[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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