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S.298 - Financial Markets Commission Act of 2009111th Congress (2009-2010)

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Sponsor: Sen. Isakson, Johnny [R-GA] (Introduced 01/22/2009)
Committees: Senate - Banking, Housing, and Urban Affairs
Latest Action: Senate - 01/22/2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.  (All Actions)

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Summary: S.298 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for S.298. Bill summaries are authored by CRS.

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Introduced in Senate (01/22/2009)

Financial Markets Commission Act of 2009 - Establishes in the legislative branch the Financial Markets Commission to: (1) examine all causes, domestic and global, of the current financial and economic crisis in the United States, including the collapse of major financial and commercial firms and the deterioration of the credit and housing markets; and (2) investigate the role in the crisis, if any, of the Securities and Exchange Commission (SEC), nationally recognized statistical rating organizations, the Commodity Futures Trading Commission (CFTC), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), trading facilities for commodities and self-regulatory organizations, the federal banking agencies, any financial or commercial corporation, partnership, or entity, and any other governmental or non-governmental entity.

Requires the Commission to: (1) report its findings and recommendations to the President and Congress; and (2) refer to the U.S. Attorney General and any appropriate state attorney general any person that the Commission finds may have violated federal laws in relation to the crisis.