Special Inspector General for the Troubled Asset Relief Program Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 to grant the Special Inspector General (SIG) authority to conduct, supervise, and coordinate an audit or investigation of any action taken with regard to the Troubled Asset Relief Program (TARP) that the SIG deems appropriate.
Prohibits any audit or investigation, however, of any action related to: (1) graduated authorization to purchase troubled assets; (2) oversight and audits by the Comptroller General; (3) the Comptroller General's study and report on margin authority; and (4) the Congressional Oversight Panel.
Authorizes the SIG to exercise specified employment authorities for additional personnel, but not after six months following enactment of this Act.
Prohibits any period of appointment from exceeding the date on which the Office of the SIG terminates.
States that if an annuitant receiving an annuity from the Civil Service Retirement and Disability Fund becomes employed within the Office of the SIG for the Troubled Asset Relief Program, such annuity shall continue. Limits such allowance to: (1) not more than 25 employees at any time as designated by the SIG; and (2) only pay periods beginning after the enactment of this Act.
Requires the Secretary of the Treasury either to: (1) take action to address deficiencies identified by a report or investigation of the SIG or other auditor engaged by the TARP; or (2) certify to congressional committees that no action is necessary or appropriate.
Instructs the SIG to work with Inspectors General of designated federal agencies to: (1) avoid duplication of effort; and (2) ensure comprehensive oversight of TARP.
Requires the SIG to: (1) report to Congress by September 1, 2009, on the use of any funds received by a financial institution under TARP; and (2) make such report available to the public, including on the home page of the SIG's website within 24 hours after its submission to Congress.
Requires funding for the office of the SIG to be made available not later than seven days after the the date of enactment of this Act.
Makes the Special Inspector General for Iraq Reconstruction and the Special Inspector General for Afghanistan Reconstruction members of the Council of the Inspectors General on Integrity and Efficiency until the termination of their respective Offices.
[Congressional Bills 111th Congress]
[From the U.S. Government Printing Office]
[H.R. 1341 Introduced in House (IH)]
111th CONGRESS
1st Session
H. R. 1341
To amend the Emergency Economic Stabilization Act of 2008 to provide
the Special Inspector General with additional authorities and
responsibilities, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 5, 2009
Mr. Moore of Kansas (for himself, Mrs. Biggert, Mr. Driehaus, and Mr.
Paulsen) introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committee on
Oversight and Government Reform, for a period to be subsequently
determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To amend the Emergency Economic Stabilization Act of 2008 to provide
the Special Inspector General with additional authorities and
responsibilities, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Special Inspector General for the
Troubled Asset Relief Program Act of 2009''.
SEC. 2. AUDIT AND INVESTIGATION AUTHORITIES.
Section 121 of the Emergency Economic Stabilization Act of 2008 (12
U.S.C. 5231) is amended--
(1) in subsection (c), by adding at the end the following:
``(4)(A) Except as provided under subparagraph (B) and in
addition to the duties specified in paragraphs (1), (2), and
(3), the Special Inspector General shall have the authority to
conduct, supervise, and coordinate an audit or investigation of
any action taken under this title as the Special Inspector
General determines appropriate.
``(B) Subparagraph (A) shall not apply to any action taken
under section 115, 116, 117, or 125.''; and
(2) in subsection (d)--
(A) in paragraph (2), by striking ``subsection
(c)(1)'' and inserting ``subsection (c)(1) and (4)'';
and
(B) by adding at the end the following:
``(3) The Office of the Special Inspector General for the
Troubled Asset Relief Program shall be treated as an office
included under section 6(e)(3) of the Inspector General Act of
1978 (5 U.S.C. App.) relating to the exemption from the initial
determination of eligibility by the Attorney General.''.
SEC. 3. PERSONNEL AUTHORITIES.
Section 121(e) of the Emergency Economic Stabilization Act of 2008
(12 U.S.C. 5231(e)) is amended--
(1) in paragraph (1)--
(A) by inserting ``(A)'' after ``(1)''; and
(B) by adding at the end the following:
``(B)(i) Subject to clause (ii), the Special Inspector General may
exercise the authorities of subsections (b) through (i) of section 3161
of title 5, United States Code (without regard to subsection (a) of
that section).
``(ii) In exercising the employment authorities under subsection
(b) of section 3161 of title 5, United States Code, as provided under
clause (i) of this subparagraph--
``(I) the Special Inspector General may not make any
appointment on and after the date occurring 6 months after the
date of enactment of the Special Inspector General for the
Troubled Asset Relief Program Act of 2009;
``(II) paragraph (2) of that subsection (relating to
periods of appointments) shall not apply; and
``(III) no period of appointment may exceed the date on
which the Office of the Special Inspector General terminates
under subsection (k).''; and
(2) by adding at the end the following:
``(5)(A) Except as provided under subparagraph (B), if an annuitant
receiving an annuity from the Civil Service Retirement and Disability
Fund becomes employed in a position within the Office of the Special
Inspector General for the Troubled Asset Relief Program, his annuity
shall continue. An annuitant so reemployed shall not be considered an
employee for purposes of chapter 83 or 84 of title 5, United States
Code.
``(B) Subparagraph (A) shall apply to--
``(i) not more than 25 employees at any time as designated
by the Special Inspector General; and
``(ii) pay periods beginning after the date of enactment of
the Special Inspector General for the Troubled Asset Relief
Program Act of 2009.''.
SEC. 4. RESPONSE TO AUDITS AND COOPERATION AND COORDINATION WITH OTHER
ENTITIES.
Section 121 of the Emergency Economic Stabilization Act of 2008 (12
U.S.C. 5231) is amended--
(1) by redesignating subsections (f), (g), and (h) as
subsections (i), (j), and (k), respectively; and
(2) by inserting after subsection (e) the following:
``(f) Corrective Responses to Audit Problems.--The Secretary
shall--
``(1) take action to address deficiencies identified by a report or
investigation of the Special Inspector General or other auditor engaged
by the TARP; or
``(2) certify to appropriate committees of Congress that no action
is necessary or appropriate.
``(g) Cooperation and Coordination With Other Entities.--In
carrying out the duties, responsibilities, and authorities of the
Special Inspector General under this section, the Special Inspector
General shall work with each of the following entities, with a view
toward avoiding duplication of effort and ensuring comprehensive
oversight of the Troubled Asset Relief Program through effective
cooperation and coordination:
``(1) The Inspector General of the Department of Treasury.
``(2) The Inspector General of the Federal Deposit
Insurance Corporation.
``(3) The Inspector General of the Securities and Exchange
Commission.
``(4) The Inspector General of the Federal Reserve Board.
``(5) The Inspector General of the Federal Housing Finance
Board.
``(6) The Inspector General of any other entity as
appropriate.
``(h) Council of the Inspectors General on Integrity and
Efficiency.--The Special Inspector General shall be a member of the
Council of the Inspectors General on Integrity and Efficiency
established under section 11 of the Inspector General Act of 1978 (5
U.S.C. App.) until the date of termination of the Office of the Special
Inspector General for the Troubled Asset Relief Program.''.
SEC. 5. REPORTING REQUIREMENTS.
Subsection (i) (as so redesignated by section 4) of section 121 of
the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5231) is
amended--
(1) in paragraph (1), by striking the first sentence and
inserting ``Not later than 60 days after the confirmation of
the Special Inspector General, and not later than 30 days
following the end of each fiscal quarter, the Special Inspector
General shall submit to the appropriate committees of Congress
a report summarizing the activities of the Special Inspector
General during that fiscal quarter.'';
(2) by redesignating paragraphs (2) and (3) as paragraphs
(3) and (4), respectively;
(3) by inserting after paragraph (1) the following:
``(2) Not later than September 1, 2009, the Special Inspector
General shall submit a report to Congress assessing use of any funds,
to the extent practical, received by a financial institution under the
TARP and make the report available to the public, including posting the
report on the home page of the website of the Special Inspector General
within 24 hours after the submission of the report.''; and
(4) by adding at the end the following:
``(5) Except as provided under paragraph (3), all reports submitted
under this subsection shall be available to the public.''.
SEC. 6. FUNDING OF THE OFFICE OF THE SPECIAL INSPECTOR GENERAL.
Subsection (j)(1) (as so redesignated by section 4) of section 121
of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5231) is
amended by inserting before the period at the end the following: ``,
not later than 7 days after the date of enactment of the Special
Inspector General for the Troubled Asset Relief Program Act of 2009''.
SEC. 7. COUNCIL OF THE INSPECTORS GENERAL ON INTEGRITY AND EFFICIENCY.
The Special Inspector General for Iraq Reconstruction and the
Special Inspector General for Afghanistan Reconstruction shall be a
members of the Council of the Inspectors General on Integrity and
Efficiency established under section 11 of the Inspector General Act of
1978 (5 U.S.C. App.) until the date of termination of the Office of the
Special Inspector General for Iraq Reconstruction and the Office of the
Special Inspector General for Afghanistan Reconstruction, respectively.
<all>
Introduced in House
Introduced in House
Referred to House Financial Services
Referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Oversight and Government Reform
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