To amend the Emergency Economic Stabilization Act of 2008 to provide the Special Inspector General with additional authorities and responsibilities, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Special Inspector General for the 
Troubled Asset Relief Program Act of 2009''.

SEC. 2. AUDIT AND INVESTIGATION AUTHORITIES.

    Section 121 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5231) is amended--
            (1) in subsection (c), by adding at the end the following:
            ``(4)(A) Except as provided under subparagraph (B) and in 
        addition to the duties specified in paragraphs (1), (2), and 
        (3), the Special Inspector General shall have the authority to 
        conduct, supervise, and coordinate an audit or investigation of 
        any action taken under this title as the Special Inspector 
        General determines appropriate.
            ``(B) Subparagraph (A) shall not apply to any action taken 
        under section 115, 116, 117, or 125.''; and
            (2) in subsection (d)--
                    (A) in paragraph (2), by striking ``subsection 
                (c)(1)'' and inserting ``subsection (c)(1) and (4)''; 
                and
                    (B) by adding at the end the following:
            ``(3) The Office of the Special Inspector General for the 
        Troubled Asset Relief Program shall be treated as an office 
        included under section 6(e)(3) of the Inspector General Act of 
        1978 (5 U.S.C. App.) relating to the exemption from the initial 
        determination of eligibility by the Attorney General.''.

SEC. 3. PERSONNEL AUTHORITIES.

    Section 121(e) of the Emergency Economic Stabilization Act of 2008 
(12 U.S.C. 5231(e)) is amended--
            (1) in paragraph (1)--
                    (A) by inserting ``(A)'' after ``(1)''; and
                    (B) by adding at the end the following:
    ``(B)(i) Subject to clause (ii), the Special Inspector General may 
exercise the 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) of this subparagraph--
            ``(I) the Special Inspector General may not make any 
        appointment on and after the date occurring 6 months after the 
        date of enactment of the Special Inspector General for the 
        Troubled Asset Relief Program Act of 2009;
            ``(II) paragraph (2) of that subsection (relating to 
        periods of appointments) shall not apply; and
            ``(III) no period of appointment may exceed the date on 
        which the Office of the Special Inspector General terminates 
        under subsection (k).''; and
            (2) by adding at the end the following:
    ``(5)(A) Except as provided under subparagraph (B), if an annuitant 
receiving an annuity from the Civil Service Retirement and Disability 
Fund becomes employed in a position within the Office of the Special 
Inspector General for the Troubled Asset Relief Program, his annuity 
shall continue. An annuitant so reemployed shall not be considered an 
employee for purposes of chapter 83 or 84 of title 5, United States 
Code.
    ``(B) Subparagraph (A) shall apply to--
            ``(i) not more than 25 employees at any time as designated 
        by the Special Inspector General; and
            ``(ii) pay periods beginning after the date of enactment of 
        the Special Inspector General for the Troubled Asset Relief 
        Program Act of 2009.''.

SEC. 4. RESPONSE TO AUDITS AND COOPERATION AND COORDINATION WITH OTHER 
              ENTITIES.

    Section 121 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5231) is amended--
            (1) by redesignating subsections (f), (g), and (h) as 
        subsections (i), (j), and (k), 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 a report or 
investigation of 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.
    ``(g) Cooperation and Coordination With Other Entities.--In 
carrying out the duties, responsibilities, and authorities of the 
Special Inspector General under this section, the Special Inspector 
General shall work with each of the following entities, with a view 
toward avoiding duplication of effort and ensuring comprehensive 
oversight of the Troubled Asset Relief Program through effective 
cooperation and coordination:
            ``(1) The Inspector General of the Department of Treasury.
            ``(2) The Inspector General of the Federal Deposit 
        Insurance Corporation.
            ``(3) The Inspector General of the Securities and Exchange 
        Commission.
            ``(4) The Inspector General of the Federal Reserve Board.
            ``(5) The Inspector General of the Federal Housing Finance 
        Board.
            ``(6) The Inspector General of any other entity as 
        appropriate.
    ``(h) Council of the Inspectors General on Integrity and 
Efficiency.--The Special Inspector General shall be a member of the 
Council of the Inspectors General on Integrity and Efficiency 
established under section 11 of the Inspector General Act of 1978 (5 
U.S.C. App.) until the date of termination of the Office of the Special 
Inspector General for the Troubled Asset Relief Program.''.

SEC. 5. REPORTING REQUIREMENTS.

    Subsection (i) (as so redesignated by section 4) of section 121 of 
the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5231) is 
amended--
            (1) in paragraph (1), by striking the first sentence and 
        inserting ``Not later than 60 days after the confirmation of 
        the Special Inspector General, and not later than 30 days 
        following the end of each fiscal quarter, the Special Inspector 
        General shall submit to the appropriate committees of Congress 
        a report summarizing the activities of the Special Inspector 
        General during that fiscal quarter.'';
            (2) by redesignating paragraphs (2) and (3) as paragraphs 
        (3) and (4), respectively;
            (3) by inserting after paragraph (1) the following:
    ``(2) Not later than September 1, 2009, the Special Inspector 
General shall submit a report to Congress assessing use of any funds, 
to the extent practical, received by a financial institution under the 
TARP and make the report available to the public, including posting the 
report on the home page of the website of the Special Inspector General 
within 24 hours after the submission of the report.''; and
            (4) by adding at the end the following:
    ``(5) Except as provided under paragraph (3), all reports submitted 
under this subsection shall be available to the public.''.

SEC. 6. FUNDING OF THE OFFICE OF THE SPECIAL INSPECTOR GENERAL.

    Subsection (j)(1) (as so redesignated by section 4) of section 121 
of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5231) is 
amended by inserting before the period at the end the following: ``, 
not later than 7 days after the date of enactment of the Special 
Inspector General for the Troubled Asset Relief Program Act of 2009''.

SEC. 7. COUNCIL OF THE INSPECTORS GENERAL ON INTEGRITY AND EFFICIENCY.

    The Special Inspector General for Iraq Reconstruction and the 
Special Inspector General for Afghanistan Reconstruction shall be a 
members of the Council of the Inspectors General on Integrity and 
Efficiency established under section 11 of the Inspector General Act of 
1978 (5 U.S.C. App.) until the date of termination of the Office of the 
Special Inspector General for Iraq Reconstruction and the Office of the 
Special Inspector General for Afghanistan Reconstruction, respectively.

Summary: Special Inspector General for the Troubled Asset Relief Program Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 to grant the Special Inspector General (SIG) authority to conduct, supervise, and coordinate an audit or investigation of any action taken with regard to the Troubled Asset Relief Program (TARP) that the SIG deems appropriate.

Prohibits any audit or investigation, however, of any action related to: (1) graduated authorization to purchase troubled assets; (2) oversight and audits by the Comptroller General; (3) the Comptroller General's study and report on margin authority; and (4) the Congressional Oversight Panel.

Authorizes the SIG to exercise specified employment authorities for additional personnel, but not after six months following enactment of this Act.

Prohibits any period of appointment from exceeding the date on which the Office of the SIG terminates.

States that if an annuitant receiving an annuity from the Civil Service Retirement and Disability Fund becomes employed within the Office of the SIG for the Troubled Asset Relief Program, such annuity shall continue. Limits such allowance to: (1) not more than 25 employees at any time as designated by the SIG; and (2) only pay periods beginning after the enactment of this Act.

Requires the Secretary of the Treasury either to: (1) take action to address deficiencies identified by a report or investigation of the SIG or other auditor engaged by the TARP; or (2) certify to congressional committees that no action is necessary or appropriate.

Instructs the SIG to work with Inspectors General of designated federal agencies to: (1) avoid duplication of effort; and (2) ensure comprehensive oversight of TARP.

Requires the SIG to: (1) report to Congress by September 1, 2009, on the use of any funds received by a financial institution under TARP; and (2) make such report available to the public, including on the home page of the SIG's website within 24 hours after its submission to Congress.

Requires funding for the office of the SIG to be made available not later than seven days after the the date of enactment of this Act.

Makes the Special Inspector General for Iraq Reconstruction and the Special Inspector General for Afghanistan Reconstruction members of the Council of the Inspectors General on Integrity and Efficiency until the termination of their respective Offices.