§9055 Congressional Oversight Commission

Summary

Creates the Congressional Oversight Commission in the legislative branch. The Commission must watch how the Department of the Treasury and the Board of Governors of the Federal Reserve use the powers in this law, especially actions tied to the COVID‑19 response. It must send reports to Congress no later than 30 days after the first time those agencies use this authority and every 30 days after that. Reports must cover how the agencies used their authority and contracts; how loans, loan guarantees, and investments affected people, the economy, markets, and financial institutions; whether transaction information improved market transparency; and whether actions kept long‑term costs for taxpayers low while maximizing taxpayer benefits. The Commission has five members appointed by House and Senate leaders, with the Chair chosen by the Speaker of the House and the Senate majority leader after consulting the minority leaders. Members are paid the daily equivalent of the annual basic pay for level I of the Executive Schedule for each day they work. Full‑time federal employees cannot get extra pay. Members get travel expenses under title 5, chapter 57, subchapter I. Four members make a quorum, though fewer can hold hearings. The Commission ends on June 30, 2023. The Commission can hire staff, use experts and consultants, and ask federal agencies to detail employees to help, with reimbursement. It can hold hearings, take testimony, receive evidence, and administer oaths. It may enter into contracts if Congress provides money for them. Authorized members or agents can act for the Commission. Federal departments and agencies must provide information the Commission needs when the Chair asks. Money may be appropriated as needed, with half from the House account and half from the Senate contingent fund. The Secretary and the Board must promptly transfer to those House and Senate funds amounts equal to the Commission’s expenses from funds made available to the Secretary under this part when the Chair presents a statement of those expenses.