Establishes the Select Committee on Financial Bailouts to investigate the extraordinary actions taken by the Board of Governors of the Federal Reserve System and the Secretary of the Treasury in 2008.
Requires the Select Committee to report to the House of Representatives on: (1) such extraordinary actions; (2) the role that political activities and influence had in affecting the market conditions that led to such actions; and (3) recommendations for congressional action that would prevent the need for the Secretary and the Board to intervene in the capital markets in the future.