I 

111TH CONGRESS 

1ST SESSION H. R. 1341 

To amend the Emergency Economic Stabilization Act of 2008 to provide 

the Special Inspector General with additional authorities and responsibilities, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 5, 2009 

Mr. MOORE of Kansas (for himself, Mrs. BIGGERT, Mr. DRIEHAUS, and Mr. 

PAULSEN) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions 

as fall within the jurisdiction of the committee concerned 

A BILL 

To amend the Emergency Economic Stabilization Act of 

2008 to provide the Special Inspector General with additional authorities and responsibilities, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Special Inspector Gen5 eral for the Troubled Asset Relief Program Act of 2009’’. 


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1 SEC. 2. AUDIT AND INVESTIGATION AUTHORITIES. 

2 Section 121 of the Emergency Economic Stabilization 

3 Act of 2008 (12 U.S.C. 5231) is amended— 

4 (1) in subsection (c), by adding at the end the 

5 following: 

6 ‘‘(4)(A) Except as provided under subparagraph 

7 (B) and in addition to the duties specified in para8 graphs (1), (2), and (3), the Special Inspector Gen9 eral shall have the authority to conduct, supervise, 

10 and coordinate an audit or investigation of any ac11 tion taken under this title as the Special Inspector 

12 General determines appropriate. 

13 ‘‘(B) Subparagraph (A) shall not apply to any 

14 action taken under section 115, 116, 117, or 125.’’; 

15 and 

16 (2) in subsection (d)— 

17 (A) in paragraph (2), by striking ‘‘sub18 section (c)(1)’’ and inserting ‘‘subsection (c)(1) 

19 and (4)’’; and 

20 (B) by adding at the end the following: 

21 ‘‘(3) The Office of the Special Inspector Gen22 eral for the Troubled Asset Relief Program shall be 

23 treated as an office included under section 6(e)(3) of 

24 the Inspector General Act of 1978 (5 U.S.C. App.) 

25 relating to the exemption from the initial determina26 tion of eligibility by the Attorney General.’’. 


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1 SEC. 3. PERSONNEL AUTHORITIES. 

2 Section 121(e) of the Emergency Economic Stabiliza3 tion Act of 2008 (12 U.S.C. 5231(e)) is amended— 

4 (1) in paragraph (1)— 

5 (A) by inserting ‘‘(A)’’ after ‘‘(1)’’; and 

6 (B) by adding at the end the following: 

7 ‘‘(B)(i) Subject to clause (ii), the Special Inspector 

8 General may exercise the authorities of subsections (b) 

9 through (i) of section 3161 of title 5, United States Code 

10 (without regard to subsection (a) of that section). 

11 ‘‘(ii) In exercising the employment authorities under 

12 subsection (b) of section 3161 of title 5, United States 

13 Code, as provided under clause (i) of this subparagraph— 

14 ‘‘(I) the Special Inspector General may not 

15 make any appointment on and after the date occur16 ring 6 months after the date of enactment of the 

17 Special Inspector General for the Troubled Asset 

18 Relief Program Act of 2009; 

19 ‘‘(II) paragraph (2) of that subsection (relating 

20 to periods of appointments) shall not apply; and 

21 ‘‘(III) no period of appointment may exceed the 

22 date on which the Office of the Special Inspector 

23 General terminates under subsection (k).’’; and 

24 (2) by adding at the end the following: 

25 ‘‘(5)(A) Except as provided under subparagraph (B), 

26 if an annuitant receiving an annuity from the Civil Service 


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1 Retirement and Disability Fund becomes employed in a 

2 position within the Office of the Special Inspector General 

3 for the Troubled Asset Relief Program, his annuity shall 

4 continue. An annuitant so reemployed shall not be consid5 ered an employee for purposes of chapter 83 or 84 of title 

6 5, United States Code. 

7 ‘‘(B) Subparagraph (A) shall apply to— 

8 ‘‘(i) not more than 25 employees at any time as 

9 designated by the Special Inspector General; and 

10 ‘‘(ii) pay periods beginning after the date of en11 actment of the Special Inspector General for the 

12 Troubled Asset Relief Program Act of 2009.’’. 

13 SEC. 4. RESPONSE TO AUDITS AND COOPERATION AND CO14 ORDINATION WITH OTHER ENTITIES. 

15 Section 121 of the Emergency Economic Stabilization 

16 Act of 2008 (12 U.S.C. 5231) is amended— 

17 (1) by redesignating subsections (f), (g), and 

18 (h) as subsections (i), (j), and (k), respectively; and 

19 (2) by inserting after subsection (e) the fol20 lowing: 

21 ‘‘(f) CORRECTIVE RESPONSES TO AUDIT PROB22 LEMS.—The Secretary shall— 

23 ‘‘(1) take action to address deficiencies identified by 

24 a report or investigation of the Special Inspector General 

25 or other auditor engaged by the TARP; or 


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1 ‘‘(2) certify to appropriate committees of Congress 

2 that no action is necessary or appropriate. 

3 ‘‘(g) COOPERATION AND COORDINATION WITH

4 OTHER ENTITIES.—In carrying out the duties, respon5 sibilities, and authorities of the Special Inspector General 

6 under this section, the Special Inspector General shall 

7 work with each of the following entities, with a view to8 ward avoiding duplication of effort and ensuring com9 prehensive oversight of the Troubled Asset Relief Program 

10 through effective cooperation and coordination: 

11 ‘‘(1) The Inspector General of the Department 

12 of Treasury. 

13 ‘‘(2) The Inspector General of the Federal De14 posit Insurance Corporation. 

15 ‘‘(3) The Inspector General of the Securities 

16 and Exchange Commission. 

17 ‘‘(4) The Inspector General of the Federal Re18 serve Board. 

19 ‘‘(5) The Inspector General of the Federal 

20 Housing Finance Board. 

21 ‘‘(6) The Inspector General of any other entity 

22 as appropriate. 

23 ‘‘(h) COUNCIL OF THE INSPECTORS GENERAL ON IN24 TEGRITY AND EFFICIENCY.—The Special Inspector Gen25 eral shall be a member of the Council of the Inspectors 


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1 General on Integrity and Efficiency established under sec2 tion 11 of the Inspector General Act of 1978 (5 U.S.C. 

3 App.) until the date of termination of the Office of the 

4 Special Inspector General for the Troubled Asset Relief 

5 Program.’’. 

6 SEC. 5. REPORTING REQUIREMENTS. 

7 Subsection (i) (as so redesignated by section 4) of 

8 section 121 of the Emergency Economic Stabilization Act 

9 of 2008 (12 U.S.C. 5231) is amended— 

10 (1) in paragraph (1), by striking the first sen11 tence and inserting ‘‘Not later than 60 days after 

12 the confirmation of the Special Inspector General, 

13 and not later than 30 days following the end of each 

14 fiscal quarter, the Special Inspector General shall 

15 submit to the appropriate committees of Congress a 

16 report summarizing the activities of the Special In17 spector General during that fiscal quarter.’’; 

18 (2) by redesignating paragraphs (2) and (3) as 

19 paragraphs (3) and (4), respectively; 

20 (3) by inserting after paragraph (1) the fol21 lowing: 

22 ‘‘(2) Not later than September 1, 2009, the Special 

23 Inspector General shall submit a report to Congress as24 sessing use of any funds, to the extent practical, received 

25 by a financial institution under the TARP and make the 


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1 report available to the public, including posting the report 

2 on the home page of the website of the Special Inspector 

3 General within 24 hours after the submission of the re4 port.’’; and 

5 (4) by adding at the end the following: 

6 ‘‘(5) Except as provided under paragraph (3), all re7 ports submitted under this subsection shall be available 

8 to the public.’’. 

9 SEC. 6. FUNDING OF THE OFFICE OF THE SPECIAL INSPEC10 TOR GENERAL. 

11 Subsection (j)(1) (as so redesignated by section 4) 

12 of section 121 of the Emergency Economic Stabilization 

13 Act of 2008 (12 U.S.C. 5231) is amended by inserting 

14 before the period at the end the following: ‘‘, not later 

15 than 7 days after the date of enactment of the Special 

16 Inspector General for the Troubled Asset Relief Program 

17 Act of 2009’’. 

18 SEC. 7. COUNCIL OF THE INSPECTORS GENERAL ON INTEG19 RITY AND EFFICIENCY. 

20 The Special Inspector General for Iraq Reconstruc21 tion and the Special Inspector General for Afghanistan 

22 Reconstruction shall be a members of the Council of the 

23 Inspectors General on Integrity and Efficiency established 

24 under section 11 of the Inspector General Act of 1978 

25 (5 U.S.C. App.) until the date of termination of the Office 


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1 of the Special Inspector General for Iraq Reconstruction 

2 and the Office of the Special Inspector General for Af3 ghanistan Reconstruction, respectively. 

Æ 


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