SEC. 125. CONGRESSIONAL OVERSIGHT PANEL.
(a) ESTABLISHMENT.—There is hereby established the Congressional
Oversight Panel (hereafter in this section referred to as
the ‘‘Oversight Panel’’) as an establishment in the legislative branch.
(b) DUTIES.—The Oversight Panel shall review the current state
of the financial markets and the regulatory system and submit
the following reports to Congress:
(1) REGULAR REPORTS.—
(A) IN GENERAL.—Regular reports of the Oversight
Panel shall include the following:
(i) The use by the Secretary of authority under
this Act, including with respect to the use of contracting
authority and administration of the program.
(ii) The impact of purchases made under the Act
on the financial markets and financial institutions.
(iii) The extent to which the information made
available on transactions under the program has
contributed to market transparency.
(iv) The effectiveness of foreclosure mitigation
efforts, and the effectiveness of the program from the
standpoint 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
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the first exercise by the Secretary of the authority under
section 101(a) or 102, and every 30 days thereafter.
(2) SPECIAL REPORT ON REGULATORY REFORM.—The Oversight
Panel shall submit a special report on regulatory reform
not later than January 20, 2009, analyzing the current state
of the regulatory system and its effectiveness at overseeing
the participants in the financial system and protecting consumers,
and providing recommendations for improvement,
including recommendations regarding whether any participants
in the financial markets that are currently outside the regulatory
system should become subject to the regulatory system,
the rationale underlying such recommendation, and whether
there are any gaps in existing consumer protections.
(1) IN GENERAL.—The Oversight Panel shall consist of 5
members, as follows:
(A) 1 member appointed by the Speaker of the House
(B) 1 member appointed by the minority leader of
the House of Representatives.
(C) 1 member appointed by the majority leader of
(D) 1 member appointed by the minority leader of
(E) 1 member appointed 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 Representatives.
(2) PAY.—Each member of the Oversight Panel shall each
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
(3) PROHIBITION OF COMPENSATION OF FEDERAL
EMPLOYEES.—Members of the Oversight Panel who are fulltime
officers or employees of the United States or Members
of Congress may not receive additional pay, allowances, or
benefits by reason of their service on the Oversight Panel.
(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, United States Code.
(5) QUORUM.—Four members of the Oversight Panel shall
constitute a quorum but a lesser number may hold hearings.
(6) VACANCIES.—A vacancy on the Oversight Panel shall
be filled in the manner in which the original appointment
(7) MEETINGS.—The Oversight Panel shall meet at the
call of the Chairperson or a majority of its members.
(1) IN GENERAL.—The Oversight Panel may appoint and
fix the pay of any personnel as the Commission considers
(2) EXPERTS AND CONSULTANTS.—The Oversight Panel may
procure temporary and intermittent services under section
3109(b) of title 5, United States Code.
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(3) STAFF OF AGENCIES.—Upon request of the Oversight
Panel, 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 Panel to assist it in
carrying out its duties under this Act.
(1) HEARINGS AND SESSIONS.—The Oversight Panel 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 Panel considers appropriate and may administer
oaths or affirmations to witnesses appearing before it.
(2) POWERS OF MEMBERS AND AGENTS.—Any member or
agent of the Oversight Panel may, if authorized by the Oversight
Panel, take any action which the Oversight Panel is
authorized to take by this section.
(3) OBTAINING OFFICIAL DATA.—The Oversight Panel 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
Panel, the head of that department or agency shall furnish
that information to the Oversight Panel.
(4) REPORTS.—The Oversight Panel shall receive and consider
all reports required to be submitted to the Oversight
Panel under this Act.
(f) TERMINATION.—The Oversight Panel shall terminate 6
months after the termination date specified in section 120.
(g) FUNDING FOR EXPENSES.—
(1) AUTHORIZATION OF APPROPRIATIONS.—There is authorized
to be appropriated to the Oversight Panel 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 Panel shall be promptly transferred
by the Secretary, from time to time upon the presentment
of a statement of such expenses by the Chairperson of the
Oversight Panel, from funds made available to the Secretary
under this Act 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).
SEC. 126. FDIC AUTHORITY.