12 U.S.C. § 5231 — Special Inspector General for the Troubled Asset Relief Program
submitted 18 years ago by Pub. L. 110-343 to r/title-12-BANKS-AND-BANKING · 1,775 words · no verdicts yet
This section establishes and governs the Special Inspector General for TARP. It assigns oversight, audit, investigation, reporting, staffing, funding, and coordination responsibilities and sets the office's termination date.
(a) Office. The Office of the Special Inspector General for TARP* is established. (b) Appointment and removal. The Special Inspector General is appointed by the President with Senate advice and consent, based on integrity and demonstrated ability in accounting, auditing, financial analysis, law, management analysis, public administration, or investigations. The nomination must be made as soon as practicable after a program under sections 5211 or 5212 is established. Removal follows title 5 section 403(b). For title 5 section 7324, the Inspector General is not treated as an employee who sets national Federal-law policies. Pay is the rate for an Inspector General under title 5 section 403(e). (c) Duties. The Inspector General must conduct, supervise, and coordinate audits and investigations of the Treasury Secretary's purchase, management, and sale of assets under section 5211 programs and management of section 5212 programs. The work must collect and summarize: (1)(A) categories of troubled assets* bought or otherwise obtained; (B) assets bought in each category; (C) why each was necessary; (D) each financial institution* from which assets were bought; (E) each person* or entity hired to manage them, with detailed biographies; (F) current estimates of total assets bought, assets on Treasury books, assets sold, and profit or loss on each sale or disposition; and (G) insurance contracts issued under section 5212. The Inspector General must maintain appropriate systems and controls, has title 5 chapter 4 Inspector General duties, and may audit or investigate any action under this subchapter except actions under sections 5225 through 5227 and 5233. (d) Powers. The office has title 5 section 406 authorities, must perform the duties in subsection (c)(1) and (4) under section 404(b)(1), and is treated as an office covered by section 406(f)(3). (e) Resources. The Inspector General may hire staff under title 5 appointment, classification, and pay rules; use the temporary employment authorities in section 3161(b)-(i), but after 6 months after April 24, 2009 may not make appointments under subsection (b), paragraph (2)'s appointment-period rule does not apply, and no appointment may last beyond office termination. The Inspector General may obtain section 3109 services at no more than the GS-15 daily rate; contract for audits, studies, analyses, and other services; and request information or help from Federal entities. Those entities must provide it when practicable and lawful, and refusal must be reported promptly to Congress. An annuitant's annuity continues if employed by the office and the annuitant is not treated as an employee under chapters 83 or 84, but this applies to no more than 25 employees at a time designated by the Inspector General and to pay periods after April 24, 2009. (f) Corrective action. The Secretary* must address deficiencies identified by the Inspector General or another TARP auditor, or certify to congressional committees that no action is necessary or appropriate. (g) Coordination. The Inspector General must work with the Treasury, FDIC, SEC, Federal Reserve Board*, Federal Housing Finance Board, and other appropriate Inspectors General to avoid duplication and ensure comprehensive oversight. (h) Council. The Inspector General is a member of the Council of the Inspectors General on Integrity and Efficiency until the office ends. (i) Reports. Within 60 days after confirmation and within 30 days after each fiscal quarter, the Inspector General must report to appropriate congressional committees on activities and all program purchases, obligations, expenditures, revenues, and subsection (c)(1) information. By September 1, 2009, the Inspector General must report to Congress, and make public including on the office website within 24 hours, an assessment, to the extent practical, of how TARP recipients used funds. This does not authorize disclosure prohibited by law, protected by Executive order for national defense, national security, or foreign affairs, or part of an ongoing criminal investigation. Reports also go to the Oversight Panel and, except for that protected information, are public. (j) Funding. Of money made available under section 5228, $50 million must be available to the office no later than 7 days after April 24, 2009, and remains available until spent. (k) Termination. The office ends on the later of the date the last section 5211 asset is sold or transferred out of Federal ownership or control, or the expiration date of the last section 5212 insurance contract.
There is hereby established the Office of the Special Inspector General for the Troubled Asset Relief Program.
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.
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.
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.
The Special Inspector General shall be removable from office in accordance with the provisions of section 403(b) of title 5.
For purposes of section 7324 of title 5, 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.
The annual rate of basic pay of the Special Inspector General shall be the annual rate of basic pay for an Inspector General under section 403(e) of title 5.
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 description of the categories of troubled assets* purchased or otherwise procured by the Secretary.
A listing of the troubled assets purchased in each such category described under subparagraph (A).
An explanation of the reasons the Secretary deemed it necessary to purchase each such troubled asset.
A listing of each financial institution* that such troubled assets were purchased from.
A listing of and detailed biographical information on each person* or entity hired to manage such troubled assets.
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.
A listing of the insurance contracts issued under section 5212 of this title.
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).
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 chapter 4 of title 5.
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.
Subparagraph (A) shall not apply to any action taken under section 5225, 5226, 5227, or 5233 of this title.
In carrying out the duties specified in subsection (c), the Special Inspector General shall have the authorities provided in section 406 of title 5.
The Special Inspector General shall carry out the duties specified in subsection (c)(1) and (4) in accordance with section 404(b)(1) of title 5.
The Office of the Special Inspector General for the Troubled Asset Relief Program shall be treated as an office included under section 406(f)(3) of title 5 relating to the exemption from the initial determination of eligibility by the Attorney General.
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.
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).
In exercising the employment authorities under subsection (b) of section 3161 of title 5, as provided under clause (i) of this subparagraph—
the Special Inspector General may not make any appointment on and after the date occurring 6 months after April 24, 2009;
paragraph (2) of that subsection (relating to periods of appointments) shall not apply; and
no period of appointment may exceed the date on which the Office of the Special Inspector General terminates under subsection (k).
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.
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.
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.
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.
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
Subparagraph (A) shall apply to—
not more than 25 employees at any time as designated by the Special Inspector General; and
pay periods beginning after April 24, 2009.
The Secretary shall—
take action to address deficiencies identified by a report or investigation of the Special Inspector General or other auditor engaged by the TARP*; or
certify to appropriate committees of Congress that no action is necessary or appropriate.
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:
The Inspector General of the Department of Treasury.
The Inspector General of the Federal Deposit Insurance Corporation*.
The Inspector General of the Securities and Exchange Commission.
The Inspector General of the Federal Reserve Board*.
The Inspector General of the Federal Housing Finance Board.
The Inspector General of any other entity as appropriate.
The Special Inspector General shall be a member of the Council of the Inspectors General on Integrity and Efficiency established under section 424 of title 5 until the date of termination of the Office of the Special Inspector General for the Troubled Asset Relief Program.
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).
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.
Nothing in this subsection shall be construed to authorize the public disclosure of information that is—
specifically prohibited from disclosure by any other provision of law;
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
a part of an ongoing criminal investigation.
Any reports required under this section shall also be submitted to the Congressional Oversight Panel established under section 5233 of this title.
Except as provided under paragraph (3), all reports submitted under this subsection shall be available to the public.
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.
The amount available under paragraph (1) shall remain available until expended.
The Office of the Special Inspector General shall terminate on the later of—
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
the date of expiration of the last insurance contract issued under section 5212 of this title.
Source credit: (Pub. L. 110–343, div. A, title I, § 121, Oct. 3, 2008, 122 Stat. 3788; Pub. L. 111–15, §§ 2–6, Apr. 24, 2009, 123 Stat. 1603–1605; Pub. L. 117–286, § 4(b)(35), Dec. 27, 2022, 136 Stat. 4347.)
- 2008Enacted · Pub. L. 110-343 · 122 Stat. 3788
- 2009Amended · Pub. L. 111-15 · 123 Stat. 1603
- 2022Amended · Pub. L. 117-286 · 136 Stat. 4347
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-343 on 2008-10-03.
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