S.Amdt. 4033

1. Adds SEC. __. COMMISSION ON ECONOMIC SECURITY wherever appropriate

   Adds a section

   Inserted: SEC. __. COMMISSION ON ECONOMIC SECURITY.

   Inserted: (a) Findings.--Congress finds that--

   Inserted: (1) the recent financial crisis could serve as a road map for actors seeking to destabilize economic systems;

   Inserted: (2) the economy's growing interconnectedness increases vulnerabilities;

   Inserted: (3) the ability of malevolent actors to rapidly network and mask their activities undermines the fundamentals of the financial markets and economy;

   Inserted: (4) as it is reported that a recent war game of the Department of Defense--

   Inserted: (A) exposed the seriousness of threats to our economy;

   Inserted: (B) was won by a group representing the Government of China; and

   Inserted: (C) indicated a significant lack of understanding of these issues across the divides between the national security and financial communities;

   Inserted: (5) a leading financial executive recently noted that the financial crisis, sparked by the September 15th, 2008, collapse of Lehman Brothers, could serve as a road map for actors seeking to destabilize economic systems;

   Inserted: (6) prominent counterterrorism expert Professor Bruce Hoffman of Georgetown University has stated that al Qaeda and other terrorists groups were devoting new attention to derailing our financial system in the wake of that crisis;

   Inserted: (7) foreign governments have developed economic warfare capabilities or organizations, such as an economic warfare bureau in China; and

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   Inserted: (8) former Directors of National Intelligence and other top experts have warned of cyber-security and other threats capable of disrupting our financial institutions or critical infrastructure, such as the national power grid.

   Inserted: (b) Establishment.--There is established a commission to be known as the "Security Threats to Financial Markets and Economic Recovery Commission" (referred to in this section as the "Commission").

   Inserted: (c) Duties of Commission.--

   Inserted: (1) Mandatory legislative recommendations.--The Commission shall examine the threats and vulnerabilities to the United States financial markets and to develop legislative recommendations designed to address--

   Inserted: (A) potential threats to financial markets and economies from state actors and non-state actors;

   Inserted: (B) vulnerabilities in financial markets with substantial economic implications;

   Inserted: (C) the divide between national security concerns and economic concerns; and

   Inserted: (D) national security vulnerabilities associated with current Federal debt levels.

   Inserted: (2) Policy solutions.--Legislative recommendations developed to address the issues described in paragraph (1) may include--

   Inserted: (A) reforms necessary to address gaps in government and private capabilities to combat threats to financial markets;

   Inserted: (B) reforms that strengthen the security of financial markets;

   Inserted: (C) reforms that address financial systemic weakness; and

   Inserted: (D) any other reforms designed to address the issues described in paragraph (1).

   Inserted: (d) Report.--

   Inserted: (1) In general.--The Commission shall, not later than September 5, 2010, submit an interim report to Congress and, not later than 1 year after the date of the enactment of this Act, shall submit a full report to Congress and the President containing--

   Inserted: (A) a detailed description of the activities of the Commission;

   Inserted: (B) a detailed statement of any findings of the Commission as to public preferences regarding the issues, policies, and tradeoffs presented in the town hall style public hearings;

   Inserted: (C) a list of policy options for addressing those problems; and

   Inserted: (D) criteria for the legislative recommendations to be developed by the Commission.

   Inserted: (2) Form.--The reports submitted under paragraph (1) shall be submitted in unclassified form, but may contain a classified annex.

   Inserted: (e) Legislative Recommendations.--

   Inserted: (1) In general.--Not later than 60 days after the date on which the full report is submitted under subsection (d)(1) and by a vote of at least 10 of the members, the Commission shall submit legislative recommendations to Congress and the President designed to address the issues described in subsection (c).

   Inserted: (2) Proposal requirements.--The proposal under paragraph (1) shall, to the extent feasible, be designed--

   Inserted: (A) to achieve financial market and systemic security;

   Inserted: (B) to address the comments and suggestions of the consulted non-governmental experts and government officials; and

   Inserted: (C) to meet the criteria set forth in the Commission report.

   Inserted: (f) Membership and Meetings.--

   Inserted: (1) Membership.--

   Inserted: (A) In general.--The Commission shall be composed of 12 voting members appointed pursuant to subparagraph (B) and 3 nonvoting members described in subparagraph (C).

   Inserted: (B) Voting members.--The Commission shall be composed of 12 voting members, of whom not fewer than 4 members should be currently in the private sector, or have significant experience in the private sector, of whom--

   Inserted: (i) 3 shall be appointed by the Speaker of the House of Representatives;

   Inserted: (ii) 3 shall be appointed by the minority leader of the House of Representatives;

   Inserted: (iii) 3 shall be appointed by the majority leader of the Senate; and

   Inserted: (iv) 3 shall be appointed by the minority leader of the Senate.

   Inserted: (C) Executive branch consultation.--The Director of National Intelligence, the Secretary, and the Chairman of the Board of Governors shall advise and assist the Commission, at the request of the Commission.

   Inserted: (D) Chair and co-chair.--The Speaker of the House of Representatives, the minority leader of the House of Representatives, the majority leader of the Senate, and the minority leader of the Senate shall designate 2 co-chairpersons of the Commission from the members appointed under subparagraph (B), one of whom must be a Republican and one of whom must be a Democrat.

   Inserted: (2) Limitations as to members of congress.--

   Inserted: (A) Members of congress on commission.--Each appointing authority described in paragraph (1)(B) shall appoint not more than 2 Members of Congress, nor fewer than 1 member of Congress, to the Commission.

   Inserted: (B) Continuation of voting membership.--In the case of an individual appointed pursuant to paragraph (1)(A) who was appointed as a Member of Congress under subparagraph (A), if such individual ceases to be a Member of Congress, that individual shall cease to be a member of the Commission.

   Inserted: (3) Date for original appointment.--The appointing authorities described in paragraph (1)(B) shall appoint the initial members of the Commission not later than 30 days after the date of enactment of this Act.

   Inserted: (4) Terms.--

   Inserted: (A) In general.--The term of each member is for the life of the Commission.

   Inserted: (B) Vacancies.--A vacancy in the Commission shall be filled not later than 30 days after such vacancy occurs and in the manner in which the original appointment was made.

   Inserted: (5) Pay and reimbursement.--

   Inserted: (A) No compensation for members of commission.--Except as provided in subparagraph (B), a member of the Commission may not receive pay, allowances, or benefits by reason of their service on the Commission.

   Inserted: (B) Travel expenses.--Each member shall receive travel expenses, including per diem in lieu of subsistence under subchapter I of chapter 57 of title 5, United States Code.

   Inserted: (6) Meetings.--The Commission shall meet upon the call of the chairperson or a majority of its voting members.

   Inserted: (7) Quorum.--Six voting members of the Commission shall constitute a quorum, but a lesser number may hold hearings.

   Inserted: (g) Staff of Commission.--

   Inserted: (1) Staff.--In accordance with rules agreed upon by the Commission, subject to paragraph (2), and to the extent provided in advance in appropriation Acts, the co-chairpersons of the Commission may appoint and fix the pay of no more than 3 staff persons, subject to paragraph (3).

   Inserted: (2) Applicability of certain civil service laws.--The staff of the Commission may be appointed without regard to the provisions of title 5, United States Code, governing appointments in the competitive service.

   Inserted: (3) Compensation.--A staff person of the Commission may not be paid at a rate of pay that exceeds the maximum rate of pay for a position at GS-14 of the General Schedule.

   Inserted: (4) Detailees.--Any Federal Government employee may be detailed to the Commission without reimbursement from the Commission, and such detailee shall retain the rights, status, and privileges of their regular employment without interruption.

   Inserted: (5) Experts and consultants.--In accordance with rules agreed upon by the Commission and to the extent provided in advance in appropriation Acts, the director may procure the services of experts and consultants under section 3109(b) of title 5, United States Code, but at rates not to exceed the daily equivalent of the annual rate of basic pay for level V of the Executive Schedule under section 5316 of title 5, United States Code.

   Inserted: (h) Powers of Commission.--

   Inserted: (1) Hearings and evidence.--The Commission may, for the purpose of carrying out this section, hold such hearings, sit and act at such times and places, take such testimony, and receive such evidence as the Commission considers appropriate. The Commission may administer oaths or affirmations to witnesses appearing before it.

   Inserted: (2) Powers of members and agents.--Any member or agent of the Commission may, if authorized by the Commission, take any action which the Commission is authorized to take under this subsection.

   Inserted: (3) Mails.--The Commission may use the United States mails in the same manner and under the same conditions as other departments and agencies of the United States.

   Inserted: (4) Administrative support services.--Upon the request of the Commission, the Administrator of General Services shall provide to the Commission, on a reimbursable basis, the administrative support services necessary for the Commission to carry out its responsibilities under this section.

   Inserted: (5) Contract authority.--To the extent provided in advance in appropriation Acts, the Commission may enter into contracts to enable the Commission to discharge its duties under this section.

   Inserted: (i) Funding.--There are authorized to be appropriated to the Commission, such sums as may be necessary to carry out this section. Funding for the Commission shall be provided through discretionary appropriations.

   Inserted: (j) Termination.--The Commission shall terminate 60 days after the date of submission of its legislative proposal to Congress under this section.

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   Original wording

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As printed