[Congressional Record Volume 166, Number 58 (Tuesday, March 24, 2020)]
[Senate]
[Pages S2009-S2013]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTION
By Mr. GRASSLEY:
S. 3578. A bill to provide oversight for the care and assistance
provided to businesses under the coronavirus relief package; to the
Committee on Homeland Security and Governmental Affairs.
Mr. GRASSLEY. Mr. President, I ask unanimous consent that the text of
the bill be printed in the Record.
There being no objection, the text of the bill was ordered to be
printed in the Record, as follows:
Mr. GRASSLEY. Mr. President, today I am introducing legislation in
response to the coronavirus outbreak. I submitted this proposal to
Senate Leadership earlier this week. It is my expectation that the
language I've developed will be included, in some form, in the final
agreement we're negotiating. The legislation is designed to remove a
stumbling block to enactment of a third coronavirus relief package.
Specifically, the proposal I've developed responds directly to the
concerns--voiced by some of my colleagues in recent days--that we
should add accountability provisions to the relief package now under
consideration by this chamber. It's my understanding that the Senate
leaders are seriously considering including this or very similar
language in their compromise. I applaud them for their efforts and
strongly urge my colleagues' support for these sensible provisions.
My proposal would impose strict congressional oversight over the
Treasury Department fund that is tasked with extending lending and
other assistance to air carriers and American companies that have been
hard hit by the coronavirus pandemic. It mirrors closely the language
that this chamber adopted in 2008, during consideration of the Troubled
Asset Relief Program.
For example, this bill, like that 2008 statute, calls for the
creation of a special inspector general for the coronavirus relief
program and would authorize $50 million for this purpose. The special
inspector general would be appointed by the President and confirmed by
the Senate. As stated in the bill, this appointment must be made ``on
the basis of integrity and demonstrated ability in accounting,
auditing, financial analysis, law, management analysis, public
administration, or investigations.''
The bill I've developed also calls for creation of a bipartisan
oversight board, comprised of five high ranking executive branch
officials. This board would meet every two weeks to review the
activities of the Exchange Stabilization Fund, a Treasury Department
vehicle through which hundreds of billions of dollars in loan
assistance would flow to distressed sectors of the United States
economy. This oversight board would have to report suspected fraud or
malfeasance to the special inspector general that this legislation
creates. Again, it is very similar to a board that Congress established
in 2008, during another National crisis.
In addition, my proposal calls for the head of the Office of
Management and Budget to issue regulations to minimize conflicts of
interest that may arise in coronavirus relief activities. It also
imposes limits on executive compensation to senior officers of
companies that accept lending assistance through the Treasury
Department's Exchange Stabilization Fund.
The bill also calls for greater oversight and audits by the
Government Accountability Office, a nonpartisan watchdog agency of
Congress. Specifically, GAO is tasked with ongoing oversight, including
conducting audits of the programs and financial transactions of Federal
agencies that extend financial assistance to private companies in
response to the coronavirus pandemic.
The bill also creates a bicameral, bipartisan Congressional Oversight
Panel within the legislative branch. This panel would be comprised of
five members of the House of Representatives and Senate, appointed by
the other chamber's Speaker and the Senate Leader. This oversight panel
would review the state of the financial markets and submit regular
reports on certain topics, such as Federal officials' use of
coronavirus relief authority and the impact of Federal assistance on
the financial markets, air carriers, and medical providers. This
congressional panel would have the ability to convene hearings, call
witnesses, take testimony, hire staff, get official data, and meet
regularly. The panel, like many of the programs established under this
bill, would terminate after this emergency ends.
Mr. President, my office has approached multiple colleagues,
including those on the other side of the aisle, about these provisions.
We've received encouraging comments from many. I believe this language
could be accepted and urge that it be included in the final relief
package, so that we can remove one of the remaining obstacles to moving
forward.
Sec. 1. Short Title and Table of Contents
This title may be cited as the ``COVID-19 Funding
Accountability Act.''
Sec. 2. Purpose
Provides that the purpose of this Act is to ensure that the
Federal authority and assistance that is extended to private
entities in response to the outbreak of the Coronavirus
Disease 2019 (COVID-19) is used in a manner that--
promotes economic sustainability of severely distressed
sectors of the United States economy;
promotes jobs for working Americans and maximizes overall
returns to the taxpayers of the United States; and
provides public accountability for the exercise of such
Federal authority and assistance.
Sec. 3. Definitions
Provides definitions of selected terms: ``Appropriate
Committees of Congress,'' ``Congressional Support Agencies,
``COVID-19 Relief Program,'' ``Exchange Stabilization Fund.''
[[Page S2010]]
Sec. 4. COVID-19 Relief Oversight Board
Creates a COVID-19 Relief Oversight Board (``Oversight
Board''), comprised of executive branch officials, which is
responsible for reviewing the exercise of authority under the
COVID-19 Relief Program that relates to policies implemented
to--
increase loan forgiveness, loan eligibility, and loan
deferment of eligible small businesses under section 7(a) of
the Small Business Act (15 U.S.C. 6636(a);
extend grants or other forms of financial assistance to
business concerns in response to the outbreak of COVID-19;
make resources available, through the Medicare and Medicaid
programs, to hospitals and long-term care facilities for the
elderly in response to the COVID-19 outbreak;
extend emergency relief to distressed sectors of the United
States economy through the Treasury Department's Exchange
Stabilization Fund.
Tasks the Oversight Board with reviewing the effect of such
policies and initiatives on the supply chain and the economy
and with making recommendations, as appropriate, to
designated executive branch officials. Specifies that this
Board also shall have the authority to ensure that the
policies implemented through the Treasury Department's
Exchange Stabilization Fund are--
in accordance with the purposes of this Act;
in the economic interests of the United States; and
consistent with protecting taxpayers' interests.
Clarifies that Oversight Board may appoint a credit review
committee for the purpose of evaluating the exercise of the
authority provided under the COVID-19 Relief Program. Also
calls for the Oversight Board to report any suspected fraud,
misrepresentation, or malfeasance to the Special Inspector
General for the COVID-19 Relief Program (created under this
Act) or the Attorney General of the United States.
Calls for the Oversight Board to meet every two weeks,
report to Congress at least quarterly, and include in its
membership the following: (1) the Administrator of the Small
Business Administration; (2) the Secretary of the Treasury;
(3) the Secretary of Transportation; (3) the Secretary of
Commerce; (4) the Secretary of Health and Human Services; and
(5) the Administrator of the Federal Emergency Management
Administration. Calls for the chair to be elected by members
of the board from among the board members (other than the
Administrator of the Small Business Administration and the
Secretary of the Treasury).
Specifies that the Oversight Board's role comes to an end
after the expiration of the national emergency declared by
the President with respect to the COVID-19 or after the
Exchange Stabilization Fund ceases to make loans, loan
guarantees, and investment or other assistance to air
carriers and other key businesses affected by COVID-19.
Sec. 5. Conflicts of Interest
Calls for Director of the Office of Management and Budget
(``OMB'') to issue any regulations or guidelines necessary to
address and manage, or to prohibit, conflicts of interest
that may arise in connection with the administration and
execution of the authorities provided under the COVID-19
Relief Program. Deadline for their issuance is ``as soon as
practicable after the date of enactment'' of this Act.
Sec. 6. Executive Compensation and Corporate Governance
Specifies that any private entity receiving loans, loan
guarantees, grants, or other assistance through the Exchange
Stabilization Fund shall be subject to executive compensation
requirements in the Act and the provisions under the Internal
Revenue Code of 1986, as applicable. Bars entities receiving
this COVID-19 relief from providing incentives for senior
executive officers of a private entity to take unnecessary
and excessive risks that threaten the value of such entity.
Also bars the entity from making any bonus, incentive
compensation or golden parachute payment to a senior
executive officer during the period in which such private
entity receives Federal assistance through the Exchange
Stabilization Fund. Defines the term ``senior executive
officer'' as an individual who is one of the top 5 highly
paid executives of a public or private corporation or limited
liability company.
Includes a sunset provision, specifying that these
limitations on executive compensation will apply only to
arrangements entered into during the period in which the
entity received Federal assistance in response to the COVID-
19 outbreak.
Sec. 7. Oversight and Audits
Calls for the Comptroller General, which heads the
nonpartisan watchdog agency of Congress, to commence ongoing
oversight of Federal coronavirus relief initiatives and
activities. Authorizes this government watchdog agency, the
Government Accountability Office (``GAO''), to have access,
upon request, to any information or papers, things, or
property needed to carry out this oversight function.
Calls for the U.S. Treasury to reimburse GAO for costs of
such oversight, and requires GAO to report, at least every 60
days, to Congress and the Special Inspector General for the
COVID-19 Relief Program established under this Act. Confirms
that GAO may also submit special reports under this
subsection as warranted by the findings of its oversight
activities.
Further clarifies that GAO may audit the programs,
activities, receipts, expenditures, and financial
transactions of Federal entities involved in extending
authority or assistance to private entities in response to
the COVID-19 outbreak. Federal agencies or departments
subject to such audits must take action to address
deficiencies identified in the audits, as appropriate or
certify to appropriate committees of Congress that no action
is necessary or appropriate. Specifies circumstances for
termination of GAO's oversight authority after the national
emergency ends or the coronavirus relief activities cease.
Sec. 8. Special Inspector General for Covid-19 Relief Program
Establishes the Office of the Special Inspector General for
the COVID-19 Relief Program and authorizes $50 million for
this purpose in fiscal year 2021. Specifies that such
individual shall be appointed by the President, by and with
the advice and consent of the Senate; and the appointment
shall be made ``on the basis of integrity and demonstrated
ability in accounting, auditing, financial analysis, law,
management analysis, public administration, or
investigations.''
Sets the rate of pay for such individual and specifies that
his or her duties are ``to conduct, supervise, and coordinate
audits and investigations of Federal assistance and relief
programs established in response to the COVID-19 outbreak.''
Clarifies that, in addition to the duties specified in this
Act, the Special OIG shall also have the duties and
responsibilities of inspectors general under the Inspector
General Act of 1978.
Requires that the Special OIG report to Congress within 60
days after his or her Senate confirmation, and every calendar
quarter thereafter, on activities. Each report must include,
for the period covered by such report, a detailed statement
of all purchases, obligations, expenditures, and revenues
associated with the Exchange Stabilization Fund and any
COVID-19 Relief Program involving the expenditure of more
than $5 million.
Specifies that this section does not authorize the public
disclosure of information that is--
specifically prohibited from disclosure by any other
provision of law;
specifically required by Executive order to be protected
from disclosure in the interest of national defense or
national security or in the conduct of foreign affairs; or
a part of an ongoing criminal investigation.
Also specifies a termination date for the OIG's authority.
Sec. 9. Congressional Oversight Panel
Creates a Congressional Oversight Panel (``Oversight
Panel'') within the legislative branch, comprised of five
members appointed by the House Speaker and Senate Leader.
Specifies that its duties are to review the current state of
the financial markets and submit the regular reports to
Congress on the following:
The use by Federal officials of authority to implement
COVID-19 Relief Program;
The impact of the COVID-19 Relief Program on the financial
markets, air carriers, and medical providers.
The extent to which the information made available on
transactions under the Exchange Stabilization Fund has
contributed to market transparency.
The effectiveness of the program from the standpoint of
minimizing long-term costs to the taxpayers and maximizing
the benefits for taxpayers.
Specifies that reports must be submitted every 30 days
after the date on which the Exchange Stabilization Fund
begins to make loans, loan guarantees, and investment
assistance in response to the COVID-19 outbreak. Also calls
for panel to submit a special report on regulatory reform by
March 31, 2021, analyzing the current state of the regulatory
system and its effectiveness at overseeing the recipients of
COVID-19 relief and protecting consumers, and providing
recommendations for improvement.
Sets the rate of pay and travel expenses of each member of
the Oversight Panel, authorizes the hiring of staff,
executive branch detailees, and temporary consultants. Bars
Oversight Panel members who are full-time Federal employees
from receiving additional pay, allowances, or benefits by
reason of their service on the panel. Provides that four
members of the Oversight Panel shall constitute a quorum but
a lesser number may hold hearings. Clarifies that a vacancy
on the Oversight Panel shall be filled in the manner in which
the original appointment was made.
Provides that the panel shall meet at the call of the chair
or a majority of its members. Permits the panel, for the
purpose of carrying out this section, to hold hearings, swear
in hearing witnesses, take testimony, and receive evidence as
it considers appropriate. Also clarifies when the panel can
get official data, and receive reports required to be
submitted to the panel under this Act. Specifies a
termination date for the Oversight Panel. Authorizes such
sums as may be necessary for the Oversight Panel to operate,
with this funding derived from the applicable account of the
House of Representatives, and half of which shall be derived
from the Senate's contingent fund.
Sec. 10. Cooperation with the Department of Justice and the FBI
Provides that any Federal financial regulatory agency shall
cooperate with the Department of Justice and the Federal
Bureau
[[Page S2011]]
of Investigation and other law enforcement agencies
investigating fraud, misrepresentation, and malfeasance with
respect to development, advertising, and sale of financial or
other products.
Sec. 11. Information for Congressional Support Agencies
Provides that all information used by Federal officials in
connection with activities authorized under this Act
(including the records to which GAO is entitled under this
Act) will be made available to the Congressional Budget
Office and the Joint Committee on Taxation, upon request, so
that these agencies can assist with congressional oversight
monitoring, and analysis of the COVID-19 relief assistance
activities.
S. 3578
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 ``COVID-19 Funding
Accountability Act of 2020''.
SEC. 2. PURPOSE.
The purpose of this Act is to ensure that the Federal
authority and assistance that is extended to private entities
in response to the outbreak of the Coronavirus Disease 2019
(referred to in this Act as ``COVID-19'') is used in a manner
that--
(1) promotes economic sustainability of severely distressed
sectors of the United States economy;
(2) promotes retention of jobs for working Americans and
maximizes overall returns to the taxpayers of the United
States; and
(3) provides public accountability for the exercise of such
Federal authority and assistance.
SEC. 3. DEFINITIONS.
In this Act:
(1) Appropriate committees of congress.--The term
``appropriate committees of Congress'' means--
(A) the Committee on Appropriations, the Committee on the
Budget, the Committee on Commerce, Science and
Transportation, the Committee on Finance, the Committee on
Banking, Housing, and Urban Affairs, and the Committee on
Small Business of the Senate; and
(B) the Committee on Appropriations, the Committee on the
Budget, the Committee on Energy and Commerce, the Committee
on Financial Services, and the Committee on Ways and Means of
the House of Representatives.
(2) Congressional support agencies.--The term
``congressional support agencies'' means--
(A) the Congressional Budget Office; and
(B) the Joint Committee on Taxation.
(3) COVID-19 relief program.--The term ``COVID-19 Relief
Program'' means initiatives established or implemented by
Federal officials in accordance with--
(A) the Coronavirus Preparedness and Response Supplemental
Appropriations Act (Public Law 116-123);
(B) the Families First Coronavirus Response Act (Public Law
116-127);
(C) the Coronavirus Aid, Relief, and Economic Security Act
(also known as the ``CARES Act''), H.R. 748 (116th Congress);
and
(D) any successor legislation to the same general intent
and effect as the legislation described in subparagraphs (A),
(B), and (C).
(4) Exchange stabilization fund.--The term ``Exchange
Stabilization Fund'' means the assistance program for
distressed sectors of the United States economy that is
established by the CARES Act, H.R. 748 (116th Congress)(or
any successor program established by Federal law).
SEC. 4. COVID-19 RELIEF OVERSIGHT BOARD.
(a) Establishment.--There is established a COVID-19 Relief
Oversight Board, which shall be responsible for--
(1) reviewing the exercise of authority under the COVID-19
Relief Program that relates to policies implemented to--
(A) increase loan forgiveness, loan eligibility, and loan
deferment of eligible small businesses under section 7(a) of
the Small Business Act (15 U.S.C. 636(a));
(B) extend grants or other forms of financial assistance to
business concerns in response to the outbreak of COVID-19;
(C) make resources available, through the Medicare and
Medicaid programs, to hospitals and long-term care facilities
for the elderly in response to the COVID-19 outbreak; and
(D) extend emergency relief to distressed sectors of the
United States economy through the Exchange Stabilization Fund
of the Department of the Treasury;
(2) reviewing the effect of such policies and initiatives
in mitigating supply chain disruptions, preventing
disruptions in the distribution and sales of products and
services, and ensuring the sustainability of distressed
sectors of the United States economy due to the COVID-19
outbreak;
(3) making recommendations, as appropriate, to the
Administrator of the Small Business Administration, the
Secretary of the Treasury, the Secretary of Commerce, the
Secretary of Health and Human Services, and the Secretary of
Transportation regarding use of such statutory authority; and
(4) reporting any suspected fraud, misrepresentation, or
malfeasance to the Special Inspector General for the COVID-19
Relief Program or the Attorney General of the United States,
consistent with section 535(b) of title 28, United States
Code.
(b) Membership.--The COVID-19 Relief Oversight Board
established under subsection (a) shall be comprised of--
(1) the Administrator of the Small Business Administration;
(2) the Secretary of the Treasury;
(3) the Secretary of Transportation;
(4) the Secretary of Commerce;
(5) the Secretary of Health and Human Services; and
(6) the Administrator of the Federal Emergency Management
Administration.
(c) Chairperson.--The chairperson of the COVID-19 Relief
Oversight Board shall be elected by the members of the Board
from among the members other than the Administrator of the
Small Business Administration and the Secretary of the
Treasury.
(d) Meetings.--The COVID-19 Relief Oversight Board shall
meet 2 weeks after the Exchange Stabilization Fund of the
Department of the Treasury initiates any loan, loan
guarantee, or other investment for air carriers and
businesses, as authorized under the CARES Act, H.R. 748
(116th Congress) (or any successor program established under
Federal law) and monthly thereafter.
(e) Additional Authorities.--In addition to the
responsibilities described in subsection (a), the COVID-19
Relief Oversight Board shall have the authority to ensure
that the policies implemented through the Exchange
Stabilization Fund are--
(1) in accordance with the purposes of this Act, including
preservation of jobs of workers in severely distressed
sectors of the economy;
(2) in the economic interests of the United States; and
(3) consistent with protecting taxpayers' interests.
(f) Credit Review Committee.--The COVID-19 Relief Oversight
Board may appoint a credit review committee for the purpose
of evaluating the exercise of the authority provided under
the COVID-19 Relief Program, as the COVID-19 Relief Oversight
Board determines appropriate.
(g) Reports.--The COVID-19 Relief Oversight Board shall
report to the appropriate committees of Congress and the
Congressional Oversight Panel established under this Act, not
less frequently than quarterly, on the matters described in
subsection (a)(1).
(h) Termination.--The COVID-19 Relief Oversight Board, and
its authority under this section, shall terminate on the
expiration of the 15-day period beginning upon the later of--
(1) the date on which the national emergency declared by
the President under the National Emergencies Act (50 U.S.C.
1601 et seq.) with respect to the COVID-19 expires; or
(2) the date on which the Exchange Stabilization Fund of
the Department of the Treasury ceases the direct lending,
loan guarantee, and investment activities for carriers and
businesses designated to receive such assistance under the
CARES Act, H.R. 748 (116th Congress) (or any successor
program established under Federal law).
SEC. 5. CONFLICTS OF INTEREST.
(a) Standards Required.--The Director of the Office of
Management and Budget shall issue regulations or guidelines
necessary to address and manage or to prohibit conflicts of
interest that may arise in connection with the administration
and execution of the authorities provided under the COVID-19
Relief Program.
(b) Timing.--Regulations or guidelines required by this
section shall be issued as soon as practicable after the date
of enactment of this Act.
SEC. 6. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE.
(a) Applicability.--Any private entity that receives loans,
loan guarantees, grants, or other assistance through the
Exchange Stabilization Fund of the Department of the Treasury
shall be subject to the executive compensation requirements
of subsection (b) and the provisions under the Internal
Revenue Code of 1986, as applicable.
(b) Criteria.--The standards required under this subsection
shall include--
(1) limits on compensation that exclude incentives for
senior executive officers of a private entity to take
unnecessary and excessive risks that threaten the value of
such entity during the period in which the entity receives
financial assistance in response to the COVID-19 outbreak;
and
(2) a prohibition on the entity making any bonus, incentive
compensation or golden parachute payment to a senior
executive officer during the period in which such private
entity receives Federal assistance through the Exchange
Stabilization Fund.
(c) Definition.--For purposes of this section, the term
``senior executive officer'' means an individual who is one
of the top 5 highly paid executives of a public or private
corporation or limited liability company.
(d) Sunset.--This section shall apply only to arrangements
entered into during the period in which the entity received a
Federal loan, loan guarantee, or other investment or
assistance in response to the COVID-19 outbreak.
SEC. 7. OVERSIGHT AND AUDITS.
(a) Comptroller General Oversight.--
(1) Scope of oversight.--In furtherance of the purpose of
this Act, the Comptroller General of the United States shall
commence ongoing oversight of the activities and performance
of the COVID-19 Relief Program and any agents of the
executive branch invoking Federal authority or rendering
assistance to private entities in response to the COVID-19
outbreak.
(2) Conduct and administration of oversight.--
[[Page S2012]]
(A) GAO access to records.--To the extent otherwise
consistent with law, the Comptroller General shall have
access, upon request, to any information, data, schedules,
books, accounts, financial records, reports, files,
electronic communications, or other papers, things, or
property belonging to or in use by Federal entities that
exercise authority or render assistance to private entities
through the COVID-19 Relief Program. The Comptroller General
may make and retain copies of such books, accounts, and other
records as the Comptroller General deems appropriate.
(B) Reimbursement of costs.--The Treasury shall reimburse
the Government Accountability Office for the full cost of any
such oversight activities as billed therefor by the
Comptroller General of the United States. Such reimbursements
shall be credited to the appropriation account ``Salaries and
Expenses, Government Accountability Office'' current when the
payment is received and remain available until expended.
(3) Reporting.--The Comptroller General--
(A) shall submit reports of findings under this section,
regularly and not less frequently than once every 60 days, to
the appropriate committees of Congress, and the Special
Inspector General for the COVID-19 Relief Program established
under section 8; and
(B) may submit special reports under this subsection as
warranted by the findings of its oversight activities.
(b) Comptroller General Audits.--
(1) Authority.--The Comptroller General may audit the
programs, activities, receipts, expenditures, and financial
transactions of Federal entities involved in extending
authority or assistance to private entities in response to
the COVID-19 outbreak.
(2) Corrective responses to audit problems.--Agencies or
departments subject to audits under this subsection shall--
(A) take action to address deficiencies identified by the
Comptroller General, as appropriate; or
(B) certify to appropriate committees of Congress that no
action is necessary or appropriate.
(c) Sharing of Information.--Any report or audit required
under this section shall also be submitted to the
Congressional Oversight Panel established under section 9.
(d) Termination.--Any oversight, reporting, or audit
requirement under this section shall terminate 180 days after
the termination date described in section 4(h).
SEC. 8. SPECIAL INSPECTOR GENERAL FOR COVID-19 RELIEF
PROGRAM.
(a) Office of Inspector General.--There is hereby
established the Office of the Special Inspector General for
the COVID-19 Relief Program.
(b) Appointment of Inspector General; Removal.--
(1) In general.--The head of the Office of the Special
Inspector General for the COVID-19 Asset Relief Program is
the Special Inspector General for the COVID-19 Relief Program
(in this section referred to as the ``Special Inspector
General''), who shall be appointed by the President, by and
with the advice and consent of the Senate.
(2) Requirement for appointment.--The appointment of the
Special Inspector General shall be made on the basis of
integrity and demonstrated ability in accounting, auditing,
financial analysis, law, management analysis, public
administration, or investigations.
(3) Timing of nomination.--The nomination of an individual
as Special Inspector General under this section shall be made
as soon as practicable after the establishment of the
Exchange Stabilization Fund.
(4) Removal.--The Special Inspector General shall be
removable from office in accordance with the provisions of
section 3(b) of the Inspector General Act of 1978 (5 U.S.C.
App.).
(5) Political activities on duty.--For purposes of section
7324 of title 5, United States Code, the Special Inspector
General shall not be considered an employee who determines
policies to be pursued by the United States in the nationwide
administration of Federal law.
(6) Compensation.--The annual rate of basic pay of the
Special Inspector General shall be the annual rate of basic
pay for an Inspector General under section 3(e) of the
Inspector General Act of 1978 (5 U.S.C. App.).
(c) Duties.--
(1) In general.--It shall be the duty of the Special
Inspector General to conduct, supervise, and coordinate
audits and investigations of Federal assistance and relief
programs established in response to the COVID-19 outbreak.
(2) Oversight.--The Special Inspector General shall
establish, maintain, and oversee such systems, procedures,
and controls as the Special Inspector General considers
appropriate to discharge the duty under paragraph (1).
(3) Additional duties.--In addition to the duties specified
in paragraphs (1) and (2), the Inspector General shall also
have the duties and responsibilities of inspectors general
under the Inspector General Act of 1978 (5 U.S.C. App.).
(d) Powers and Authorities.--
(1) In general.--In carrying out the duties described in
subsection (c), the Special Inspector General shall have the
authorities provided in section 6 of the Inspector General
Act of 1978.
(2) Requirement.--The Special Inspector General shall carry
out the duties specified in subsection (c)(1) in accordance
with section 4(b)(1) of the Inspector General Act of 1978 (5
U.S.C. App.).
(e) Personnel, Facilities, and Other Resources.--
(1) Personnel.--The Special Inspector General may select,
appoint, and employ such officers and employees as may be
necessary for carrying out the duties of the Special
Inspector General, subject to the provisions of title 5,
United States Code, governing appointments in the competitive
service, and the provisions of chapter 51 and subchapter III
of chapter 53 of such title 5, relating to classification and
General Schedule pay rates.
(2) Experts and consultants.--The Special Inspector General
may obtain services as authorized by section 3109 of title 5,
United States Code, at daily rates not to exceed the
equivalent rate prescribed for grade GS-15 of the General
Schedule by section 5332 of such title 5.
(3) Audits and analyses.--The Special Inspector General may
enter into contracts and other arrangements for audits,
studies, analyses, and other services with public agencies
and with private persons, and make such payments as may be
necessary to carry out the duties of the Inspector General.
(4) Assistance from other departments.--
(A) In general.--Upon request of the Special Inspector
General for information or assistance from any department,
agency, or other entity of the Federal Government, the head
of such entity shall, insofar as is practicable and not in
contravention of any existing law, furnish such information
or assistance to the Special Inspector General, or an
authorized designee.
(B) Notification of congress.--Whenever information or
assistance requested by the Special Inspector General is, in
the judgment of the Special Inspector General, unreasonably
refused or not provided, the Special Inspector General shall
report the circumstances to the appropriate committees of
Congress without delay.
(f) Reports.--
(1) In general.--Not later than 60 days after the
confirmation of the Special Inspector General, and every
calendar quarter thereafter, the Special Inspector General
shall submit to the appropriate committees of Congress a
report summarizing the activities of the Special Inspector
General during the 120-day period ending on the date of such
report.
(2) Contents.--Each report required under this subsection
shall include, for the period covered by such report, a
detailed statement of all purchases, obligations,
expenditures, and revenues associated with the Exchange
Stabilization Fund and any COVID-19 Relief Program involving
the expenditure of more than $5,000,000.
(3) Rule of construction.--Nothing in this subsection shall
be construed to authorize the public disclosure of
information that is--
(A) specifically prohibited from disclosure by any other
provision of law;
(B) specifically required by Executive order to be
protected from disclosure in the interest of national defense
or national security or in the conduct of foreign affairs; or
(C) a part of an ongoing criminal investigation.
(4) Requirement.--Any reports required under this section
shall also be submitted to the Congressional Oversight Panel
established under section 9.
(g) Funding.--Of the amounts made available to the
Secretary of the Treasury in fiscal year 2021, $50,000,000
shall be available to the Special Inspector General to carry
out this section and shall remain available until expended.
(h) Termination.--Any oversight, reporting, or audit
requirement under this section shall terminate on the date
that is 1 year after the termination date described in
section 4(h).
SEC. 9. CONGRESSIONAL OVERSIGHT PANEL.
(a) Establishment.--There is hereby established the
Congressional Oversight Panel (hereafter in this section
referred to as the ``Oversight Panel'') as an establishment
in the legislative branch.
(b) Duties.--The Oversight Panel shall review the current
state of the financial markets and submit the following
reports to Congress:
(1) Regular reports.--
(A) In general.--Regular reports of the Oversight Panel
shall include the following:
(i) The use by Federal officials of authority to implement
COVID-19 Relief Program.
(ii) The impact of the COVID-19 Relief Program on the
financial markets, air carriers, and medical providers.
(iii) The extent to which the information made available on
transactions under the Exchange Stabilization Fund has
contributed to market transparency.
(iv) The effectiveness of the program from the standpoint
of minimizing long-term costs to the taxpayers and maximizing
the benefits for taxpayers.
(B) Timing.--The reports required under this paragraph
shall be submitted not later than 30 days after the
establishment of the Exchange Stabilization Fund, and every
30 days thereafter.
(2) Special report on regulatory reform.--The Oversight
Panel shall submit a special report on regulatory reform not
later than March 31, 2021, analyzing the current state of the
regulatory system and its effectiveness at overseeing the
recipients of
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COVID-19 Relief Program assistance and protecting consumers,
and providing recommendations for improvement, including
recommendations regarding whether any participants in the
financial markets that are currently outside the regulatory
system should become subject to the regulatory system, the
rationale underlying such recommendation, and whether there
are any gaps in existing consumer protections.
(c) Membership.--
(1) In general.--The Oversight Panel shall consist of 5
members, as follows:
(A) 1 member appointed by the Speaker of the House of
Representatives.
(B) 1 member appointed by the minority leader of the House
of Representatives.
(C) 1 member appointed by the majority leader of the
Senate.
(D) 1 member appointed by the minority leader of the
Senate.
(E) 1 member appointed by the Speaker of the House of
Representatives and the majority leader of the Senate, after
consultation with the minority leader of the Senate and the
minority leader of the House of Representatives.
(2) Pay.--Each member of the Oversight Panel shall each be
paid at a rate equal to the daily equivalent of the annual
rate of basic pay for level I of the Executive Schedule for
each day (including travel time) during which such member is
engaged in the actual performance of duties vested in the
Commission.
(3) Prohibition of compensation of federal employees.--
Members of the Oversight Panel who are full- time officers or
employees of the United States or Members of Congress may not
receive additional pay, allowances, or benefits by reason of
their service on the Oversight Panel.
(4) Travel expenses.--Each member shall receive travel
expenses, including per diem in lieu of subsistence, in
accordance with applicable provisions under subchapter I of
chapter 57 of title 5, United States Code.
(5) Quorum.--Four members of the Oversight Panel shall
constitute a quorum but a lesser number may hold hearings.
(6) Vacancies.--A vacancy on the Oversight Panel shall be
filled in the manner in which the original appointment was
made.
(7) Meetings.--The Oversight Panel shall meet at the call
of the Chairperson or a majority of its members.
(d) Staff.--
(1) In general.--The Oversight Panel may appoint and fix
the pay of any personnel as the Commission considers
appropriate.
(2) Experts and consultants.--The Oversight Panel may
procure temporary and intermittent services under section
3109(b) of title 5, United States Code.
(3) Staff of agencies.--Upon request of the Oversight
Panel, the head of any Federal department or agency may
detail, on a reimbursable basis, any of the personnel of that
department or agency to the Oversight Panel to assist it in
carrying out its duties under this Act.
(e) Powers.--
(1) Hearings and sessions.--The Oversight Panel may, for
the purpose of carrying out this section, hold hearings, sit
and act at times and places, take testimony, and receive
evidence as the Panel considers appropriate and may
administer oaths or affirmations to witnesses appearing
before it.
(2) Powers of members and agents.--Any member or agent of
the Oversight Panel may, if authorized by the Oversight
Panel, take any action which the Oversight Panel is
authorized to take by this section.
(3) Obtaining official data.--The Oversight Panel may
secure directly from any department or agency of the United
States information necessary to enable it to carry out this
section. Upon request of the Chairperson of the Oversight
Panel, the head of that department or agency shall furnish
that information to the Oversight Panel.
(4) Reports.--The Oversight Panel shall receive and
consider all reports required to be submitted to the
Oversight Panel under this Act.
(f) Termination.--The Oversight Panel shall terminate on
the date that is 180 days after the termination date
described in section 4(h).
(g) Funding for Expenses.--
(1) Authorization of appropriations.--There is authorized
to be appropriated to the Oversight Panel such sums as may be
necessary for any fiscal year, half of which shall be derived
from the applicable account of the House of Representatives,
and half of which shall be derived from the contingent fund
of the Senate.
(2) Reimbursement of amounts.--An amount equal to the
expenses of the Oversight Panel shall be promptly transferred
by the Secretary of the Treasury, from time to time upon the
presentment of a statement of such expenses by the
Chairperson of the Oversight Panel, from funds made available
to the Secretary of the Treasury under this Act to the
applicable fund of the House of Representatives and the
contingent fund of the Senate, as appropriate, as
reimbursement for amounts expended from such account and fund
under paragraph (1).
SEC. 10. COOPERATION WITH THE DEPARTMENT OF JUSTICE AND THE
FBI.
Any Federal financial regulatory agency shall cooperate
with the Department of Justice and the Federal Bureau of
Investigation and other law enforcement agencies
investigating fraud, misrepresentation, and malfeasance with
respect to development, advertising, and sale of financial or
other investment products.
SEC. 11. INFORMATION FOR CONGRESSIONAL SUPPORT AGENCIES.
Upon request, and to the extent otherwise consistent with
law, all information used by the Federal officials in
connection with activities authorized under this Act
(including the records to which the Comptroller General is
entitled under this Act) shall be made available to
congressional support agencies (in accordance with their
obligations to support the Congress as set out in their
authorizing statutes) for the purposes of assisting the
committees of Congress with conducting oversight, monitoring,
and analysis of the activities authorized under the COVID-19
Relief Program.
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