I 

110TH CONGRESS 

2D SESSION S. 3731 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 10, 2008 

Referred to the Committee on Financial Services 

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. 

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


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Special Inspector Gen3 eral for the Troubled Asset Relief Program Act of 2008’’. 

4 SEC. 2. AUDIT AND INVESTIGATION AUTHORITIES. 

5 Section 121 of the Emergency Economic Stabilization 

6 Act of 2008 (division A of Public Law 110–343) is amend7 ed— 

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

9 following: 

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

11 (B) and in addition to the duties specified in para12 graphs (1), (2), and (3), the Special Inspector Gen13 eral shall have the authority to conduct, supervise, 

14 and coordinate an audit or investigation of any ac15 tion taken under this title as the Special Inspector 

16 General determines appropriate. 

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

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

19 and 

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

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

22 SEC. 3. PERSONNEL AUTHORITIES. 

23 Section 121(e)(1) of the Emergency Economic Sta24 bilization Act of 2008 (division A of Public Law 110–343) 

25 is amended— 

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


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

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

3 General may exercise the authorities of subsections (b) 

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

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

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

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

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

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

10 make any appointment on and after the date occur11 ring 6 months after the date of enactment of the 

12 Special Inspector General for the Troubled Asset 

13 Relief Program Act of 2008; 

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

15 to periods of appointments) shall not apply; and 

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

17 date on which the Office of the Special Inspector 

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

19 SEC. 4. RESPONSE TO AUDITS AND COOPERATION AND CO20 ORDINATION WITH OTHER ENTITIES. 

21 Section 121 of the Emergency Economic Stabilization 

22 Act of 2008 (division A of Public Law 110–343) is amend23 ed— 

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

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


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1 (2) by inserting after subsection (e) the fol2 lowing: 

3 ‘‘(f) CORRECTIVE RESPONSES TO AUDIT PROB4 LEMS.—The Secretary shall— 

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

6 a report or investigation of the Special Inspector General 

7 or other auditor engaged by the TARP; or 

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

9 that no action is necessary or appropriate. 

10 ‘‘(g) COOPERATION AND COORDINATION WITH

11 OTHER ENTITIES.—In carrying out the duties, respon12 sibilities, and authorities of the Special Inspector General 

13 under this section, the Special Inspector General shall 

14 work with each of the following entities, with a view to15 ward avoiding duplication of effort and ensuring com16 prehensive oversight of the Troubled Asset Relief Program 

17 through effective cooperation and coordination: 

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

19 of Treasury. 

20 ‘‘(2) The Inspector General of the Federal De21 posit Insurance Corporation. 

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

23 and Exchange Commission. 

24 ‘‘(4) The Inspector General of the Federal Re25 serve Board. 


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

2 Housing Finance Board. 

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

4 as appropriate.’’. 

5 SEC. 5. REPORTING REQUIREMENTS. 

6 Section 121(h) of the Emergency Economic Stabiliza7 tion Act of 2008 (division A of Public Law 110–343), as 

8 redesignated by this Act, is amended— 

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

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

11 (2) by inserting after paragraph (1) the fol12 lowing: 

13 ‘‘(2) Not later than July 1, 2009, the Special Inspec14 tor General shall submit a report to Congress analyzing 

15 the use of any funds received by a financial institution 

16 under the TARP and make the report available to the pub17 lic, including posting the report on the home page of the 

18 website of the Special Inspector General within 24 hours 

19 after the submission of the report.’’; and 

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

21 ‘‘(5) Except as provided under paragraph (3), all re22 ports submitted under this subsection shall be available 

23 to the public.’’. 


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1 SEC. 6. FUNDING OF THE OFFICE OF THE SPECIAL INSPEC2 TOR GENERAL. 

3 Section 121(i)(1) of the Emergency Economic Sta4 bilization Act of 2008 (division A of Public Law 110–343), 

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

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

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

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

Passed the Senate December 10, 2008. 

Attest: NANCY ERICKSON, 

Secretary. 


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