PUBLIC LAW 111–15—APR. 24, 2009 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. 

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 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). 

12 USC 5231. 

Special Inspector 

General for the 

Troubled Asset 

Relief Program 

Act of 2009. 

12 USC 5201 

note. 

Apr. 24, 2009 

[S. 383] 


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123 STAT. 1604 PUBLIC LAW 111–15—APR. 24, 2009 

‘‘(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. 

Certification. 

12 USC 5231. 

Applicability. 

Deadline. 


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PUBLIC LAW 111–15—APR. 24, 2009 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), 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 

5 USC app. 11 

note. 

Public 

information. 

Web posting. 

12 USC 5231. 


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123 STAT. 1606 PUBLIC LAW 111–15—APR. 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. 

Æ 

and the Office of the Special Inspector General for Afghanistan 

Reconstruction, respectively. 

Approved April 24, 2009. 


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