12 U.S.C. § 5391 — Inspector General reviews

(a) to (c) Omitted.

(d) FDIC Inspector General reviews. (1) Scope. The Corporation’s Inspector General must conduct, supervise, and coordinate audits and investigations of the Corporation’s liquidation of each covered financial company^* for which it is receiver. The review must collect and summarize: (A) what the Corporation did as receiver; (B) the company’s material sales, transfers, mergers, obligations, purchases, and other material transactions; (C) whether the Corporation’s policies and procedures under section 5383(d) and its orderly liquidation plan under section 5390(n)(14) were adequate; (D) how the Corporation used the private sector, including whether its conflict-of-interest reviews were adequate; and (E) the Corporation’s overall performance, including administrative costs, the speed of liquidation, and the effect on the financial system. (2) Frequency. The Inspector General must perform this audit and investigation within 6 months after the Corporation is appointed receiver and every 6 months afterward. (3) Reports and testimony. The Inspector General must summarize the findings and evaluations in the semiannual reports required by section 405(b) of title 5 and must appear before the appropriate congressional committees if asked to present a report. (4) Funding. (A) The receivership treats the Inspector General’s expenses under this subsection as administrative expenses. (B) If the maximum amount available to the Corporation as receiver is not enough, the Corporation must pay the additional amount from assessments under section 5390. (5) End of duties. These duties end 1 year after the receivership ends.

(e) Treasury Inspector General reviews. (1) Scope. The Treasury Department’s Inspector General must conduct, supervise, and coordinate audits and investigations of the Secretary’s actions related to liquidating each covered financial company^* under this subchapter. The review must summarize: (A) the Secretary’s actions; (B) the Secretary’s approval of the Corporation’s policies and procedures under section 5383 and acceptance of its orderly liquidation plan under section 5390; and (C) the terms and conditions behind the Secretary’s purchase of the Corporation’s obligations under section 5390. (2) Frequency. The Inspector General must do this within 6 months after the Corporation is appointed receiver and every 6 months afterward. (3) Reports and testimony. The Inspector General must summarize the findings and assessments in the required semiannual reports and must appear before the appropriate congressional committees if asked. (4) End of duties. These duties end 1 year after the obligations bought by the Secretary from the Corporation are fully redeemed.

(f) Primary financial regulatory agency Inspector General reviews. (1) Scope. When the Corporation becomes receiver for a covered financial company^* supervised by a Federal primary financial regulatory agency or the Board of Governors under section 5365, that agency’s or Board’s Inspector General must write a report reviewing its supervision. The report must: (A) evaluate how effectively it performed its supervisory duties; (B) identify officials’ acts or omissions that helped cause default or danger of default; (C) identify actions that could have prevented default or danger of default; and (D) recommend administrative or legislative action. (2) Reports and testimony. Within 1 year after appointment of the Corporation as receiver, the Inspector General must give the report to the agency or Board and, with it, appear before the appropriate congressional committees if asked. Within 90 days after receiving the report, the agency or Board must give Congress a written report describing actions taken in response to the recommendations, or, if none were taken, why not.