ing with respect to the use of contracting 
authority and administration of the provi-
sions of this Act. 
(ii) The impact of recovery compensa-
tion made under this Act on the financial 
well-being of the people of the United 
States and the United States economy. 
(iii) The extent to which the Special 
Administrator has prioritized compensation 
under this Act. 
(iv) The effectiveness of recovery com-
pensation made under this Act of mini-
mizing long-term costs to the taxpayers 
and maximizing the benefits for taxpayers. 
(B) TIMING.—The reports required under 
this paragraph shall be submitted not later 
than 30 calendar days after the appointment of 
the Special Administrator and every 30 cal-
endar days thereafter. 
(3) AUDITING.—The Oversight Board shall con-
tract with a public accounting firm registered by the 
Public Company Accounting Oversight Board under 
section 101(c) of the Sarbanes-Oxley Act (15 U.S.C. 
7211(c)) to conduct independent audits of the recov-
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ery compensation program established under this 
Act. 
(c) MEMBERSHIP.— 
(1) IN GENERAL.—The Oversight Board shall 
consist of 5 members as follows: 
(A) One member appointed by the Speaker 
of the House of Representatives. 
(B) One member appointed by the minor-
ity leader of the House of Representatives. 
(C) One member appointed by the majority 
leader of the Senate. 
(D) One member appointed by the minor-
ity leader of the Senate. 
(E) One member appointed as Chairperson 
by the Speaker of the House of Representatives 
and the majority leader of the Senate, after 
consultation with the minority leader of the 
Senate and the minority leader of the House of 
Representatives. 
(2) PAY.—Each member of the Oversight 
Board shall be paid at a rate equal to the daily 
equivalent of the annual rate of basic pay for level 
I of the Executive Schedule for each day (including 
travel time) during which such member is engaged 
in the actual performance of duties vested in the 
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Oversight Board. Each member shall be subject to 
the prohibition on acts affecting personal financial 
interest under section 208 of title 18, United States 
Code, and shall be subject to limitations on outside 
employment and outside income pursuant to title V 
of the Ethics in Government Act of 1978 (5 U.S.C. 
App.). 
(3) PROHIBITION OF COMPENSATION OF FED-
ERAL
EMPLOYEES.—Members of the Oversight 
Board who are full-time officers or employees of the 
United States may not receive additional pay, allow-
ances, or benefits by reason of their service on the 
Oversight Board. 
(4) TRAVEL
EXPENSES.—Each member shall 
receive travel expenses, including per diem in lieu of 
subsistence, in accordance with applicable provisions 
under subchapter I of chapter 57 of title 5, United 
States Code. 
(5) QUORUM.—Four members of the Oversight 
Board shall constitute a quorum, but a lesser num-
ber may hold hearings. 
(6) VACANCIES.—A vacancy on the Oversight 
Board shall be filled in the manner in which the 
original appointment was made. 
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(7) MEETINGS.—The Oversight Board shall 
meet at the call of the Chairperson or a majority of 
its members. 
(d) STAFF.— 
(1) IN GENERAL.—The Oversight Board may 
appoint and fix the pay of any personnel as the 
Oversight Board considers appropriate. 
(2) EXPERTS AND CONSULTANTS.—The Over-
sight Board may procure temporary and intermit-
tent services under section 3109(b) of title 5, United 
States Code. 
(3) STAFF OF AGENCIES.—Upon request of the 
Oversight Board, the head of any Federal depart-
ment or agency may detail, on a reimbursable basis, 
any of the personnel of that department or agency 
to the Oversight Board to assist it in carrying out 
its duties under this Act. 
(e) POWERS.— 
(1) HEARINGS AND EVIDENCE.—The Oversight 
Board, or any subcommittee or member thereof, 
may, for the purpose of carrying out this section 
hold hearings, sit and act at times and places, take 
testimony, and receive evidence as the Oversight 
Board considers appropriate and may administer 
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oaths or affirmations to witnesses appearing before 
it. 
(2) CONTRACTING.—The Oversight Board may, 
to such extent and in such amounts as are provided 
in appropriation Acts, enter into contracts to enable 
the Oversight Board to discharge its duties under 
this section. 
(3) POWERS OF MEMBERS AND AGENTS.—Any 
member or agent of the Oversight Board may, if au-
thorized by the Oversight Board, take any action 
which the Oversight Board is authorized to take by 
this section. 
(4) OBTAINING
OFFICIAL
DATA.—The Over-
sight Board may secure directly from any depart-
ment or agency of the United States information 
necessary to enable it to carry out this section. Upon 
request of the Chairperson of the Oversight Board, 
the head of that department or agency shall furnish 
that information to the Oversight Board. 
(5) REPORTS.—The Oversight Board shall re-
ceive and consider all reports required to be sub-
mitted to the Oversight Board under this Act. 
(f) TERMINATION.—The Oversight Board shall ter-
minate on the date that is 1 year after the closure of the 
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Fund by the Special Administrator under subsection 
(a)(4) of this Act. 
(g) FUNDING FOR EXPENSES.— 
(1) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is authorized to be appropriated to the Over-
sight Board such sums as may be necessary for any 
fiscal year, half of which shall be derived from the 
applicable account of the House of Representatives, 
and half of which shall be derived from the contin-
gent fund of the Senate. 
(2) 
REIMBURSEMENT
OF
AMOUNTS.—An 
amount equal to the expenses of the Oversight 
Board shall be promptly transferred by the Sec-
retary and the Board of Governors of the Federal 
Reserve System, from time to time upon the present-
ment of a statement of such expenses by the Chair-
person of the Oversight Board, from funds made 
available to the Secretary under this Act to the ap-
plicable fund of the House of Representatives and 
the contingent fund of the Senate, as appropriate, as 
reimbursement for amounts expended from such ac-
count and fund under paragraph (1). 
Æ 
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