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.

I 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 Fed- eral aid related to COVID–19, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. CONGRESSIONAL COVID–19 AID OVERSIGHT 3 PANEL. 4 (a) ESTABLISHMENT.—There is hereby established 5 the Congressional COVID–19 Aid Oversight Panel (here- 6 VerDate Sep 11 2014 20:54 Apr 07, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6319.IH H6319 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 6319 IH after in this section referred to as the ‘‘Oversight Panel’’) 1 as an establishment in the legislative branch. 2 (b) DUTIES.—The Oversight Panel shall review the 3 current state of the financial markets and the regulatory 4 system and submit regular reports to Congress on the fol- 5 lowing: 6 (1) The use of Federal aid related to COVID– 7 19. 8 (2) The impact of Federal aid related to 9 COVID–19 on the financial markets and financial 10 institutions. 11 (c) MEMBERSHIP.— 12 (1) IN GENERAL.—The Oversight Panel shall 13 consist of 5 members, as follows: 14 (A) One member appointed by the Speaker 15 of the House of Representatives. 16 (B) One member appointed by the minor- 17 ity leader of the House of Representatives. 18 (C) One member appointed by the majority 19 leader of the Senate. 20 (D) One member appointed by the minor- 21 ity leader of the Senate. 22 (E) One member appointed by the Speaker 23 of the House of Representatives and the major- 24 ity leader of the Senate, after consultation with 25 VerDate Sep 11 2014 20:54 Apr 07, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6319.IH H6319 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 6319 IH the minority leader of the Senate and the mi- 1 nority leader of the House of Representatives. 2 (2) PAY.—Each member of the Oversight Panel 3 shall each be paid at a rate equal to the daily equiv- 4 alent of the annual rate of basic pay for level I of 5 the Executive Schedule for each day (including trav- 6 el time) during which such member is engaged in 7 the actual performance of duties vested in the Com- 8 mission. 9 (3) PROHIBITION OF COMPENSATION OF FED- 10 ERAL EMPLOYEES.—Members of the Oversight 11 Panel who are full-time officers or employees of the 12 United States or Members of Congress may not re- 13 ceive additional pay, allowances, or benefits by rea- 14 son of their service on the Oversight Panel. 15 (4) TRAVEL EXPENSES.—Each member shall 16 receive travel expenses, including per diem in lieu of 17 subsistence, in accordance with applicable provisions 18 under subchapter I of chapter 57 of title 5, United 19 States Code. 20 (5) QUORUM.—Four members of the Oversight 21 Panel shall constitute a quorum but a lesser number 22 may hold hearings. 23 VerDate Sep 11 2014 20:54 Apr 07, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H6319.IH H6319 pamtmann on DSKBC07HB2PROD with BILLS 4 •HR 6319 IH (6) VACANCIES.—A vacancy on the Oversight 1 Panel shall be filled in the manner in which the 2 original appointment was made. 3 (7) MEETINGS.—The Oversight Panel shall 4 meet at the call of the Chairperson or a majority of 5 its members. 6 (d) STAFF.— 7 (1) IN GENERAL.—The Oversight Panel may 8 appoint and fix the pay of any personnel as the 9 Oversight Panel considers appropriate. 10 (2) EXPERTS AND CONSULTANTS.—The Over- 11 sight Panel may procure temporary and intermittent 12 services under section 3109(b) of title 5, United 13 States Code. 14 (3) STAFF OF AGENCIES.—Upon request of the 15 Oversight Panel, the head of any Federal depart- 16 ment or agency may detail, on a reimbursable basis, 17 any of the personnel of that department or agency 18 to the Oversight Panel to assist it in carrying out its 19 duties under this Act. 20 (e) POWERS.— 21 (1) HEARINGS AND SESSIONS.—The Oversight 22 Panel may, for the purpose of carrying out this sec- 23 tion, hold hearings, sit and act at times and places, 24 take testimony, and receive evidence as the Panel 25 VerDate Sep 11 2014 20:54 Apr 07, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H6319.IH H6319 pamtmann on DSKBC07HB2PROD with BILLS 5 •HR 6319 IH considers appropriate and may administer oaths or 1 affirmations to witnesses appearing before it. 2 (2) POWERS OF MEMBERS AND AGENTS.—Any 3 member or agent of the Oversight Panel may, if au- 4 thorized by the Oversight Panel, take any action 5 which the Oversight Panel is authorized to take by 6 this section. 7 (3) OBTAINING OFFICIAL DATA.—The Over- 8 sight Panel may secure directly from any depart- 9 ment or agency of the United States information 10 necessary to enable it to carry out this section. Upon 11 request of the Chairperson of the Oversight Panel, 12 the head of that department or agency shall furnish 13 that information to the Oversight Panel. 14 (4) REPORTS.—The Oversight Panel shall re- 15 ceive and consider all reports required to be sub- 16 mitted to the Oversight Panel under this Act. 17 (f) AUTHORIZATION OF APPROPRIATIONS.—There is 18 authorized to be appropriated to the Oversight Panel such 19 sums as may be necessary for any fiscal year, half of which 20 shall be derived from the applicable account of the House 21 of Representatives, and half of which shall be derived from 22 the contingent fund of the Senate. 23 (g) DEFINITIONS.—In this section: 24 VerDate Sep 11 2014 20:54 Apr 07, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H6319.IH H6319 pamtmann on DSKBC07HB2PROD with BILLS 6 •HR 6319 IH (1) COVID–19 EMERGENCY.—The term 1 ‘‘COVID–19 emergency’’ means the period begin- 2 ning on the date of enactment of this Act and end- 3 ing on the date on which the Securities and Ex- 4 change Commission determines that the impact of 5 COVID–19 on the American financial system has 6 ended. 7 (2) FEDERAL AID.—The term ‘‘Federal aid’’ 8 means any emergency lending provided under section 9 13(3) of the Federal Reserve Act or any Federal fi- 10 nancial support in the form of a grant, loan, or loan 11 guarantee. 12 SEC. 2. SPECIAL INSPECTOR GENERAL AUTHORITY OVER 13 FEDERAL AID RELATED TO COVID–19. 14 Section 121 of the Emergency Economic Stabilization 15 Act of 2008 (12 U.S.C. 5231) is amended— 16 (1) in subsection (k)— 17 (A) in paragraph (1), by striking ‘‘or’’ at 18 the end; 19 (B) in paragraph (2), by striking the pe- 20 riod at the end and inserting ‘‘; or’’; and 21 (C) by adding at the end the following: 22 ‘‘(3) the date on which all Federal aid related 23 to the COVID–19 emergency is repaid.’’; and 24 (2) by adding at the end the following: 25 VerDate Sep 11 2014 20:54 Apr 07, 2020 Jkt 099200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H6319.IH H6319 pamtmann on DSKBC07HB2PROD with BILLS 7 •HR 6319 IH ‘‘(l) RESPONSIBILITY WITH RESPECT TO FEDERAL 1 AID RELATED TO COVID–19.— 2 ‘‘(1) IN GENERAL.—The Special Inspector Gen- 3 eral shall have the same authority and responsibil- 4 ities with respect to Federal aid related to COVID– 5 19 as the Special Inspector General has with respect 6 to financial assistance (including the purchase of 7 troubled assets) provided under this title. 8 ‘‘(2) DEFINITIONS.—In this section: 9 ‘‘(A) COVID–19 EMERGENCY.—The term 10 ‘COVID–19 emergency’ means the period be- 11 ginning on the date of enactment of this Act 12 and ending on the date on which the Securities 13 and Exchange Commission determines that the 14 impact of COVID–19 on the American financial 15 system has ended. 16 ‘‘(B) FEDERAL AID.—The term ‘Federal 17 aid’ means any emergency lending provided 18 under section 13(3) of the Federal Reserve Act 19 or any Federal financial support in the form of 20 a grant, loan, or loan guarantee.’’. 21 Æ VerDate Sep 11 2014 20:54 Apr 07, 2020 Jkt 099200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6301 E:\BILLS\H6319.IH H6319 pamtmann on DSKBC07HB2PROD with BILLS