Page:United States Statutes at Large Volume 124.djvu/2619

 124 STAT. 2593 PUBLIC LAW 111–240—SEPT. 27, 2010 (7) minimizing the cost to taxpayers of exercising the authorities; (8) promoting and engaging in financial education to would- be borrowers; and (9) providing funding to eligible institutions that serve small businesses directly affected by the discharge of oil arising from the explosion on and sinking of the mobile offshore drilling unit Deepwater Horizon and small businesses in communities that have suffered negative economic effects as a result of that discharge with particular consideration to States along the coast of the Gulf of Mexico. SEC. 4106. REPORTS. The Secretary shall provide to the appropriate committees of Congress— (1) within 7 days of the end of each month commencing with the first month in which transactions are made under the Program, a written report describing all of the transactions made during the reporting period pursuant to the authorities granted under this subtitle; (2) after the end of March and the end of September, commencing September 30, 2010, a written report on all pro- jected costs and liabilities, all operating expenses, including compensation for financial agents, and all transactions made by the Fund, which shall include participating institutions and amounts each institution has received under the Program; and (3) within 7 days of the end of each calendar quarter commencing with the first calendar quarter in which trans- actions are made under the Program, a written report detailing how eligible institutions participating in the Program have used the funds such institutions received under the Program. SEC. 4107. OVERSIGHT AND AUDITS. (a) INSPECTOR GENERAL OVERSIGHT.—The Inspector General of the Department of the Treasury shall conduct, supervise, and coordinate audits and investigations of the Program through the Office of Small Business Lending Fund Program Oversight estab- lished under subsection (b). (b) OFFICE OF SMALL BUSINESS LENDING FUND PROGRAM OVER- SIGHT.— (1) ESTABLISHMENT.—There is hereby established within the Office of the Inspector General of the Department of the Treasury a new office to be named the ‘‘Office of Small Business Lending Fund Program Oversight’’ to provide oversight of the Program. (2) LEADERSHIP.—The Inspector General shall appoint a Special Deputy Inspector General for SBLF Program Oversight to lead the Office, with commensurate staff, who shall report directly to the Inspector General and who shall be responsible for the performance of all auditing and investigative activities relating to the Program. (3) REPORTING.— (A) IN GENERAL.—The Inspector General shall issue a report no less than two times a year to the Congress and the Secretary devoted to the oversight provided by the Office, including any recommendations for improve- ments to the Program. Appointment. Effective date.