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Emergency Economic Stabilization Act of 2008

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Title I - Troubled Assets Relief Program

Sec. 121. Special Inspector General for the Troubled Asset Relief Program.

  1. OFFICE OF INSPECTOR GENERAL.There is hereby established the Office of the Special Inspector General for the Troubled Asset Relief Program.




  2. 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.




    1. 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.




    2. The nomination of an individual as Special Inspector General shall be made as soon as practicable after the establishment of any program under sections 101 and 102.




    3. 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.).




    4. For purposes of section 7324 of title 5, United States Code, the Special Inspector General shall not be considered an employee who determines policies to be pursued by the United States in the nationwide administration of Federal law.




    5. The annual rate of basic pay of the Special Inspector General shall be the annual rate of basic pay provided for positions at level IV of the Executive Schedule under section 5315 of title 5, United States Code.






  3. 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 101, and the management by the Secretary of any program established under section 102, including by collecting and summarizing the following information:




      1. A description of the categories of troubled assets purchased or otherwise procured by the Secretary.




      2. A listing of the troubled assets purchased in each such category described under subparagraph (A).




      3. An explanation of the reasons the Secretary deemed it necessary to purchase each such troubled asset.




      4. A listing of each financial institution that such troubled assets were purchased from.




      5. A listing of and detailed biographical information on each person or entity hired to manage such troubled assets.




      6. A current estimate of the total amount of troubled assets purchased pursuant to any program established under section 101, 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.




      7. A listing of the insurance contracts issued under section 102.






    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. POWERS AND AUTHORITIES.




    1. In carrying out the duties specified in subsection©, the Special Inspector General shall have the authorities provided in section of the Inspector General Act of 1978.




    2. The Special Inspector General shall carry out the duties specified in subsection©(1) in accordance with section 4(b)(1) of the Inspector General Act of 1978.






  5. PERSONNEL, FACILITIES, AND OTHER RESOURCES.




    1. 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, United States Code, 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.




    2. The Special Inspector General may obtain services as authorized by section 3109 of title 5, United States Code, at daily rates not to exceed the equivalent rate prescribed for grade GS15 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.







      1. 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.




      2. Whenever information or assistance requested by the Special Inspector General is, in the judgment of the Special Inspector General, unreasonably refused or not provided, the Special Inspector General shall report the circumstances to the appropriate committees of Congress without delay.








  6. REPORTS.




    1. Not later than 60 days after the confirmation of the Special Inspector General, and every calendar quarter thereafter, the Special Inspector General shall submit to the appropriate committees of Congress a report summarizing the activities of the Special Inspector General during the 120-day period ending on the date of such report. 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 101 and 102, as well as the information collected under subsection©(1).




    2. Nothing in this subsection shall be construed to authorize the public disclosure of information that is




      1. specifically prohibited from disclosure by any other provision of law;




      2. specifically required by Executive order to be protected from disclosure in the interest of national defense or national security or in the conduct of foreign affairs; or




      3. a part of an ongoing criminal investigation.






    3. Any reports required under this section shall also be submitted to the Congressional Oversight Panel established under section 125.






  7. FUNDING.




    1. Of the amounts made available to the Secretary of the Treasury under section 118, $50,000,000 shall be available to the Special Inspector General to carry out this section.




    2. The amount available under paragraph (1) shall remain available until expended.






  8. 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 101 has been sold or transferred out of the ownership or control of the Federal Government; or




    2. the date of expiration of the last insurance contract issued under section 102.