[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6319 Introduced in House (IH)]
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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
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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
Federal aid related to COVID-19, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. CONGRESSIONAL COVID-19 AID OVERSIGHT PANEL.
(a) Establishment.--There is hereby established the Congressional
COVID-19 Aid Oversight Panel (hereafter in this section referred to as
the ``Oversight Panel'') as an establishment in the legislative branch.
(b) Duties.--The Oversight Panel shall review the current state of
the financial markets and the regulatory system and submit regular
reports to Congress on the following:
(1) The use of Federal aid related to COVID-19.
(2) The impact of Federal aid related to COVID-19 on the
financial markets and financial institutions.
(c) Membership.--
(1) In general.--The Oversight Panel shall consist of 5
members, as follows:
(A) One member appointed by the Speaker of the
House of Representatives.
(B) One member appointed by the minority leader of
the House of Representatives.
(C) One member appointed by the majority leader of
the Senate.
(D) One member appointed by the minority leader of
the Senate.
(E) One member appointed by the Speaker of the
House of Representatives and the majority leader of the
Senate, after consultation with the minority leader of
the Senate and the minority leader of the House of
Representatives.
(2) Pay.--Each member of the Oversight Panel shall each be
paid at a rate equal to the daily equivalent of the annual rate
of basic pay for level I of the Executive Schedule for each day
(including travel time) during which such member is engaged in
the actual performance of duties vested in the Commission.
(3) Prohibition of compensation of federal employees.--
Members of the Oversight Panel who are full-time officers or
employees of the United States or Members of Congress may not
receive additional pay, allowances, or benefits by reason of
their service on the Oversight Panel.
(4) Travel expenses.--Each member shall receive travel
expenses, including per diem in lieu of subsistence, in
accordance with applicable provisions under subchapter I of
chapter 57 of title 5, United States Code.
(5) Quorum.--Four members of the Oversight Panel shall
constitute a quorum but a lesser number may hold hearings.
(6) Vacancies.--A vacancy on the Oversight Panel shall be
filled in the manner in which the original appointment was
made.
(7) Meetings.--The Oversight Panel shall meet at the call
of the Chairperson or a majority of its members.
(d) Staff.--
(1) In general.--The Oversight Panel may appoint and fix
the pay of any personnel as the Oversight Panel considers
appropriate.
(2) Experts and consultants.--The Oversight Panel may
procure temporary and intermittent services under section
3109(b) of title 5, United States Code.
(3) Staff of agencies.--Upon request of the Oversight
Panel, the head of any Federal department or agency may detail,
on a reimbursable basis, any of the personnel of that
department or agency to the Oversight Panel to assist it in
carrying out its duties under this Act.
(e) Powers.--
(1) Hearings and sessions.--The Oversight Panel may, for
the purpose of carrying out this section, hold hearings, sit
and act at times and places, take testimony, and receive
evidence as the Panel considers appropriate and may administer
oaths or affirmations to witnesses appearing before it.
(2) Powers of members and agents.--Any member or agent of
the Oversight Panel may, if authorized by the Oversight Panel,
take any action which the Oversight Panel is authorized to take
by this section.
(3) Obtaining official data.--The Oversight Panel may
secure directly from any department or agency of the United
States information necessary to enable it to carry out this
section. Upon request of the Chairperson of the Oversight
Panel, the head of that department or agency shall furnish that
information to the Oversight Panel.
(4) Reports.--The Oversight Panel shall receive and
consider all reports required to be submitted to the Oversight
Panel under this Act.
(f) Authorization of Appropriations.--There is authorized to be
appropriated to the Oversight Panel such sums as may be necessary for
any fiscal year, half of which shall be derived from the applicable
account of the House of Representatives, and half of which shall be
derived from the contingent fund of the Senate.
(g) Definitions.--In this section:
(1) COVID-19 emergency.--The term ``COVID-19 emergency''
means the period beginning on the date of enactment of this Act
and ending on the date on which the Securities and Exchange
Commission determines that the impact of COVID-19 on the
American financial system has ended.
(2) Federal aid.--The term ``Federal aid'' means any
emergency lending provided under section 13(3) of the Federal
Reserve Act or any Federal financial support in the form of a
grant, loan, or loan guarantee.
SEC. 2. SPECIAL INSPECTOR GENERAL AUTHORITY OVER FEDERAL AID RELATED TO
COVID-19.
Section 121 of the Emergency Economic Stabilization Act of 2008 (12
U.S.C. 5231) is amended--
(1) in subsection (k)--
(A) in paragraph (1), by striking ``or'' at the
end;
(B) in paragraph (2), by striking the period at the
end and inserting ``; or''; and
(C) by adding at the end the following:
``(3) the date on which all Federal aid related to the
COVID-19 emergency is repaid.''; and
(2) by adding at the end the following:
``(l) Responsibility With Respect to Federal Aid Related to COVID-
19.--
``(1) In general.--The Special Inspector General shall have
the same authority and responsibilities with respect to Federal
aid related to COVID-19 as the Special Inspector General has
with respect to financial assistance (including the purchase of
troubled assets) provided under this title.
``(2) Definitions.--In this section:
``(A) COVID-19 emergency.--The term `COVID-19
emergency' means the period beginning on the date of
enactment of this Act and ending on the date on which
the Securities and Exchange Commission determines that
the impact of COVID-19 on the American financial system
has ended.
``(B) Federal aid.--The term `Federal aid' means
any emergency lending provided under section 13(3) of
the Federal Reserve Act or any Federal financial
support in the form of a grant, loan, or loan
guarantee.''.
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