[Congressional Record (Bound Edition), Volume 155 (2009), Part 2]
[Senate]
[Pages 2903-2904]
[From the U.S. Government Publishing Office, www.gpo.gov]




       AMENDING THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008

  Mrs. BOXER. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of S. 383, that was introduced 
earlier today.
  The ACTING PRESIDENT pro tempore. The clerk will report the bill by 
title.
  The legislative clerk read as follows:

       A bill (S. 383) 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.
  Mrs. BOXER. Mr. 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 be 
printed in the Record.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.
  The bill (S. 383) was ordered to be engrossed for a third reading, 
was read the third time, and passed, as follows:

                                 S. 383

       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 2009''.

     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

[[Page 2904]]

     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)--
       (A) in paragraph (2), by striking ``subsection (c)(1)'' and 
     inserting ``subsection (c)(1) and (4)''; and
       (B) by adding at the end the following:
       ``(3) The Office of the Special Inspector General for the 
     Troubled Asset Relief Program shall be treated as an office 
     included under section 6(e)(3) of the Inspector General Act 
     of 1978 (5 U.S.C. App.) relating to the exemption from the 
     initial determination of eligibility by the Attorney 
     General.''.

     SEC. 3. PERSONNEL AUTHORITIES.

       Section 121(e) of the Emergency Economic Stabilization Act 
     of 2008 (division A of Public Law 110-343) is amended--
       (1) in paragraph (1)--
       (A) by inserting ``(A)'' after ``(1)''; and
       (B) 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 2009;
       ``(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 (k).''; and
       (2) by adding at the end the following:
       ``(5)(A) Except as provided under subparagraph (B), if an 
     annuitant receiving an annuity from the Civil Service 
     Retirement and Disability Fund becomes employed in a position 
     within the Office of the Special Inspector General for the 
     Troubled Asset Relief Program, his annuity shall continue. An 
     annuitant so reemployed shall not be considered an employee 
     for purposes of chapter 83 or 84.
       ``(B) Subparagraph (A) shall apply to--
       ``(i) not more than 25 employees at any time as designated 
     by the Special Inspector General; and
       ``(ii) pay periods beginning after the date of enactment of 
     the Special Inspector General for the Troubled Asset Relief 
     Program Act of 2009.''.

     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 (i), (j), and (k), 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.
       ``(h) Council of the Inspectors General on Integrity and 
     Efficiency.--The Special Inspector General shall be a member 
     of the Council of the Inspectors General on Integrity and 
     Efficiency established under section 11 of the Inspector 
     General Act of 1978 (5 U.S.C. App.) until the date of 
     termination of the Office of the Special Inspector General 
     for the Troubled Asset Relief Program.''.

     SEC. 5. REPORTING REQUIREMENTS.

       Section 121(i) of the Emergency Economic Stabilization Act 
     of 2008 (division A of Public Law 110-343), as redesignated 
     by this Act, is amended--
       (1) in paragraph (1), by striking the first sentence and 
     inserting ``Not later than 60 days after the confirmation of 
     the Special Inspector General, and not later than 30 days 
     following the end of each fiscal quarter, the Special 
     Inspector General shall submit to the appropriate committees 
     of Congress a report summarizing the activities of the 
     Special Inspector General during that fiscal quarter.'';
       (2) by redesignating paragraphs (2) and (3) as paragraphs 
     (3) and (4), respectively;
       (3) by inserting after paragraph (1) the following:
       ``(2) Not later than September 1, 2009, the Special 
     Inspector General shall submit a report to Congress assessing 
     use of any funds, to the extent practical, received by a 
     financial institution under the TARP and make the report 
     available to the public, including posting the report on the 
     home page of the website of the Special Inspector General 
     within 24 hours after the submission of the report.''; and
       (4) 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(j)(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 of enactment of the Special Inspector General 
     for the Troubled Asset Relief Program Act of 2009''.

     SEC. 7. COUNCIL OF THE INSPECTORS GENERAL ON INTEGRITY AND 
                   EFFICIENCY.

       The Special Inspector General for Iraq Reconstruction and 
     the Special Inspector General for Afghanistan Reconstruction 
     shall be a members of the Council of the Inspectors General 
     on Integrity and Efficiency established under section 11 of 
     the Inspector General Act of 1978 (5 U.S.C. App.) until the 
     date of termination of the Office of the Special Inspector 
     General for Iraq Reconstruction and the Office of the Special 
     Inspector General for Afghanistan Reconstruction, 
     respectively.

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