Independent Counsel Act of 1992

Independent Counsel Act of 1992 - Amends the Federal judicial code to reauthorize the independent counsel law for an additional five years.

Makes such law applicable to Senators and Representatives in, and Delegates and Resident Commissioners to, the Congress, subject to specified limitations.

Provides for the periodic reappointment of an independent counsel.

Sets forth reporting requirements.

Revises provisions regarding: (1) subpoena power; (2) congressional requests for information; (3) attorney fees; (4) independent counsel per diem expenses; and (5) compliance with policies of the Department of Justice (DOJ).

Limits the salaries of employees of the independent counsel's office to those paid for comparable positions in the office of the U.S. Attorney for the District of Columbia. Requires that an independent counsel use DOJ personnel in lieu of appointing employees to carry out the duties of the office of independent counsel. Limits to $500,000 the amount that may be expended in any one-year period to compensate employees appointed by an independent counsel or detailed to such office, except to the extent that an appropriations Act specifically makes available additional funds for such purpose.

Grants DOJ and the Office of Government Ethics authority to enforce compliance with standards of conduct applicable to an independent counsel, persons serving in the office of an independent counsel, and their law firms.

Prohibits the expenditure of funds for the operation of any office of independent counsel beyond the two-year period after its establishment, except to the extent that an appropriations Act enacted after such establishment specifically makes funds available for such office for use after the end of such period.

Requires: (1) the Director of the Administrative Office of the U.S. Courts to provide administrative support and guidance to each independent counsel; (2) the Administrator of General Services to promptly provide appropriate office space within a Federal building for each independent counsel; and (3) an independent counsel to conduct all activities with due regard for expense, to authorize only reasonable expenditures, and promptly upon taking office to assign to a specific employee the duty to ensure that expenditures are made in accordance with such principles.

Directs the Comptroller General of the United States to submit a report to the Congress recommending ways to improve controls on costs of independent counsel offices.