II 110th CONGRESS 2d Session S. 18 IN THE SENATE OF THE UNITED STATES November 20, 2008 Ms. Snowe introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To improve the authority of the Special Inspector General charged with overseeing the Troubled Asset Relief Program, and for other purposes.

1.

Short title

This Act may be cited as the Troubled Asset Relief Program Inspector General Improvement Act.

2.

Funding of the Office of the Special Inspector General

Section 121(g)(1) of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110–343) is amended by inserting before the period at the end the following: , not later than 3 days after the date on which the nomination of the Special Inspector General is first confirmed by the Senate.

3.

Obligation to respond to audits

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 (g), (h), and (i), 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 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. .

4.

Additional oversight mechanisms

Section 121(c)(1) of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110–343) is amended by striking purchase, management and all that follows through including and inserting activities of the Secretary in the expenditure or obligation of funds under this title, including.

5.

Reporting Requirement

Section 121(g) of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110–343), as so designated by this Act, is amended— (1)by redesignating paragraphs (2) and (3) as paragraphs (3) and (4), respectively; and (2)by inserting after paragraph (1) the following: (2)Not later than July 1, 2009, the Special Inspector General shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report analyzing the use of any funds received by a financial institution under the TARP. .

6.

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 employment 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)) the Special Inspector General may not make any appointment on or after the date occurring 1 year after the date of the first confirmation of a nomination for the Special Inspector General. .