Special Inspector General for the Troubled Asset Relief Program Act of 2009


 * Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

{{SECTION|SEC. 1.|SECTION 1}}. SHORT TITLE.

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

{{SECTION|SEC. 2.|SEC. 2}}. AUDIT AND INVESTIGATION AUTHORITIES.

 * Section 121 of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110-343) 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.´´.

{{SECTION|SEC. 3.|SEC. 3}}. PERSONNEL AUTHORITIES.

 * Section 121(e) of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110-343) is amended—
 * (1) in paragraph (1)—
 * (A) by inserting ``(A)´´ after ``(1)´´; and
 * (B) by adding at the end the following:


 * (2) by adding at the end the following:

{{SECTION|SEC. 4.|SEC. 4}}. RESPONSE TO AUDITS AND COOPERATION AND COORDINATION WITH OTHER ENTITIES.

 * 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 (i), (j), and (k), respectively; and
 * (2) by inserting after subsection (e) the following:

{{SECTION|SEC. 5.|SEC. 5}}. REPORTING REQUIREMENTS.

 * Section 121(i) of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110-343), as redesignated by this Act, 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.´´.

{{SECTION|SEC. 6.|SEC. 6}}. FUNDING OF THE OFFICE OF THE SPECIAL INSPECTOR GENERAL.

 * Section 121(j)(1) of the Emergency Economic Stabilization Act of 2008 (division A of Public Law 110-343), as redesignated by this Act, 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´´.

{{SECTION|SEC. 7.|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.

Approved April 24, 2009

Legislative History

 * HOUSE REPORTS:
 * No. 111-41, Pt. 1 (Comm. on Financial Services).
 * CONGRESSIONAL RECORD, Vol. 155 (2009):
 * Feb. 4, considered and passed Senate.
 * Mar. 25, considered and passed House.
 * Mar. 25, considered and passed House.