S. 3731 – Reading Mode

110th CONGRESS

2d Session

S. 3731

AN ACT

To amend the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110–343) to provide the Special Inspector General with additional authorities and responsibilities, and for other purposes.

Short title

This Act may be cited as the Special Inspector General for the Troubled Asset Relief Program Act of 2008.

Audit and investigation authorities

Section 121 of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110–343) 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)(2), by striking subsection (c)(1) and inserting subsection (c)(1) and (4).

Personnel authorities

Section 121(e)(1) of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110–343) is amended—

(1)

by inserting (A) after (1); and

(2)

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 2008;

(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 (j).

Response to audits and cooperation and coordination with other entities

Section 121 of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110–343) is amended—

(1)

by redesignating subsections (f), (g), and (h) as subsections (h), (i), and (j), 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.

Reporting Requirements

Section 121(h) of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110–343), as redesignated by this Act, is amended—

(1)

by redesignating paragraphs (2) and (3) as paragraphs (3) and (4), respectively;

(2)

by inserting after paragraph (1) the following:

(2)

Not later than July 1, 2009, the Special Inspector General shall submit a report to Congress analyzing the use of any funds 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

(3)

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.

Funding of the Office of the Special Inspector General

Section 121(i)(1) of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110–343), as redesignated by this Act, is amended by inserting before the period at the end the following: , not later than 7 days after the date on which the nomination of the Special Inspector General is first confirmed by the Senate.

Passed the Senate December 10, 2008.

Secretary