,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #fcai  ,,in ,,the ,,house ,,of  
,,representatives  ,march #bc1 #bjbj,mr4
 ,phillips introduced the following     
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to establish a ,congressional  
,,covid-#ai ,aid ,oversight ,panel1 to  
authorize the ,special ,inspector       
,general for the ,troubled ,asset       
,relief ,program to coordinate audits   
and investigations in connection with   
the receipt of ,federal aid related to  
,,covid-#ai1 and for other purposes4    
#a4 ,congressional ,,covid-#ai ,aid     
,oversight ,panel  7a7 ,establishment   
,there is hereby established the        
,congressional ,,covid-#ai ,aid         
,oversight ,panel 7hereafter in this    
section referred to as the ,oversight   
,panel7 as an establishment in the      
legislative branch4  7b7 ,duties ,the   
,oversight ,panel shall review the      
current state of the financial markets  
and the regulatory system and submit    

regular reports to ,congress on the     
following3 7#a7 ,the use of ,federal aid
 related to ,,covid-#ai4  7#b7 ,the     
impact of ,federal aid related to       
,,covid-#ai on the financial markets and
 financial institutions4  7c7           
,membership  7#a7 ,in general ,the      
,oversight ,panel shall consist of #e   
members1 as follows3 7,a7 ,one member   
appointed by the ,speaker of the ,house 
of ,representatives4  7,b7 ,one member  
appointed by the minority leader of the 
,house of ,representatives4  7,c7 ,one  
member appointed by the majority leader 
of the ,senate4  7,d7 ,one member       
appointed by the minority leader of the 
,senate4  7,e7 ,one member appointed by 
the ,speaker of the ,house of           
,representatives and the majority leader
 of the ,senate1 after consultation with
 the minority leader of the ,senate and 
the minority leader of the ,house of    
,representatives4  7#b7 ,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 7including      
travel time7 during which such member is
 engaged in the actual performance of   
duties vested in the ,commission4  7#c7 
,prohibition of compensation of ,federal
 employees ,members of the ,oversight   
,panel who are full-time officers or    
employees of the ,united ,states or     
,members of ,congress may not receive   
additional pay1 allowances1 or benefits 
by reason of their service on the       
,oversight ,panel4  7#d7 ,travel        
expenses ,each member shall receive     
travel expenses1 including per diem in  
lieu of subsistence1 in accordance with 
applicable provisions under subchapter  
,i of chapter #eg of title #e1 ,united  
,states ,code4  7#e7 ,quorum ,four      
members of the ,oversight ,panel shall  
constitute a quorum but a lesser number 
may hold hearings4  7#f7 ,vacancies ,a  
vacancy on the ,oversight ,panel shall  
be filled in the manner in which the    

original appointment was made4  7#g7    
,meetings ,the ,oversight ,panel shall  
meet at the call of the ,chairperson or 
a majority of its members4  7d7 ,staff  
7#a7 ,in general ,the ,oversight ,panel 
may appoint and fix the pay of any      
personnel as the ,oversight ,panel      
considers appropriate4  7#b7 ,experts   
and consultants ,the ,oversight ,panel  
may procure temporary and intermittent  
services under section #caji7;b7 of     
title #e1 ,united ,states ,code4  7#c7  
,staff of agencies ,upon request of the 
,oversight ,panel1 the head of any      
,federal department or agency may       
detail1 on a reimbursable basis1 any of 
the personnel of that department or     
agency to the ,oversight ,panel to      
assist it in carrying out its duties    
under this ,act4  7e7 ,powers  7#a7     
,hearings and sessions ,the ,oversight  
,panel may1 for the purpose of carrying 
out this section1 hold hearings1 sit and
 act at times and places1 take          
testimony1 and receive evidence as the  

,panel considers appropriate and may    
administer oaths or affirmations to     
witnesses appearing before it4  7#b7    
,powers of members and agents ,any      
member or agent of the ,oversight ,panel
 may1 if authorized by the ,oversight   
,panel1 take any action which the       
,oversight ,panel is authorized to take 
by this section4  7#c7 ,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 section4 ,upon request of
 the ,chairperson of the ,oversight     
,panel1 the head of that department or  
agency shall furnish that information to
 the ,oversight ,panel4  7#d7 ,reports  
,the ,oversight ,panel shall receive and
 consider all reports required to be    
submitted to the ,oversight ,panel under
 this ,act4  7f7 ,authorization of      
appropriations ,there is authorized to  
be appropriated to the ,oversight ,panel
 such sums as may be necessary for any  

fiscal year1 half of which shall be     
derived from the applicable account of  
the ,house of ,representatives1 and half
 of which shall be derived from the     
contingent fund of the ,senate4  7g7    
,definitions ,in this section3 7#a7     
,,covid-#ai emergency ,the term         
,,covid-#ai emergency means the period  
beginning on the date of enactment of   
this ,act and ending on the date on     
which the ,securities and ,exchange     
,commission determines that the impact  
of ,,covid-#ai on the ,american         
financial system has ended4  7#b7       
,federal aid ,the term ,federal aid     
means any emergency lending provided    
under section #ac7c7 of the ,federal    
,reserve ,act or any ,federal financial 
support in the form of a grant1 loan1 or
 loan guarantee4  #b4 ,special          
,inspector ,general authority over      
,federal aid related to ,,covid-#ai     
,section #aba of the ,emergency         
,economic ,stabilization ,act of #bjjh  
7#ab ,u4,s4,c4 #ebca7 is amended-- 7#a7 

in subsection 7k7-- 7,a7 in paragraph   
7#a71 by striking or at the end2  7,b7  
in paragraph 7#b71 by striking the      
period at the end and inserting 2 or2   
and  7,c7 by adding at the end the      
following3  7#c7 the date on which all  
,federal aid related to the ,,covid-#ai 
emergency is repaid4  2 and  7#b7 by    
adding at the end the following3  7l7   
,responsibility with respect to ,federal
 aid related to ,,covid-#ai  7#a7 ,in   
general ,the ,special ,inspector        
,general shall have the same authority  
and responsibilities with respect to    
,federal aid related to ,,covid-#ai as  
the ,special ,inspector ,general has    
with respect to financial assistance    
7including the purchase of troubled     
assets7 provided under this title4  7#b7
 ,definitions ,in this section3 7,a7    
,,covid-#ai emergency ,the term         
,,covid-#ai emergency means the period  
beginning on the date of enactment of   
this ,act and ending on the date on     
which the ,securities and ,exchange     

,commission determines that the impact  
of ,,covid-#ai on the ,american         
financial system has ended4  7,b7       
,federal aid ,the term ,federal aid     
means any emergency lending provided    
under section #ac7c7 of the ,federal    
,reserve ,act or any ,federal financial 
support in the form of a grant1 loan1 or
 loan guarantee4  4