text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Financial Crisis Investigation Act 
  of 2009''.
  
  SEC. 2. EXPANDING THE AUTHORITY OF THE TARP CONGRESSIONAL OVERSIGHT 
                PANEL.
  
      Section 125 of the Emergency Economic Stabilization Act of 2008 (12 
  U.S.C. 5233) is amended by adding at the end the following:
      ``(h) Additional Duties.--The Oversight Panel shall--
              ``(1) investigate 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;
              ``(2) investigate the role in the financial and economic 
          crisis, if any, of--
                      ``(A) any financial or commercial corporation, 
                  partnership, hedge fund, private equity firm, or 
                  entity, including any of their employees;
                      ``(B) the Securities and Exchange Commission;
                      ``(C) nationally recognized statistical rating 
                  organizations, as that term is defined in section 3(a) 
                  of the Securities Exchange Act of 1934 (15 U.S.C. 
                  78c(a)) including any of their employees;
                      ``(D) the Commodity Futures Trading Commission;
                      ``(E) the Federal National Mortgage Association or 
                  the Federal Home Loan Mortgage Corporation;
                      ``(F) trading facilities for commodities, as those 
                  terms are defined in section 1a of the Commodity 
                  Exchange Act (7 U.S.C. 1a), and self-regulatory 
                  organizations, as that term is defined in section 3 of 
                  the Securities Exchange Act of 1934 (15 U.S.C. 78c);
                      ``(G) the Federal banking agencies, as that term is 
                  defined in section 3 of the Federal Deposit Insurance 
                  Act (12 U.S.C. 1813); and
                      ``(H) any other governmental or nongovernmental 
                  entity including any of their employees;
              ``(3) conduct a top-to-bottom review of the Nation's 
          existing financial regulatory structure and the contribution of 
          the current structure to the stability or instability of 
          financial markets, in order to develop a comprehensive 
          framework for--
                      ``(A) reforming the laws governing our Nation's 
                  financial markets;
                      ``(B) strengthening regulatory agencies; and
                      ``(C) improving transparency and oversight;
              ``(4) analyze--
                      ``(A) the impact of the financial regulatory 
                  structure on the health and stability of the United 
                  States economy;
                      ``(B) the sustainability of the Nation's financial 
                  institutions; and
                      ``(C) the financial well-being of American 
                  taxpayers;
              ``(5) review and consider all aspects of financial 
          regulation, including the regulation of--
                      ``(A) bank holding companies, financial holding 
                  companies, commercial banks, investment banks, savings 
                  associations, credit unions, and industrial loan 
                  companies;
                      ``(B) payment and settlement systems;
                      ``(C) hedge funds, private equity funds, and the 
                  markets for alternative investments;
                      ``(D) special purpose vehicles and off-balance 
                  sheet financing for financial companies;
                      ``(E) the securitization of mortgages and other 
                  assets;
                      ``(F) exchange-based, electronic, and over-the-
                  counter markets for financial derivative products;
                      ``(G) the mortgage finance industry, including 
                  mortgage brokers and mortgage lending institutions;
                      ``(H) equity markets, including short-selling 
                  practices, and commodity futures markets; and
                      ``(I) the insurance industry and its role in the 
                  financial markets;
              ``(6) submit reports required by subsection (b); and
              ``(7) refer to the Attorney General of the United States, 
          any appropriate State attorney general, or any other 
          appropriate law enforcement official any person that the 
          Oversight Panel finds may have violated the laws of the United 
          States in relation to such crisis.
      ``(i) Hearings and Evidence.--
              ``(1) In general.--The Oversight Panel shall, for purposes 
          of carrying out this section--
                      ``(A) hold regular hearings, sit and act at times 
                  and places, take testimony, receive evidence, and 
                  administer oaths; and
                      ``(B) require, by subpoena or otherwise, the 
                  attendance and testimony of witnesses and the 
                  production of books, records, correspondence, 
                  memoranda, papers, and other documents.
              ``(2) Subpoenas.--
                      ``(A) Service.--Subpoenas issued under paragraph 
                  (1)(B) may be served by any person designated by the 
                  Oversight Panel.
                      ``(B) Enforcement.--
                              ``(i) In general.--In the case of contumacy 
                          or failure to obey a subpoena issued under 
                          paragraph (1)(B), the United States district 
                          court for the judicial district in which the 
                          subpoenaed person resides, is served, or may be 
                          found, or where the subpoena is returnable, may 
                          issue an order requiring such person to appear 
                          at any designated place to testify or to 
                          produce documentary or other evidence. Any 
                          failure to obey the order of the court may be 
                          punished by the court as a contempt of that 
                          court.
                              ``(ii) Additional enforcement.--Sections 
                          102 through 104 of the Revised Statutes of the 
                          United States (2 U.S.C. 192 through 194) shall 
                          apply in the case of any failure of any witness 
                          to comply with any subpoena or to testify when 
                          summoned under the authority of this section.
              ``(3) Contracting.--The Oversight Panel may enter into 
          contracts to enable the Oversight Panel to discharge its duties 
          under this section.
              ``(4) Information from federal agencies.--The Oversight 
          Panel may secure directly from any department, agency, or 
          instrumentality of the United States any information related to 
          any inquiry of the Oversight Panel conducted under this Act. 
          Each such department, agency, or instrumentality shall, to the 
          extent authorized by law, furnish such information directly to 
          the Oversight Panel upon request, not later than 7 days after 
          the date on which such request is made.
              ``(5) Information from financial or commercial 
          corporations, partnerships, hedge funds, private equity firms, 
          or entities.--The Oversight Panel may secure directly from any 
          financial or commercial corporations, partnerships, hedge 
          funds, private equity firms, or entities any information 
          related to any inquiry of the Oversight Panel conducted under 
          this section. Each shall, to the extent authorized by law, 
          furnish such information directly to the Oversight Panel upon 
          request not later than 7 days after the date on which such 
          request is made.
              ``(6) Assistance from federal agencies.--
                      ``(A) Department of the treasury.--
                              ``(i) In general.--The Secretary shall 
                          provide all amounts necessary to defray the 
                          costs and provide administrative support and 
                          other services to the Oversight Panel for the 
                          performance of the functions of the Oversight 
                          Panel.
                              ``(ii) Limitation.--The value of the 
                          assistance required to be provided by the 
                          Secretary under this subparagraph may not 
                          exceed $4,000,000.
                      ``(B) Other departments and agencies.--In addition 
                  to the assistance prescribed in subparagraph (A), 
                  departments and agencies of the United States are 
                  authorized to provide to the Oversight Panel such 
                  services, funds, facilities, staff, and other support 
                  services as they may determine advisable and as may be 
                  authorized by law.
              ``(7) Gifts.--The Oversight Panel may accept, use, and 
          dispose of gifts or donations of services or property.
              ``(8) Postal services.--The Oversight Panel may use the 
          United States mails in the same manner and under the same 
          conditions as departments and agencies of the United States.
              ``(9) Powers of subcommittees, members, and agents.--Any 
          subcommittee, member, or agent of the Oversight Panel may, if 
          authorized by the Oversight Panel, take any action which the 
          Oversight Panel is authorized to take by this section.''.
  
  SEC. 3. REPORTS OF THE OVERSIGHT PANEL.
  
      Section 125(b) of the Emergency Economic Stabilization Act of 2008 
  (12 U.S.C. 5233(b)) is amended by adding at the end the following:
              ``(3) Final report on financial crisis.--Not later than 100 
          days after the date of enactment of this paragraph, the 
          Oversight Panel shall submit to the President and Congress a 
          report containing--
                      ``(A) the findings and conclusions of the Oversight 
                  Panel on the causes of the current financial and 
                  economic crisis in the United States; and
                      ``(B) such findings, conclusions, and 
                  recommendations for statutory and regulatory changes as 
                  a majority of Oversight Panel members finds are 
                  necessary to prevent a financial and economic crisis 
                  comparable to the current financial and economic crisis 
                  in the United States.
              ``(4) Interim reports.--At any time after the first meeting 
          of the Oversight Panel, the Oversight Panel may submit to the 
          President and Congress an interim report containing such 
          findings, conclusions, and recommendations for corrective 
          measures as have been agreed to by a majority of Oversight 
          Panel members.''.
target: Financial Crisis Investigation Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Oversight Panel of the Troubled Asset Relief Program (TARP) to: (1) investigate 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; (2) investigate the role in the financial and economic crisis, if any, of specified governmental and private sector entities; (3) review the nation's existing financial regulatory structure from top to bottom, and its contribution to the stability or instability of financial markets; (4) review all aspects of financial regulation; and (5) refer to federal and state law enforcement officials any person that the Oversight Panel finds may have violated federal law in relation to such crisis.
  
  Requires the Oversight Panel to report its findings, conclusions, and recommendations to the President and Congress.
feat_title: A bill to expand the authority and responsibilities of the Oversight Panel of the Troubled Asset Relief Program, and for other purposes.