15 U.S.C. § 9055

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 9055 - Congressional Oversight Commission

(a) Establishment

There is hereby established the Congressional Oversight Commission (hereafter in this section referred to as the "Oversight Commission") as an establishment in the legislative branch.

(b) Duties

(1) In general

The Oversight Commission shall-

(A) conduct oversight of the implementation of this part by the Department of the Treasury and the Board of Governors of the Federal Reserve System, including efforts of the Department and the Board to provide economic stability as a result of the coronavirus disease 2019 (COVID-19) pandemic of 2020;

(B) submit to Congress reports under paragraph (2); and

(C) review the implementation of this part by the Federal Government.

(2) Regular reports

(A) In general

Reports of the Oversight Commission shall include the following:

(i) The use by the Secretary and the Board of Governors of the Federal Reserve System of authority under this part, including with respect to the use of contracting authority and administration of the provisions of this part.

(ii) The impact of loans, loan guarantees, and investments made under this part on the financial well-being of the people of the United States and the United States economy, financial markets, and financial institutions.

(iii) The extent to which the information made available on transactions under this part has contributed to market transparency.

(iv) The effectiveness of loans, loan guarantees, and investments made under this part of minimizing long-term costs to the taxpayers and maximizing the benefits for taxpayers.

(B) Timing

The reports required under this paragraph shall be submitted not later than 30 days after the first exercise by the Secretary and the Board of Governors of the Federal Reserve System of the authority under this part and every 30 days thereafter.

(c) Membership

(1) In general

The Oversight Commission shall consist of 5 members as follows:

(A) 1 member appointed by the Speaker of the House of Representatives.

(B) 1 member appointed by the minority leader of the House of Representatives.

(C) 1 member appointed by the majority leader of the Senate.

(D) 1 member appointed by the minority leader of the Senate.

(E) 1 member appointed as Chairperson 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 Representatives¹

(2) Pay

Each member of the Oversight Commission shall 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 Oversight Commission.

(3) Prohibition of compensation of Federal employees

Members of the Oversight Commission who are full-time officers or employees of the United States may not receive additional pay, allowances, or benefits by reason of their service on the Oversight Commission.

(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.

(5) Quorum

Four members of the Oversight Commission shall constitute a quorum but a lesser number may hold hearings.

(6) Vacancies

A vacancy on the Oversight Commission shall be filled in the manner in which the original appointment was made.

(7) Meetings

The Oversight Commission shall meet at the call of the Chairperson or a majority of its members.

(d) Staff

(1) In general

The Oversight Commission may appoint and fix the pay of any personnel as the Oversight Commission considers appropriate.

(2) Experts and consultants

The Oversight Commission may procure temporary and intermittent services under section 3109(b) of title 5.

(3) Staff of agencies

Upon request of the Oversight Commission, 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 Commission to assist it in carrying out its duties under the this² part.

(e) Powers

(1) Hearings and evidence

The Oversight Commission, or any subcommittee or member thereof, 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 Oversight Commission considers appropriate and may administer oaths or affirmations to witnesses appearing before it.

(2) Contracting

The Oversight Commission may, to such extent and in such amounts as are provided in appropriation Acts, enter into contracts to enable the Oversight Commission to discharge its duties under this section.

(3) Powers of members and agents

Any member or agent of the Oversight Commission may, if authorized by the Oversight Commission, take any action which the Oversight Commission is authorized to take by this section.

(4) Obtaining official data

The Oversight Commission 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 Commission, the head of that department or agency shall furnish that information to the Oversight Commission.

(5) Reports

The Oversight Commission shall receive and consider all reports required to be submitted to the Oversight Commission under this part.

(f) Termination

The Oversight Commission shall terminate on June 30, 2023.

(g) Funding for expenses

(1) Authorization of appropriations

There is authorized to be appropriated to the Oversight Commission 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.

(2) Reimbursement of amounts

An amount equal to the expenses of the Oversight Commission shall be promptly transferred by the Secretary and the Board of Governors of the Federal Reserve System, from time to time upon the presentment of a statement of such expenses by the Chairperson of the Oversight Commission, from funds made available to the Secretary under this part to the applicable fund of the House of Representatives and the contingent fund of the Senate, as appropriate, as reimbursement for amounts expended from such account and fund under paragraph (1).

¹So in original. Probably should be followed by a period.

²So in original.

15 U.S.C. § 9055

Pub. L. 116-136, div. A, title IV, §40204020,, 134 Stat. 486; Pub. L. 117-328 div. AA, title VIII, §801, Dec. 29, 2022, 136 Stat. 5551.

EDITORIAL NOTES

REFERENCES IN TEXTThis part, referred to in subsecs. (b), (d)(3), (e)(5), and (g)(2), was in the original "this subtitle", meaning subtitle A (§§4001-4029) of title IV of div. A of Pub. L. 116-136 known as the Coronavirus Economic Stabilization Act of 2020, which is classified principally to this part. For complete classification of subtitle A to the Code, see section 4001 of Pub. L. 116-136 set out as a Short Title note under section 9001 of this title, and Tables. Level I of the Executive Schedule, referred to in subsec. (c)(2), is set out in section 5312 of Title 5, Government Organization and Employees.

AMENDMENTS2022-Subsec. (f). Pub. L. 117-328 substituted "June 30, 2023" for "September 30, 2025".

Administration

the terms "Administration" and "Administrator" mean the Small Business Administration and the Administrator thereof, respectively; and