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12 U.S.C. § 5232 — Special Inspector General for the Troubled Asset Relief Program

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5232 — Special Inspector General for the Troubled Asset Relief Program

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Source file: Laws/federal/codes/united-states-code/title-12/section-5232-special-inspector-general-for-the-troubled-asset-relief-program--774710485f.md
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Source location: Title 12, Chapter 52, § 5232; chapter-052-emergency-economic-stabilization.md

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**(a) Office of Inspector General** There is hereby established the Office of the Special Inspector General for the Troubled Asset Relief Program. **(b) Appointment of Inspector General; removal** (1) 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. (2) 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. (3) 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. (4) The Special Inspector General shall be removable from office in accordance with the provisions of [section 403(b) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section403/b&num=0&edition=prelim). (5) For purposes of [section 7324 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section7324&num=0&edition=prelim), 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. (6) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section403/e&num=0&edition=prelim). **(c) Duties** (1) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5211&num=0&edition=prelim), and the management by the Secretary of any program established under [section 5212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5212&num=0&edition=prelim), including by collecting and summarizing the following information: (A) A description of the categories of troubled assets purchased or otherwise procured by the Secretary. (B) A listing of the troubled assets purchased in each such category described under subparagraph (A). (C) An explanation of the reasons the Secretary deemed it necessary to purchase each such troubled asset. (D) A listing of each financial institution that such troubled assets were purchased from. (E) A listing of and detailed biographical information on each person or entity hired to manage such troubled assets. (F) A current estimate of the total amount of troubled assets purchased pursuant to any program established under [section 5211 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5211&num=0&edition=prelim), 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. (G) A listing of the insurance contracts issued under [section 5212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5212&num=0&edition=prelim). (2) 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). (3) 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. (4) (A) 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. (B) Subparagraph (A) shall not apply to any action taken under section 5225, 5226, 5227, or 5233 of this title. **(d) Powers and authorities** (1) In carrying out the duties specified in subsection (c), the Special Inspector General shall have the authorities provided in [section 406 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section406&num=0&edition=prelim). (2) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section404/b/1&num=0&edition=prelim). (3) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section406/f/3&num=0&edition=prelim) relating to the exemption from the initial determination of eligibility by the Attorney General. **(e) Personnel, facilities, and other resources** (1) (A) 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. (B) (i) Subject to clause (ii), the Special Inspector General may exercise the authorities of subsections (b) through (i) of [section 3161 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section3161&num=0&edition=prelim) (without regard to subsection (a) of that section). (ii) In exercising the employment authorities under subsection (b) of [section 3161 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section3161&num=0&edition=prelim), as provided under clause (i) of this subparagraph— (I) the Special Inspector General may not make any appointment on and after the date occurring 6 months after April 24, 2009; (II) paragraph (2) of that subsection (relating to periods of appointments) shall not apply; and (III) no period of appointment may exceed the date on which the Office of the Special Inspector General terminates under subsection (k). (2) The Special Inspector General may obtain services as authorized by [section 3109 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section3109&num=0&edition=prelim) at daily rates not to exceed the equivalent rate prescribed for grade GS–15 of the General Schedule by section 5332 of such title. (3) 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. (4) (A) 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. (B) 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. (5) (A) 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 84.11 See References in Text note below. (B) Subparagraph (A) shall apply to— (i) not more than 25 employees at any time as designated by the Special Inspector General; and (ii) pay periods beginning after April 24, 2009. **(f) Corrective responses to audit problems** The Secretary shall— (1) take action to address deficiencies identified by a report or investigation of the Special Inspector General or other auditor engaged by the TARP; or (2) certify to appropriate committees of Congress that no action is necessary or appropriate. **(g) Cooperation and coordination with other entities** 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: (1) The Inspector General of the Department of Treasury. (2) The Inspector General of the Federal Deposit Insurance Corporation. (3) The Inspector General of the Securities and Exchange Commission. (4) The Inspector General of the Federal Reserve Board. (5) The Inspector General of the Federal Housing Finance Board. (6) The Inspector General of any other entity as appropriate. **(h) Council of the Inspectors General on Integrity and Efficiency** 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section424&num=0&edition=prelim) until the date of termination of the Office of the Special Inspector General for the Troubled Asset Relief Program. **(i) Reports** (1) 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). (2) 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. (3) Nothing in this subsection shall be construed to authorize the public disclosure of information that is— (A) specifically prohibited from disclosure by any other provision of law; (B) 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 (C) a part of an ongoing criminal investigation. (4) Any reports required under this section shall also be submitted to the Congressional Oversight Panel established under [section 5233 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5233&num=0&edition=prelim). (5) Except as provided under paragraph (3), all reports submitted under this subsection shall be available to the public. **(j) Funding** (1) Of the amounts made available to the Secretary of the Treasury under [section 5228 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5228&num=0&edition=prelim), $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. (2) The amount available under paragraph (1) shall remain available until expended. **(k) Termination** The Office of the Special Inspector General shall terminate on the later of— (1) the date that the last troubled asset acquired by the Secretary under [section 5211 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5211&num=0&edition=prelim) has been sold or transferred out of the ownership or control of the Federal Government; or (2) the date of expiration of the last insurance contract issued under [section 5212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5212&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5212 — Definitions

For purposes of this chapter, the following definitions shall apply: (1) **Appropriate committees of Congress** — The term “appropriate committees of Congress” means— (A) the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and (B) the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives. (2) **Board** — The term “Board” means the Board of Governors of the Federal Reserve System. (3) **Congressional support agencies** — The term “congressional support agencies” means the Congressional Budget Office and the Joint Committee on Taxation. (4) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation. (5) **Financial institution** — The term “financial institution” means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government. (6) **Fund** — The term “Fund” means the Troubled Assets Insurance Financing Fund established under [section 5212 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5212&num=0&edition=prelim). (7) **Secretary** — The term “Secretary” means the Secretary of the Trea

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 406 — Authority of Inspector General

**(a) In General.—** In addition to the authority otherwise provided by this chapter, each Inspector General, in carrying out the provisions of this chapter, is authorized— (1) (A) to have timely access to all records, reports, audits, reviews, documents, papers, recommendations, or other materials available to the applicable establishment which relate to the programs and operations with respect to which that Inspector General has responsibilities under this chapter; (B) to have access under subparagraph (A) notwithstanding any other provision of law, except pursuant to any provision of law enacted by Congress that expressly— (i) refers to the Inspector General; and (ii) limits the right of access of the Inspector General; and (C) except as provided in subsection (i), with regard to Federal grand jury materials protected from disclosure pursuant to rule 6(e) of the Federal Rules of Criminal Procedure, to have timely access to such information if the Attorney General grants the request in accordance with subsection (h); (2) to make such investigations and reports relating to the administration of the programs and operations of the applicable establishment as are, in the judgment of the Inspector General, necessary or desirable; (3) to request such information or assistance as may be necessary for carrying out the duties and responsibilities provided by this chapter from any Federal, State, or local governmental agency or unit thereof; (4) to require by subpoena the production of all information, documents, reports, answers, records, accounts, papers, and other data in any medium (including electronically stored information), as well as any tangible thing and documentary evidence necessary in the performance of the functions assigned by this chapter

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5 U.S.C. § 424 — Establishment of the Council of the Inspectors General on Integrity and Efficiency

**(a) Establishment and Mission.—** (1) **Establishment.—** — There is established as an independent entity within the executive branch the Council of the Inspectors General on Integrity and Efficiency (in this section referred to as the “Council”). (2) **Mission.—** — The mission of the Council shall be to— (A) address integrity, economy, and effectiveness issues that transcend individual Government agencies; and (B) increase the professionalism and effectiveness of personnel by developing policies, standards, and approaches to aid in the establishment of a well-trained and highly skilled workforce in the offices of the Inspectors General. **(b) Membership.—** (1) **In general.—** — The Council shall consist of the following members: (A) All Inspectors General whose offices are established under— (i) [section 402 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section402&num=0&edition=prelim); or (ii) [section 415 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section415&num=0&edition=prelim). (B) The Inspectors General of the Intelligence Community and the Central Intelligence Agency. (C) The Controller of the Office of Federal Financial Management. (D) A senior level official of the Federal Bureau of Investigation designated by the Director of the Federal Bureau of Investigation. (E) The Director of the Office of Government Ethics. (F) The Special Counsel of the Office of Special Counsel. (G) The Deputy Director of the Office of Personnel Management. (H) The Deputy Director for Management of the Office of Management and Budget. (I) The Inspectors General of the Library of Congress, Capitol Police, Government Publishing Office, Government Accountabilit

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12 U.S.C. § 5211 — Purposes

The purposes of this chapter are— (1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States; and (2) to ensure that such authority and such facilities are used in a manner that— (A) protects home values, college funds, retirement accounts, and life savings; (B) preserves homeownership and promotes jobs and economic growth; (C) maximizes overall returns to the taxpayers of the United States; and (D) provides public accountability for the exercise of such authority.

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12 U.S.C. § 5228 — Oversight and audits

**(a) Comptroller General oversight** (1) **Scope of oversight** — The Comptroller General of the United States shall, upon establishment of the troubled assets relief program 11 So in original. Probably should be “Troubled Asset Relief Program”. under this chapter (in this section referred to as the “TARP”), commence ongoing oversight of the activities and performance of the TARP and of any agents and representatives of the TARP (as related to the agent or representative’s activities on behalf of or under the authority of the TARP), including vehicles established by the Secretary under this chapter. The subjects of such oversight shall include the following: (A) The performance of the TARP in meeting the purposes of this chapter, particularly those involving— (i) foreclosure mitigation; (ii) cost reduction; (iii) whether it has provided stability or prevented disruption to the financial markets or the banking system; (iv) whether it has protected taxpayers; and (v) public accountability for the exercise of such authority, including with respect to actions taken by those entities participating in programs established under this chapter. (B) The financial condition and internal controls of the TARP, its representatives and agents. (C) Characteristics of transactions and commitments entered into, including transaction type, frequency, size, prices paid, and all other relevant terms and conditions, and the timing, duration and terms of any future commitments to purchase assets. (D) Characteristics and disposition of acquired assets, including type, acquisition price, current market value, sale prices and terms, and use of proceeds from sales. (E) Efficiency of the operations of the TARP in the use of appropriated funds. (F) Compl

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 3161 — Employment and compensation of employees

**(a) Definition of Temporary Organization.—** For the purposes of this subchapter, the term “temporary organization” means a commission, committee, board, or other organization that— (1) is established by law or Executive order for a specific period not in excess of three years for the purpose of performing a specific study or other project; and (2) is terminated upon the completion of the study or project or upon the occurrence of a condition related to the completion of the study or project. **(b) Employment Authority.—** (1) Notwithstanding the provisions of chapter 51 of this title, the head of a temporary organization may appoint persons to positions of employment in a temporary organization in such numbers and with such skills as are necessary for the performance of the functions required of a temporary organization. (2) The period of an appointment under paragraph (1) may not exceed three years, except that under regulations prescribed by the Office of Personnel Management the period of appointment may be extended for up to an additional two years. (3) The positions of employment in a temporary organization are in the excepted service of the civil service. **(c) Detail Authority.—** Upon the request of the head of a temporary organization, the head of any department or agency of the Government may detail, on a nonreimbursable basis, any personnel of the department or agency to that organization to assist in carrying out its duties. **(d) Compensation.—** (1) The rate of basic pay for an employee appointed under subsection (b) shall be established under regulations prescribed by the Office of Personnel Management without regard to the provisions of chapter 51 and subchapter III of chapter 53 of this title. (2) The rate of basic pay for the chairman, a m

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 3109 — Employment of experts and consultants; temporary or intermittent

**(a)** For the purpose of this section— (1) “agency” has the meaning given it by [section 5721 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5721&num=0&edition=prelim); and (2) “appropriation” includes funds made available by statute under [section 9104 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section9104&num=0&edition=prelim). **(b)** When authorized by an appropriation or other statute, the head of an agency may procure by contract the temporary (not in excess of 1 year) or intermittent services of experts or consultants or an organization thereof, including stenographic reporting services. Services procured under this section are without regard to— (1) the provisions of this title governing appointment in the competitive service; (2) chapter 51 and subchapter III of chapter 53 of this title; and (3) section 6101(b) to (d) of title 41, except in the case of stenographic reporting services by an organization. However, an agency subject to chapter 51 and subchapter III of chapter 53 of this title may pay a rate for services under this section in excess of the daily equivalent of the highest rate payable under [section 5332 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5332&num=0&edition=prelim) only when specifically authorized by the appropriation or other statute authorizing the procurement of the services. **(c)** Positions in the Senior Executive Service or the Federal Bureau of Investigation and Drug Enforcement Administration Senior Executive Service may not be filled under the authority of subsection (b) of this section. **(d)** The Office of Personnel Management shall prescribe regulations necessary for the administration of t

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 7324 — Political activities on duty; prohibition

**(a)** An employee may not engage in political activity— (1) while the employee is on duty; (2) in any room or building occupied in the discharge of official duties by an individual employed or holding office in the Government of the United States or any agency or instrumentality thereof; (3) while wearing a uniform or official insignia identifying the office or position of the employee; or (4) using any vehicle owned or leased by the Government of the United States or any agency or instrumentality thereof. **(b)** (1) An employee described in paragraph (2) of this subsection may engage in political activity otherwise prohibited by subsection (a) if the costs associated with that political activity are not paid for by money derived from the Treasury of the United States. (2) Paragraph (1) applies to an employee— (A) the duties and responsibilities of whose position continue outside normal duty hours and while away from the normal duty post; and (B) who is— (i) an employee paid from an appropriation for the Executive Office of the President; or (ii) an employee appointed by the President, by and with the advice and consent of the Senate, whose position is located within the United States, who determines policies to be pursued by the United States in relations with foreign powers or in the nationwide administration of Federal laws.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5233 — Public-Private Investment Program; additional appropriations for the Special Inspector General for the Troubled Asset Relief Program

**(a) Short title** This section may be cited as the “Public-Private Investment Program Improvement and Oversight Act of 2009”. **(b) Public-Private Investment Program** (1) **In general** — Any program established by the Federal Government to create a public-private investment fund shall— (A) in consultation with the Special Inspector General of the Trouble 11 So in original. Probably should be “Troubled”. Asset Relief Program (in this section referred to as the “Special Inspector General”), impose strict conflict of interest rules on managers of public-private investment funds to ensure that securities bought by the funds are purchased in arms-length transactions, that fiduciary duties to public and private investors in the fund are not violated, and that there is full disclosure of relevant facts and financial interests (which conflict of interest rules shall be implemented by the manager of a public-private investment fund prior to such fund receiving Federal Government financing); (B) require each public-private investment fund to make a quarterly report to the Secretary of the Treasury (in this section referred to as the “Secretary”) that discloses the 10 largest positions of such fund (which reports shall be publicly disclosed at such time as the Secretary of the Treasury determines that such disclosure will not harm the ongoing business operations of the fund); (C) allow the Special Inspector General access to all books and records of a public-private investment fund, including all records of financial transactions in machine readable form, and the confidentiality of all such information shall be maintained by the Special Inspector General; (D) require each manager of a public-private investment fund to retain all books, documents, and records rela

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12 U.S.C. § 5261 — Reports by the Office of Management and Budget and the Congressional Budget Office

**(a) Reports by the Office of Management and Budget** Within 60 days of the first exercise of the authority granted in [section 5211(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5211/a&num=0&edition=prelim), but in no case later than December 31, 2008, and annually thereafter, the Office of Management and Budget shall report to the President and the Congress— (1) the estimate, notwithstanding [section 661a(5)(F) of title 2](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661a/5/F&num=0&edition=prelim), as of the first business day that is at least 30 days prior to the issuance of the report, of the cost of the troubled assets, and guarantees of the troubled assets, determined in accordance with [section 5232 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5232&num=0&edition=prelim); (2) the information used to derive the estimate, including assets purchased or guaranteed, prices paid, revenues received, the impact on the deficit and debt, and a description of any outstanding commitments to purchase troubled assets; and (3) a detailed analysis of how the estimate has changed from the previous report. Beginning with the second report under subsection (a), the Office of Management and Budget shall explain the differences between the Congressional Budget Office estimates delivered in accordance with subsection (b) and prior Office of Management and Budget estimates. **(b) Reports by the Congressional Budget Office** Within 45 days of receipt by the Congress of each report from the Office of Management and Budget under subsection (a), the Congressional Budget Office shall report to the Congress the Congressional Budget Office’s assessment of the report

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