Title: To establish a Congressional COVID-19 Aid Oversight Panel, to authorize the Special Inspector General for the Troubled Asset Relief Program to coordinate audits and investigations in connection with the receipt of Federal aid related to COVID-19, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill establishes the congressional COVID-19 (i.e., coronavirus disease 2019) Aid Oversight Panel to report on the use and impact of COVID-19 aid on financial markets and institutions. The bill also authorizes the Office of the Special Inspector General for the Troubled Asset Relief Program to audit and investigate COVID-19 aid programs.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6319 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6319

To establish a Congressional COVID-19 Aid Oversight Panel, to authorize 
the Special Inspector General for the Troubled Asset Relief Program to 
coordinate audits and investigations in connection with the receipt of 
        Federal aid related to COVID-19, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 23, 2020

 Mr. Phillips introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To establish a Congressional COVID-19 Aid Oversight Panel, to authorize 
the Special Inspector General for the Troubled Asset Relief Program to 
coordinate audits and investigations in connection with the receipt of 
        Federal aid related to COVID-19, 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. CONGRESSIONAL COVID-19 AID OVERSIGHT PANEL.

    (a) Establishment.--There is hereby established the Congressional 
COVID-19 Aid Oversight Panel (hereafter in this section referred to as 
the ``Oversight Panel'') as an establishment in the legislative branch.
    (b) Duties.--The Oversight Panel shall review the current state of 
the financial markets and the regulatory system and submit regular 
reports to Congress on the following:
            (1) The use of Federal aid related to COVID-19.
            (2) The impact of Federal aid related to COVID-19 on the 
        financial markets and financial institutions.
    (c) Membership.--
            (1) In general.--The Oversight Panel 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 minority leader of 
                the House of Representatives.
                    (C) One member appointed by the majority leader of 
                the Senate.
                    (D) One member appointed by the minority leader of 
                the Senate.
                    (E) One member appointed 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 Panel shall each 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 Commission.
            (3) Prohibition of compensation of federal employees.--
        Members of the Oversight Panel who are full-time officers or 
        employees of the United States or Members of Congress may not 
        receive additional pay, allowances, or benefits by reason of 
        their service on the Oversight Panel.
            (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 Panel shall 
        constitute a quorum but a lesser number may hold hearings.
            (6) Vacancies.--A vacancy on the Oversight Panel shall be 
        filled in the manner in which the original appointment was 
        made.
            (7) Meetings.--The Oversight Panel shall meet at the call 
        of the Chairperson or a majority of its members.
    (d) Staff.--
            (1) In general.--The Oversight Panel may appoint and fix 
        the pay of any personnel as the Oversight Panel considers 
        appropriate.
            (2) Experts and consultants.--The Oversight Panel may 
        procure temporary and intermittent services under section 
        3109(b) of title 5, United States Code.
            (3) Staff of agencies.--Upon request of the Oversight 
        Panel, the head of any Federal department or agency may detail, 
        on a reimbursable basis, any of the personnel of that 
        department or agency to the Oversight Panel to assist it in 
        carrying out its duties under this Act.
    (e) Powers.--
            (1) Hearings and sessions.--The Oversight Panel 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 Panel considers appropriate and may administer 
        oaths or affirmations to witnesses appearing before it.
            (2) Powers of members and agents.--Any member or agent of 
        the Oversight Panel may, if authorized by the Oversight Panel, 
        take any action which the Oversight Panel is authorized to take 
        by this section.
            (3) Obtaining official data.--The Oversight Panel may 
        secure directly from any department or agency of the United 
        States information necessary to enable it to carry out this 
        section. Upon request of the Chairperson of the Oversight 
        Panel, the head of that department or agency shall furnish that 
        information to the Oversight Panel.
            (4) Reports.--The Oversight Panel shall receive and 
        consider all reports required to be submitted to the Oversight 
        Panel under this Act.
    (f) Authorization of Appropriations.--There is authorized to be 
appropriated to the Oversight Panel 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 contingent fund of the Senate.
    (g) Definitions.--In this section:
            (1) COVID-19 emergency.--The term ``COVID-19 emergency'' 
        means the period beginning on the date of enactment of this Act 
        and ending on the date on which the Securities and Exchange 
        Commission determines that the impact of COVID-19 on the 
        American financial system has ended.
            (2) Federal aid.--The term ``Federal aid'' means any 
        emergency lending provided under section 13(3) of the Federal 
        Reserve Act or any Federal financial support in the form of a 
        grant, loan, or loan guarantee.

SEC. 2. SPECIAL INSPECTOR GENERAL AUTHORITY OVER FEDERAL AID RELATED TO 
              COVID-19.

    Section 121 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5231) is amended--
            (1) in subsection (k)--
                    (A) in paragraph (1), by striking ``or'' at the 
                end;
                    (B) in paragraph (2), by striking the period at the 
                end and inserting ``; or''; and
                    (C) by adding at the end the following:
            ``(3) the date on which all Federal aid related to the 
        COVID-19 emergency is repaid.''; and
            (2) by adding at the end the following:
    ``(l) Responsibility With Respect to Federal Aid Related to COVID-
19.--
            ``(1) In general.--The Special Inspector General shall have 
        the same authority and responsibilities with respect to Federal 
        aid related to COVID-19 as the Special Inspector General has 
        with respect to financial assistance (including the purchase of 
        troubled assets) provided under this title.
            ``(2) Definitions.--In this section:
                    ``(A) COVID-19 emergency.--The term `COVID-19 
                emergency' means the period beginning on the date of 
                enactment of this Act and ending on the date on which 
                the Securities and Exchange Commission determines that 
                the impact of COVID-19 on the American financial system 
                has ended.
                    ``(B) Federal aid.--The term `Federal aid' means 
                any emergency lending provided under section 13(3) of 
                the Federal Reserve Act or any Federal financial 
                support in the form of a grant, loan, or loan 
                guarantee.''.
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