President Obama, taking questions from reporters earlier today, fielded one on the possibility of a truth commission to investigate the Bush administration for potential abuses of wartime power, including torture. Obama seems essentially opposed to the idea (he repeated his axiom that it's better to look forward than back) and said such a commission shouldn't be a witch hunt--that, if it's done, it should be "done in a bipartisan fashion, outside of the typical hearing process that can sometimes break down and break it entirely along party lines, to the extent that there are independent participants who are above reproach and have credibility."
It turns out that's mostly what's being discussed in Congress.
There are two efforts underway to form such a commission--one being led by House Judiciary Committee Chairman John Conyers (D-MI) and another by Senate Judiciary Committee Chairman Patrick Leahy (D-VT). Obama basically described what Conyers's bill (text here) lays out, which is: a nine-member commission, outside of Congress, with no more than five members from one political party. One would be appointed by the president, two each by the House and Senate majority and minority leaders. There is also a clause providing that the members should have "national recognition and significant depth of experience in such professions as governmental service, law enforcement, the armed services, constitutional law, civil liberties, intelligence gathering, national security, and foreign affairs." There doesn't appear to be a clause prohibiting sitting members of Congress from being appointed--one difference from Obama's stipulations, depending on how you interpret what he said.