§ 5231. Special Inspector General for the Troubled Asset Relief Program
(a)
Office of Inspector General
There is hereby established the Office of the Special Inspector General for the Troubled Asset Relief Program.
(b)
Appointment of Inspector General; removal
(1)
The head of the Office of the Special Inspector General for the Troubled Asset Relief Program is the Special Inspector General for the Troubled Asset Relief Program (in this section referred to as the “Special Inspector General”), who shall be appointed by the President, by and with the advice and consent of the Senate.
(2)
The appointment of the Special Inspector General shall be made on the basis of integrity and demonstrated ability in accounting, auditing, financial analysis, law, management analysis, public administration, or investigations.
(3)
The nomination of an individual as Special Inspector General shall be made as soon as practicable after the establishment of any program under sections
5211 and
5212 of this title.
(4)
The Special Inspector General shall be removable from office in accordance with the provisions of section 3(b) of the Inspector General Act of 1978 (5 U.S.C. App.).
(c)
Duties
(1)
It shall be the duty of the Special Inspector General to conduct, supervise, and coordinate audits and investigations of the purchase, management, and sale of assets by the Secretary of the Treasury under any program established by the Secretary under section
5211 of this title, and the management by the Secretary of any program established under section
5212 of this title, including by collecting and summarizing the following information:
(A)
A description of the categories of troubled assets purchased or otherwise procured by the Secretary.
(B)
A listing of the troubled assets purchased in each such category described under subparagraph (A).
(C)
An explanation of the reasons the Secretary deemed it necessary to purchase each such troubled asset.
(E)
A listing of and detailed biographical information on each person or entity hired to manage such troubled assets.
(F)
A current estimate of the total amount of troubled assets purchased pursuant to any program established under section
5211 of this title, the amount of troubled assets on the books of the Treasury, the amount of troubled assets sold, and the profit and loss incurred on each sale or disposition of each such troubled asset.
(2)
The Special Inspector General shall establish, maintain, and oversee such systems, procedures, and controls as the Special Inspector General considers appropriate to discharge the duty under paragraph (1).
(3)
In addition to the duties specified in paragraphs (1) and (2), the Inspector General shall also have the duties and responsibilities of inspectors general under the Inspector General Act of 1978.
(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 subchapter as the Special Inspector General determines appropriate.
(d)
Powers and authorities
(1)
In carrying out the duties specified in subsection (c), the Special Inspector General shall have the authorities provided in section 6 of the Inspector General Act of 1978.
(e)
Personnel, facilities, and other resources
(1)
(A)
The Special Inspector General may select, appoint, and employ such officers and employees as may be necessary for carrying out the duties of the Special Inspector General, subject to the provisions of title 5 governing appointments in the competitive service, and the provisions of chapter 51 and subchapter III of chapter 53 of such title, relating to classification and General Schedule pay rates.
(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 (without regard to subsection (a) of that section).
(2)
The Special Inspector General may obtain services as authorized by section
3109 of title
5 at daily rates not to exceed the equivalent rate prescribed for grade GS–15 of the General Schedule by section 5332 of such title.
(3)
The Special Inspector General may enter into contracts and other arrangements for audits, studies, analyses, and other services with public agencies and with private persons, and make such payments as may be necessary to carry out the duties of the Inspector General.
(4)
(A)
Upon request of the Special Inspector General for information or assistance from any department, agency, or other entity of the Federal Government, the head of such entity shall, insofar as is practicable and not in contravention of any existing law, furnish such information or assistance to the Special Inspector General, or an authorized designee.
(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.[1]
(f)
Corrective responses to audit problems
The Secretary shall—
(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:
(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.
(i)
Reports
(1)
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. Each report shall include, for the period covered by such report, a detailed statement of all purchases, obligations, expenditures, and revenues associated with any program established by the Secretary of the Treasury under sections
5211 and
5212 of this title, as well as the information collected under subsection (c)(1).
(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.
(3)
Nothing in this subsection shall be construed to authorize the public disclosure of information that is—
(4)
Any reports required under this section shall also be submitted to the Congressional Oversight Panel established under section
5233 of this title.
(j)
Funding
(1)
Of the amounts made available to the Secretary of the Treasury under section
5228 of this title, $50,000,000 shall be available to the Special Inspector General to carry out this section, not later than 7 days after April 24, 2009.
(k)
Termination
The Office of the Special Inspector General shall terminate on the later of—
(1)
the date that the last troubled asset acquired by the Secretary under section
5211 of this title has been sold or transferred out of the ownership or control of the Federal Government; or
[1] See References in Text note below.