§5233 Congressional Oversight Panel

Summary

Creates the Congressional Oversight Panel in the legislative branch to review the state of the financial markets and the rules that govern them, and to send reports to Congress. The Panel must send regular reports about how the Secretary uses authority under section 5211(a) or 5212, how purchases affect markets and institutions, whether transaction information helps market transparency, and how well foreclosure relief reduces long-term taxpayer costs and helps people. Those reports are due not later than 30 days after the Secretary first uses the listed authority and every 30 days after that. The Panel must also send a regulatory reform report by January 20, 2009, with recommendations about improving oversight and consumer protections, and a farm loan restructuring report not later than 60 days after May 20, 2009, analyzing farm credit and options to restructure loans. The Panel has five members appointed by House and Senate leaders (one each by the Speaker, the House minority leader, the Senate majority leader, the Senate minority leader, and one jointly by the Speaker and the Senate majority leader after consulting both minority leaders). Members are paid the daily equivalent of the annual rate for level I of the Executive Schedule for days worked. Full-time federal employees or Members of Congress may not get extra pay. Four members make a quorum. The Panel may hire staff, use experts, request agency staff on a reimbursable basis, hold hearings, take testimony, and get information from agencies. It ends 6 months after the termination date in section 5230. Funding may be appropriated and must be split half from a House account and half from the Senate contingent fund, with the Secretary reimbursing those funds from amounts available under the program when presented with a statement of expenses.