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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 18 Introduced in Senate (IS)]

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.

    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 ``Troubled Asset Relief Program 
Inspector General Improvement Act''.

SEC. 2. FUNDING OF THE OFFICE OF THE SPECIAL INSPECTOR GENERAL.

    Section 121(g)(1) of the Emergency Economic Stabilization Act of 
2008 (division A of Public Law 110-343) is amended by inserting before 
the period at the end the following: ``, not later than 3 days after 
the date on which the nomination of the Special Inspector General is 
first confirmed by the Senate''.

SEC. 3. OBLIGATION TO RESPOND TO AUDITS.

    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 (g), (h), and (i), 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 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.''.

SEC. 4. ADDITIONAL OVERSIGHT MECHANISMS.

    Section 121(c)(1) of the Emergency Economic Stabilization Act of 
2008 (division A of Public Law 110-343) is amended by striking 
``purchase, management'' and all that follows through ``including'' and 
inserting ``activities of the Secretary in the expenditure or 
obligation of funds under this title, including''.

SEC. 5. REPORTING REQUIREMENT.

    Section 121(g) of the Emergency Economic Stabilization Act of 2008 
(division A of Public Law 110-343), as so designated by this Act, is 
amended--
            (1) by redesignating paragraphs (2) and (3) as paragraphs 
        (3) and (4), respectively; and
            (2) by inserting after paragraph (1) the following:
    ``(2) Not later than July 1, 2009, the Special Inspector General 
shall submit to the Committee on Banking, Housing, and Urban Affairs of 
the Senate and the Committee on Financial Services of the House of 
Representatives a report analyzing the use of any funds received by a 
financial institution under the TARP.''.

SEC. 6. PERSONNEL AUTHORITIES.

    Section 121(e)(1) of the Emergency Economic Stabilization Act of 
2008 (division A of Public Law 110-343) is amended--
            (1) by inserting ``(A)'' after ``(1)''; and
            (2) by adding at the end the following:
    ``(B)(i) Subject to clause (ii), the Special Inspector General may 
exercise the employment authorities of subsections (b) through (i) of 
section 3161 of title 5, United States Code (without regard to 
subsection (a) of that section).
    ``(ii) In exercising the employment authorities under subsection 
(b) of section 3161 of title 5, United States Code, (as provided under 
clause (i)) the Special Inspector General may not make any appointment 
on or after the date occurring 1 year after the date of the first 
confirmation of a nomination for the Special Inspector General.''.
                                 <all>
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