II 

110TH CONGRESS 

2D SESSION S. 3731 

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. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 10, 2008 

Mrs. MCCASKILL (for herself, Mr. GRASSLEY, Ms. COLLINS, Mr. LIEBERMAN, 

Ms. SNOWE, Mr. DODD, Mr. BUNNING, Mr. COLEMAN, Mr. SCHUMER, 

Mr. LEVIN, Mr. CARPER, and Ms. CANTWELL) introduced the following 

bill; which was read twice, considered, read the third time, and passed 

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. 

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 2008’’. 


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1 SEC. 2. AUDIT AND INVESTIGATION AUTHORITIES. 

2 Section 121 of the Emergency Economic Stabilization 

3 Act of 2008 (division A of Public Law 110–343) is amend4 ed— 

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

6 following: 

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

8 (B) and in addition to the duties specified in para9 graphs (1), (2), and (3), the Special Inspector Gen10 eral shall have the authority to conduct, supervise, 

11 and coordinate an audit or investigation of any ac12 tion taken under this title as the Special Inspector 

13 General determines appropriate. 

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

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

16 and 

17 (2) in subsection (d)(2), by striking ‘‘subsection 

18 (c)(1)’’ and inserting ‘‘subsection (c)(1) and (4)’’. 

19 SEC. 3. PERSONNEL AUTHORITIES. 

20 Section 121(e)(1) of the Emergency Economic Sta21 bilization Act of 2008 (division A of Public Law 110–343) 

22 is amended— 

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

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

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

26 General may exercise the authorities of subsections (b) 


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

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

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

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

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

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

7 make any appointment on and after the date occur8 ring 6 months after the date of enactment of the 

9 Special Inspector General for the Troubled Asset 

10 Relief Program Act of 2008; 

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

12 to periods of appointments) shall not apply; and 

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

14 date on which the Office of the Special Inspector 

15 General terminates under subsection (j).’’. 

16 SEC. 4. RESPONSE TO AUDITS AND COOPERATION AND CO17 ORDINATION WITH OTHER ENTITIES. 

18 Section 121 of the Emergency Economic Stabilization 

19 Act of 2008 (division A of Public Law 110–343) is amend20 ed— 

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

22 (h) as subsections (h), (i), and (j), respectively; and 

23 (2) by inserting after subsection (e) the fol24 lowing: 


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1 ‘‘(f) CORRECTIVE RESPONSES TO AUDIT PROB2 LEMS.—The Secretary shall— 

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

4 a report or investigation of the Special Inspector General 

5 or other auditor engaged by the TARP; or 

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

7 that no action is necessary or appropriate. 

8 ‘‘(g) COOPERATION AND COORDINATION WITH

9 OTHER ENTITIES.—In carrying out the duties, respon10 sibilities, and authorities of the Special Inspector General 

11 under this section, the Special Inspector General shall 

12 work with each of the following entities, with a view to13 ward avoiding duplication of effort and ensuring com14 prehensive oversight of the Troubled Asset Relief Program 

15 through effective cooperation and coordination: 

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

17 of Treasury. 

18 ‘‘(2) The Inspector General of the Federal De19 posit Insurance Corporation. 

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

21 and Exchange Commission. 

22 ‘‘(4) The Inspector General of the Federal Re23 serve Board. 

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

25 Housing Finance Board. 


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

2 as appropriate.’’. 

3 SEC. 5. REPORTING REQUIREMENTS. 

4 Section 121(h) of the Emergency Economic Stabiliza5 tion Act of 2008 (division A of Public Law 110–343), as 

6 redesignated by this Act, is amended— 

7 (1) by redesignating paragraphs (2) and (3) as 

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

9 (2) by inserting after paragraph (1) the fol10 lowing: 

11 ‘‘(2) Not later than July 1, 2009, the Special Inspec12 tor General shall submit a report to Congress analyzing 

13 the use of any funds received by a financial institution 

14 under the TARP and make the report available to the pub15 lic, including posting the report on the home page of the 

16 website of the the Special Inspector General within 24 

17 hours after the submission of the report.’’; and 

18 (3) by adding at the end the following: 

19 ‘‘(5) Except as provided under paragraph (3), all re20 ports submitted under this subsection shall be available 

21 to the public.’’. 

22 SEC. 6. FUNDING OF THE OFFICE OF THE SPECIAL INSPEC23 TOR GENERAL. 

24 Section 121(i)(1) of the Emergency Economic Sta25 bilization Act of 2008 (division A of Public Law 110–343), 


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1 as redesignated by this Act, is amended by inserting before 

2 the period at the end the following: ‘‘, not later than 7 

3 days after the date on which the nomination of the Special 

4 Inspector General is first confirmed by the Senate’’. 

Æ 


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