Global Warming Economic Oversight Act of 2009 - Establishes the Global Warming Economic Oversight Commission to conduct ongoing oversight of, and report to the appropriate congressional committees on, the use by the federal government of funds from any auction or sale of greenhouse gas (GHG) emissions allowances.
Requires the Commission to focus on the use of funds to: (1) create new jobs in industries that produce renewable energy; (2) preserve jobs in existing, previously carbon-intensive industries; (3) assist working families with any increases in the costs of energy, transportation, housing, health care, food, and other necessities that result from federal laws designed to limit GHG emissions; and (4) assist small businesses with increases in energy costs that result from such laws, including costs relating to transportation, facilities, and equipment.