Text: H.R.5050 — 107th Congress (2001-2002)All Bill Information (Except Text)

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Introduced in House (06/27/2002)


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[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.
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