Financial Oversight Commission Act of 2009 - Establishes the Financial Oversight Commission to investigate the financial crisis of 2008, including relevant legislation, Executive Order, regulation, plan, policy, practice, or procedure that pertains to: (1) government sponsored enterprises; (2) the stock market; (3) the housing market; (4) credit rating agencies; (5) the financial services sector, including hedge funds, private equity and the insurance industry; and (6) the role of congressional oversight and resource allocation.
Directs the Commission to identify, review, and evaluate the lessons learned from the crisis in connection with the structure, coordination, management policies, and procedures of governmental and nongovernmental entities regarding crisis detection, prevention, and response.
Requires the Commission to report to the President and Congress its findings, conclusions, and recommendations.