[Congressional Record (Bound Edition), Volume 154 (2008), Part 18]
[Senate]
[Page 24563]
[From the U.S. Government Publishing Office, www.gpo.gov]




SPECIAL INSPECTOR GENERAL FOR THE TROUBLED ASSET RELIEF PROGRAM ACT OF 
                                  2008

  Mr. DURBIN. Madam President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of S. 3731, introduced earlier 
today by Senator McCaskill.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The assistant legislative clerk read as follows:

       A bill (S. 3731) 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.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. DURBIN. Madam President, I ask unanimous consent that the bill be 
read three times and passed, the motion to reconsider be laid upon the 
table, with no intervening action or debate, and any statements related 
to the bill be printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 3731) was ordered to be engrossed for a third reading, 
was read the third time, and passed, as follows:

                                S. 3731

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

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

     SEC. 2. 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)''.

     SEC. 3. 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).''.

     SEC. 4. 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.''.

     SEC. 5. 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 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.''.

     SEC. 6. 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''.

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