S. 3652: Financial Market Investigation, Oversight, and Reform Act of 2008

110th Congress · introduced 2008-09-29 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2008-09-29 · official record
Who proposed it: Sen. Cantwell, Maria [D-WA] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Financial Market Investigation, Oversight, and Reform Act of 2008

Plain summary

Financial Market Investigation, Oversight, and Reform Act of 2008 - Establishes the Commission on Financial Regulatory Reform to review the nation's existing financial regulatory structure and its contribution to the stability or instability of financial markets. Requires the Commission to review: (1) bank holding companies, financial holding companies, commercial banks, investment banks, thrifts, credit unions, and industrial loan companies; (2) payment and settlement systems; (3) hedge funds, private equity funds, and markets for alternative investments; (4) special purpose vehicles and off-balance sheet financing for financial companies; (5) securitization of mortgages and other assets; (6) exchange-based, electronic, and over-the-counter markets for financial derivative products; (7) the mortgage finance industry, including mortgage brokers and mortgage lending institutions; (8) equity markets, including short-selling practices, and commodity futures markets; and (8) the insurance industry and its role in the financial markets. Requires the Commission to report to the President and Congress on its findings and recommendations for corrective measures. Establishes a multidisciplinary Joint Select Committee on Financial Market Oversight Reform and Investigations to investigate the causes of the financial turmoil and propose corrective actions to the appropriate committees of jurisdiction. Establishes the Office of the Inspector General for Financial Markets Oversight to: (1) conduct, supervise, and coordinate investigations into whether ethics violations or conflicts of interest between regulators and their regulated entities or markets may have affected agency decision-making between January 2002 and August 2008; and (2) use the forum of the President's Council on Integrity and Efficiency and the Executive Council on Integrity and Efficiency to share findings and best practices with regards to ethics, conflicts of interest, oversight, and accountability.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Financial Market Investigation, Oversight, and Reform Act of 2008

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Cantwell, Maria [D-WA] · 3 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Sponsor's campaign money: Sen. Cantwell, Maria [D-WA] reported raising $985,139 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Jurisdiction: The area or the matters a government or court has authority over.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110s3652.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/s>

Record fed-us-cong110-s3652 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110