Skip to main content
S 3731 110th Congress Senate Finance and Financial Sector Advice and consent of the Senate Auditing Bank failures Congress Congressional oversight Congressional reporting requirements Economic stabilization Economics and Public Finance Federal employees Financial crises Financial services Government Operations and Politics Government publicity Governmental investigations Inspectors general Presidential appointments

Special Inspector General for the Troubled Asset Relief Program Act of 2008

Introduced: December 10, 2008 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 10, 2008
Referred to the House Committee on Financial Services.
Dec 10, 2008
Received in the House.
Dec 10, 2008
Message on Senate action sent to the House.
Dec 10, 2008
Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent. (consideration: CR S10884-10885; text as passed Senate: CR S10884-10885)
Dec 10, 2008
Passed/agreed to in Senate: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.(consideration: CR S10884-10885; text as passed Senate: CR S10884-10885)
Dec 10, 2008
Introduced in Senate
 Plain-English summary Congressional Research Service

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Special Inspector General for the Troubled Asset Relief Program Act of 2008 - Amends the Emergency Economic Stabilization Act of 2008 to grant the Special Inspector General (SIG) authority to conduct, supervise, and coordinate an audit or investigation of any action taken with regard to the Troubled Asset Relief Program (TARP) that the SIG deems appropriate.

Prohibits any audit or investigation, however, of any action related to: (1) graduated authorization to purchase troubled assets; (2) oversight and audits by the Comptroller General; (3) the Comptroller General's study and report on margin authority; and (4) the Congressional Oversight Panel.

Authorizes the SIG to exercise specified employment authorities for additional personnel, but not after six months following enactment of this Act.

Prohibits any period of appointment from exceeding the date on which the Office of the SIG terminates.

Requires the Secretary of the Treasury to: (1) either take action to address deficiencies identified by a report or investigation of the SIG or other auditor engaged by the TARP; or (2) certify to congressional committees that no action is necessary or appropriate.

Instructs the SIG to work with Inspectors General of designated federal agencies to: (1) avoid duplication of effort; and (2) ensure comprehensive oversight of TARP.

Requires the SIG to: (1) report to Congress by July 1, 2009, on the use of any funds received by a financial institution under TARP; and (2) make such report available to the public, including on the home page of the SIG's website within 24 hours after its submission to Congress.

Requires funds for the office of the SIG to be made available not later than seven days after the SIG's nomination is first confirmed by the Senate.

What's happening now December 10, 2008

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 2 Republican 2