To establish a National Independent Inquiry Commission on Disaster Preparedness and Response.

Establishes the bipartisan National Independent Inquiry Commission on Disaster Preparedness and Response to examine and report on the readiness of federal, state, and local governments and agencies to respond to the dramatic effects of Hurricane Katrina, meet power and utility infrastructure and telecommunications needs immediately following Katrina's landfall and all future disasters, and prepare for, and respond to disasters of all kinds, sizes, and scopes, including natural or man-made.

Requires the Commission also to: (1) report on the availability of adequate resources to meet the needs of displaced individuals and families, and the effectiveness of rescue and other life-saving techniques and operations and coordination between the Armed Forces and federal, state, and local governments; (2) determine if the federal response to Hurricane Katrina was and remains coordinated, adequate, and appropriate in size and scope; and (3) investigate and report to the President and Congress on the Federal Government's failure to prepare adequately for and respond to Hurricane Katrina.