II 

110TH CONGRESS 

2D SESSION S. 18 

To improve the authority of the Special Inspector General charged with 

overseeing the Troubled Asset Relief Program, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

NOVEMBER 20, 2008 

Ms. SNOWE introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To improve the authority of the Special Inspector General 

charged with overseeing the Troubled Asset Relief Program, 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 ‘‘Troubled Asset Relief 

5 Program Inspector General Improvement Act’’. 

6 SEC. 2. FUNDING OF THE OFFICE OF THE SPECIAL INSPEC7 TOR GENERAL. 

8 Section 121(g)(1) of the Emergency Economic Sta9 bilization Act of 2008 (division A of Public Law 110–343) 

10 is amended by inserting before the period at the end the 


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1 following: ‘‘, not later than 3 days after the date on which 

2 the nomination of the Special Inspector General is first 

3 confirmed by the Senate’’. 

4 SEC. 3. OBLIGATION TO RESPOND TO AUDITS. 

5 Section 121 of the Emergency Economic Stabilization 

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

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

9 (h) as subsections (g), (h), and (i), respectively; and 

10 (2) by inserting after subsection (e) the fol11 lowing: 

12 ‘‘(f) CORRECTIVE RESPONSES TO AUDIT PROB13 LEMS.—The Secretary shall— 

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

15 the Special Inspector General or other auditor engaged by 

16 the TARP; or 

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

18 that no action is necessary or appropriate.’’. 

19 SEC. 4. ADDITIONAL OVERSIGHT MECHANISMS. 

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

22 is amended by striking ‘‘purchase, management’’ and all 

23 that follows through ‘‘including’’ and inserting ‘‘activities 

24 of the Secretary in the expenditure or obligation of funds 

25 under this title, including’’. 


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1 SEC. 5. REPORTING REQUIREMENT. 

2 Section 121(g) of the Emergency Economic Stabiliza3 tion Act of 2008 (division A of Public Law 110–343), as 

4 so designated by this Act, is amended— 

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

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

7 (2) by inserting after paragraph (1) the fol8 lowing: 

9 ‘‘(2) Not later than July 1, 2009, the Special Inspec10 tor General shall submit to the Committee on Banking, 

11 Housing, and Urban Affairs of the Senate and the Com12 mittee on Financial Services of the House of Representa13 tives a report analyzing the use of any funds received by 

14 a financial institution under the TARP.’’. 

15 SEC. 6. PERSONNEL AUTHORITIES. 

16 Section 121(e)(1) of the Emergency Economic Sta17 bilization Act of 2008 (division A of Public Law 110–343) 

18 is amended— 

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

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

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

22 General may exercise the employment authorities of sub23 sections (b) through (i) of section 3161 of title 5, United 

24 States Code (without regard to subsection (a) of that sec25 tion). 


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

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

3 Code, (as provided under clause (i)) the Special Inspector 

4 General may not make any appointment on or after the 

5 date occurring 1 year after the date of the first confirma6 tion of a nomination for the Special Inspector General.’’. 

Æ 


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