority of the Commission shall constitute a quorum for the transaction of business. (i) Basic Pay and Expenses.--Members of the Commission shall serve without pay. 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. SEC. 4. DUTIES OF THE COMMISSION. (a) In General.--The Commission shall examine issues related to corporate governance and the impact of corporate governance practices on the development, growth, and regulation of interstate and foreign commerce, including the effect of such practices on the market economy and on consumers. (b) Final Report.--Not later than 6 months after the date of the initial meeting of the Commission, the Commission shall transmit to the President, the Congress, and the Secretary of Commerce a final report which shall include an analysis of the issues of corporate governance as it affects interstate and foreign commerce and recommendations for specific legislation to improve corporate governance and to address the problems identified as part of the Commission's analysis. SEC. 5. EXECUTIVE DIRECTOR AND STAFF OF COMMISSION. (a) Executive Director.--The Commission shall have an Executive Director who shall be appointed by the Commission. To the extent or in the amounts provided in appropriation Acts, the Executive Director shall be paid at a rate not to exceed the rate of basic pay for level 3 of the Executive Schedule. (b) Staff.--The Commission may appoint and fix the rate of pay of additional personnel as it considers appropriate. SEC. 6. POWERS OF THE COMMISSION. (a) Hearings.--The Commission may hold such hearings, sit and act at such times and places, take such testimony, and receive such evidence as the Commission may find advisable to fulfill the requirements of this Act. The Commission may administer oaths and affirmations to witnesses appearing before the Commission (b) Administrative Support Services.--Upon the request of the Chairperson of the Commission, the Administrator of General Services shall provide to the Commission, on a reimbursable basis, the administrative support services, including personnel and facilities, that are necessary to enable the Commission to carry out its duties under this Act. (c) Postal Services.--The Commission may use the United States mails in the same manner and under the same conditions as other departments and agencies of the Federal Government. SEC. 7. TERMINATION OF COMMISSION. The Commission shall terminate 6 months after the date on which the Commission submits its report under section 4. SEC. 8. AUTHORIZATION OF APPROPRIATIONS. There are authorized to be appropriated $2,000,000 for the Commission to carry out this Act. <all>