[111th Congress Public Law 15]
[From the U.S. Government Printing Office]



[[Page 123 STAT. 1603]]

Public Law 111-15
111th Congress

                                 An Act


 
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. <<NOTE: Apr. 24, 2009 -  [S. 383]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Special 
Inspector General for the Troubled Asset Relief Program Act of 2009. 12 
USC 5201 note.>> 
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) <<NOTE: 12 USC 5231.>>  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)--
                    (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).

[[Page 123 STAT. 1604]]

    ``(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) <<NOTE: Deadline.>>  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) <<NOTE: Applicability.>>  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) <<NOTE: 12 USC 5231.>>  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) <<NOTE: Certification.>>  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.

[[Page 123 STAT. 1605]]

            ``(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), <<NOTE: 12 USC 5231.>>  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) <<NOTE: Public information. Web posting.>>  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. <<NOTE: 5 USC app. 11 note.>>  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

[[Page 123 STAT. 1606]]

and the Office of the Special Inspector General for Afghanistan 
Reconstruction, respectively.

    Approved April 24, 2009.

LEGISLATIVE HISTORY--S. 383:
---------------------------------------------------------------------------

HOUSE REPORTS: No. 111-41, Pt. 1 (Comm. on Financial Services).
CONGRESSIONAL RECORD, Vol. 155 (2009):
            Feb. 4, considered and passed Senate.
            Mar. 25, considered and passed House.

                                  <all>