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 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''.

            Passed the Senate December 10, 2008.

            Attest:

                                                NANCY ERICKSON,

                                                             Secretary.
Special Inspector General for the Troubled Asset Relief Program Act of 2008 - Amends the Emergency Economic Stabilization Act of 2008 to grant the Special Inspector General (SIG) authority to conduct, supervise, and coordinate an audit or investigation of any action taken with regard to the Troubled Asset Relief Program (TARP) that the SIG deems appropriate.

Prohibits any audit or investigation, however, of any action related to: (1) graduated authorization to purchase troubled assets; (2) oversight and audits by the Comptroller General; (3) the Comptroller General's study and report on margin authority; and (4) the Congressional Oversight Panel.

Authorizes the SIG to exercise specified employment authorities for additional personnel, but not after six months following enactment of this Act.

Prohibits any period of appointment from exceeding the date on which the Office of the SIG terminates.

Requires the Secretary of the Treasury to: (1) either take action to address deficiencies identified by a report or investigation of the SIG or other auditor engaged by the TARP; or (2) certify to congressional committees that no action is necessary or appropriate.

Instructs the SIG to work with Inspectors General of designated federal agencies to: (1) avoid duplication of effort; and (2) ensure comprehensive oversight of TARP.

Requires the SIG to: (1) report to Congress by July 1, 2009, on the use of any funds received by a financial institution under TARP; and (2) make such report available to the public, including on the home page of the SIG's website within 24 hours after its submission to Congress.

Requires funds for the office of the SIG to be made available not later than seven days after the SIG's nomination is first confirmed by the Senate.
A bill 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.