,,ii #aafth ,,congress #b;d ,session ,s4 #cegh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #bd1 #bjbj,mr4 ,grassley introduced the following bill2 which was read twice and referred to the ,committee on ,homeland ,security and ,governmental ,affairs ,a ,,bill ,to provide oversight for the care and assistance provided to businesses under the coronavirus relief package4 #a4 ,short title ,this ,act may be cited as the ,,covid-#ai ,funding ,accountability ,act of #bjbj4 #b4 ,purpose ,the purpose of this ,act is to ensure that the ,federal authority and assistance that is extended to private entities in response to the outbreak of the ,coronavirus ,disease #bjai 7referred to in this ,act as ,,covid-#ai7 is used in a manner that-- 7#a7 promotes economic sustainability of severely distressed sectors of the ,united ,states economy2 7#b7 promotes retention of jobs for working ,americans and maximizes overall returns to the taxpayers of the ,united ,states2 and 7#c7 provides public accountability for the exercise of such ,federal authority and assistance4 #c4 ,definitions ,in this ,act3 7#a7 ,appropriate committees of congress ,the term appropriate committees of ,congress means-- 7,a7 the ,committee on ,appropriations1 the ,committee on the ,budget1 the ,committee on ,commerce1 ,science1 and ,transportation1 the ,committee on ,finance1 the ,committee on ,banking1 ,housing1 and ,urban ,affairs1 and the ,committee on ,small ,business and ,entrepreneurship of the ,senate2 and 7,b7 the ,committee on ,appropriations1 the ,committee on the ,budget1 the ,committee on ,energy and ,commerce1 the ,committee on ,financial ,services1 and the ,committee on ,ways and ,means of the ,house of ,representatives4 7#b7 ,congressional support agencies ,the term congressional support agencies means-- 7,a7 the ,congressional ,budget ,office2 and 7,b7 the ,joint ,committee on ,taxation4 7#c7 ,,covid-#ai relief program ,the term ,,covid-#ai ,relief ,program means initiatives established or implemented by ,federal officials in accordance with-- 7,a7 the ,coronavirus ,preparedness and ,response ,supplemental ,appropriations ,act 7,public ,law #aaf-abc72 7,b7 the ,families ,first ,coronavirus ,response ,act 7,public ,law #aaf-abg72 7,c7 the ,coronavirus ,aid1 ,relief1 and ,economic ,security ,act 7also known as the ,,cares ,act71 ,h4,r4 #gdh 7#aafth ,congress72 and 7,d7 any successor legislation to the same general intent and effect as the legislation described in subparagraphs 7,a71 7,b71 and 7,c74 7#d7 ,exchange stabilization fund ,the term ,exchange ,stabilization ,fund means the assistance program for distressed sectors of the ,united ,states economy that is established by the ,,cares ,act1 ,h4,r4 #gdh 7#aafth ,congress7 7or any successor program established by ,federal law74 #d4 ,,covid-#ai relief oversight board 7a7 ,establishment ,there is established a ,,covid-#ai ,relief ,oversight ,board1 which shall be responsible for-- 7#a7 reviewing the exercise of authority under the ,,covid-#ai ,relief ,program that relates to policies implemented to-- 7,a7 increase loan forgiveness1 loan eligibility1 and loan deferment of eligible small businesses under section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a772 7,b7 extend grants or other forms of financial assistance to business concerns in response to the outbreak of ,,covid-#ai2 7,c7 make resources available1 through the ,medicare and ,medicaid programs1 to hospitals and long-term care facilities for the elderly in response to the ,,covid-#ai outbreak2 and 7,d7 extend emergency relief to distressed sectors of the ,united ,states economy through the ,exchange ,stabilization ,fund of the ,department of the ,treasury2 7#b7 reviewing the effect of such policies and initiatives in mitigating supply chain disruptions1 preventing disruptions in the distribution and sales of products and services1 and ensuring the sustainability of distressed sectors of the ,united ,states economy due to the ,,covid-#ai outbreak2 7#c7 making recommendations1 as appropriate1 to the ,administrator of the ,small ,business ,administration1 the ,secretary of the ,treasury1 the ,secretary of ,commerce1 the ,secretary of ,health and ,human ,services1 and the ,secretary of ,transportation regarding use of such statutory authority2 and 7#d7 reporting any suspected fraud1 misrepresentation1 or malfeasance to the ,special ,inspector ,general for the ,,covid-#ai ,relief ,program or the ,attorney ,general of the ,united ,states1 consistent with section #ece7;b7 of title #bh1 ,united ,states ,code4 7b7 ,membership ,the ,,covid-#ai ,relief ,oversight ,board established under subsection 7a7 shall be comprised of-- 7#a7 the ,administrator of the ,small ,business ,administration2 7#b7 the ,secretary of the ,treasury2 7#c7 the ,secretary of ,transportation2 7#d7 the ,secretary of ,commerce2 7#e7 the ,secretary of ,health and ,human ,services2 and 7#f7 the ,administrator of the ,federal ,emergency ,management ,administration4 7c7 ,chairperson ,the chairperson of the ,,covid-#ai ,relief ,oversight ,board shall be elected by the members of the ,board from among the members other than the ,administrator of the ,small ,business ,administration and the ,secretary of the ,treasury4 7d7 ,meetings ,the ,,covid-#ai ,relief ,oversight ,board shall meet #b weeks after the ,exchange ,stabilization ,fund of the ,department of the ,treasury initiates any loan1 loan guarantee1 or other investment for air carriers and businesses1 as authorized under the ,,cares ,act1 ,h4,r4 #gdh 7#aafth ,congress7 7or any successor program established under ,federal law7 and monthly thereafter4 7e7 ,additional authorities ,in addition to the responsibilities described in subsection 7a71 the ,,covid-#ai ,relief ,oversight ,board shall have the authority to ensure that the policies implemented through the ,exchange ,stabilization ,fund are-- 7#a7 in accordance with the purposes of this ,act1 including preservation of jobs of workers in severely distressed sectors of the economy2 7#b7 in the economic interests of the ,united ,states2 and 7#c7 consistent with protecting taxpayers' interests4 7f7 ,credit review committee ,the ,,covid-#ai ,relief ,oversight ,board may appoint a credit review committee for the purpose of evaluating the exercise of the authority provided under the ,,covid-#ai ,relief ,program1 as the ,,covid-#ai ,relief ,oversight ,board determines appropriate4 7g7 ,reports ,the ,,covid-#ai ,relief ,oversight ,board shall report to the appropriate committees of ,congress and the ,congressional ,oversight ,panel established under this ,act1 not less frequently than quarterly1 on the matters described in subsection 7a77#a74 7h7 ,termination ,the ,,covid-#ai ,relief ,oversight ,board1 and its authority under this section1 shall terminate on the expiration of the #ae-;day period beginning upon the later of-- 7#a7 the date on which the national emergency declared by the ,president under the ,national ,emergencies ,act 7#ej ,u4,s4,c4 #afja et seq47 with respect to the ,,covid-#ai expires2 or 7#b7 the date on which the ,exchange ,stabilization ,fund of the ,department of the ,treasury ceases the direct lending1 loan guarantee1 and investment activities for carriers and businesses designated to receive such assistance under the ,,cares ,act1 ,h4,r4 #gdh 7#aafth ,congress7 7or any successor program established under ,federal law74 #e4 ,conflicts of interest 7a7 ,standards required ,the ,director of the ,office of ,management and ,budget shall issue regulations or guidelines necessary to address and manage or to prohibit conflicts of interest that may arise in connection with the administration and execution of the authorities provided under the ,,covid-#ai ,relief ,program4 7b7 ,timing ,regulations or guidelines required by this section shall be issued as soon as practicable after the date of enactment of this ,act4 #f4 ,executive compensation and corporate governance 7a7 ,applicability ,any private entity that receives loans1 loan guarantees1 grants1 or other assistance through the ,exchange ,stabilization ,fund of the ,department of the ,treasury shall be subject to the executive compensation requirements of subsection 7b7 and the provisions under the ,internal ,revenue ,code of #aihf1 as applicable4 7b7 ,criteria ,the standards required under this subsection shall include-- 7#a7 limits on compensation that exclude incentives for senior executive officers of a private entity to take unnecessary and excessive risks that threaten the value of such entity during the period in which the entity receives financial assistance in response to the ,,covid-#ai outbreak2 and 7#b7 a prohibition on the entity making any bonus1 incentive compensation or golden parachute payment to a senior executive officer during the period in which such private entity receives ,federal assistance through the ,exchange ,stabilization ,fund4 7c7 ,definition ,for purposes of this section1 the term senior executive officer means an individual who is one of the top #e highly paid executives of a public or private corporation or limited liability company4 7d7 ,sunset ,this section shall apply only to arrangements entered into during the period in which the entity received a ,federal loan1 loan guarantee1 or other investment or assistance in response to the ,,covid-#ai outbreak4 #g4 ,oversight and audits 7a7 ,comptroller general oversight 7#a7 ,scope of oversight ,in furtherance of the purpose of this ,act1 the ,comptroller ,general of the ,united ,states shall commence ongoing oversight of the activities and performance of the ,,covid-#ai ,relief ,program and any agents of the executive branch invoking ,federal authority or rendering assistance to private entities in response to the ,,covid-#ai outbreak4 7#b7 ,conduct and administration of oversight 7,a7 ,,gao access to records ,to the extent otherwise consistent with law1 the ,comptroller ,general shall have access1 upon request1 to any information1 data1 schedules1 books1 accounts1 financial records1 reports1 files1 electronic communications1 or other papers1 things1 or property belonging to or in use by ,federal entities that exercise authority or render assistance to private entities through the ,,covid-#ai ,relief ,program4 ,the ,comptroller ,general may make and retain copies of such books1 accounts1 and other records as the ,comptroller ,general deems appropriate4 7,b7 ,reimbursement of costs ,the ,treasury shall reimburse the ,government ,accountability ,office for the full cost of any such oversight activities as billed therefor by the ,comptroller ,general of the ,united ,states4 ,such reimbursements shall be credited to the appropriation account ,salaries and ,expenses1 ,government ,accountability ,office current when the payment is received and remain available until expended4 7#c7 ,reporting ,the ,comptroller ,general-- 7,a7 shall submit reports of findings under this section1 regularly and not less frequently than once every #fj days1 to the appropriate committees of ,congress1 and the ,special ,inspector ,general for the ,,covid-#ai ,relief ,program established under section #h2 and 7,b7 may submit special reports under this subsection as warranted by the findings of its oversight activities4 7b7 ,comptroller ,general audits 7#a7 ,authority ,the ,comptroller ,general may audit the programs1 activities1 receipts1 expenditures1 and financial transactions of ,federal entities involved in extending authority or assistance to private entities in response to the ,,covid-#ai outbreak4 7#b7 ,corrective responses to audit problems ,agencies or departments subject to audits under this subsection shall-- 7,a7 take action to address deficiencies identified by the ,comptroller ,general1 as appropriate2 or 7,b7 certify to appropriate committees of ,congress that no action is necessary or appropriate4 7c7 ,sharing of information ,any report or audit required under this section shall also be submitted to the ,congressional ,oversight ,panel established under section #i4 7d7 ,termination ,any oversight1 reporting1 or audit requirement under this section shall terminate #ahj days after the termination date described in section #d7;h74 #h4 ,special inspector general for ,,covid-#ai relief program 7a7 ,office of ,inspector ,general ,there is hereby established the ,office of the ,special ,inspector ,general for the ,,covid-#ai ,relief ,program4 7b7 ,appointment of inspector general2 removal 7#a7 ,in general ,the head of the ,office of the ,special ,inspector ,general for the ,,covid-#ai ,asset ,relief ,program is the ,special ,inspector ,general for the ,,covid-#ai ,relief ,program 7in this section referred to as the ,special ,inspector ,general71 who shall be appointed by the ,president1 by and with the advice and consent of the ,senate4 7#b7 ,requirement for appointment ,the appointment of the ,special ,inspector ,general shall be made on the basis of integrity and demonstrated ability in accounting1 auditing1 financial analysis1 law1 management analysis1 public administration1 or investigations4 7#c7 ,timing of nomination ,the nomination of an individual as ,special ,inspector ,general under this section shall be made as soon as practicable after the establishment of the ,exchange ,stabilization ,fund4 7#d7 ,removal ,the ,special ,inspector ,general shall be removable from office in accordance with the provisions of section #c7;b7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7#e7 ,political activities on duty ,for purposes of section #gcbd of title #e1 ,united ,states ,code1 the ,special ,inspector ,general shall not be considered an employee who determines policies to be pursued by the ,united ,states in the nationwide administration of ,federal law4 7#f7 ,compensation ,the annual rate of basic pay of the ,special ,inspector ,general shall be the annual rate of basic pay for an ,inspector ,general under section #c7;e7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7c7 ,duties 7#a7 ,in general ,it shall be the duty of the ,special ,inspector ,general to conduct1 supervise1 and coordinate audits and investigations of ,federal assistance and relief programs established in response to the ,,covid-#ai outbreak4 7#b7 ,oversight ,the ,special ,inspector ,general shall establish1 maintain1 and oversee such systems1 procedures1 and controls as the ,special ,inspector ,general considers appropriate to discharge the duty under paragraph 7#a74 7#c7 ,additional duties ,in addition to the duties specified in paragraphs 7#a7 and 7#b71 the ,inspector ,general shall also have the duties and responsibilities of inspectors general under the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7d7 ,powers and authorities 7#a7 ,in general ,in carrying out the duties described in subsection 7c71 the ,special ,inspector ,general shall have the authorities provided in section #f of the ,inspector ,general ,act of #aigh4 7#b7 requirement ,the ,special ,inspector ,general shall carry out the duties specified in subsection 7c77#a7 in accordance with section #d7;b77#a7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7e7 ,personnel1 facilities1 and other resources 7#a7 ,personnel ,the ,special ,inspector ,general may select1 appoint1 and employ such officers and employees as may be necessary for carrying out the duties of the ,special ,inspector ,general1 subject to the provisions of title #e1 ,united ,states ,code1 governing appointments in the competitive service1 and the provisions of chapter #ea and subchapter ,,iii of chapter #ec of such title #e1 relating to classification and ,general ,schedule pay rates4 7#b7 ,experts and consultants ,the ,special ,inspector ,general may obtain services as authorized by section #caji of title #e1 ,united ,states ,code1 at daily rates not to exceed the equivalent rate prescribed for grade ,,gs-#ae of the ,general ,schedule by section #eccb of such title #e4 7#c7 ,audits and analyses ,the ,special ,inspector ,general may enter into contracts and other arrangements for audits1 studies1 analyses1 and other services with public agencies and with private persons1 and make such payments as may be necessary to carry out the duties of the ,inspector ,general4 7#d7 ,assistance from other departments 7,a7 ,in general ,upon request of the ,special ,inspector ,general for information or assistance from any department1 agency1 or other entity of the ,federal ,government1 the head of such entity shall1 insofar as is practicable and not in contravention of any existing law1 furnish such information or assistance to the ,special ,inspector ,general1 or an authorized designee4 7,b7 ,notification of ,congress ,whenever information or assistance requested by the ,special ,inspector ,general is1 in the judgment of the ,special ,inspector ,general1 unreasonably refused or not provided1 the ,special ,inspector ,general shall report the circumstances to the appropriate committees of ,congress without delay4 7f7 ,reports 7#a7 ,in general ,not later than #fj days after the confirmation of the ,special ,inspector ,general1 and every calendar quarter thereafter1 the ,special ,inspector ,general shall submit to the appropriate committees of ,congress a report summarizing the activities of the ,special ,inspector ,general during the #abj-;day period ending on the date of such report4 7#b7 ,contents ,each report required under this subsection shall include1 for the period covered by such report1 a detailed statement of all purchases1 obligations1 expenditures1 and revenues associated with the ,exchange ,stabilization ,fund and any ,,covid-#ai ,relief ,program involving the expenditure of more than #e1jjj1jjj4 7#c7 ,rule of construction ,nothing in this subsection shall be construed to authorize the public disclosure of information that is-- 7,a7 specifically prohibited from disclosure by any other provision of law2 7,b7 specifically required by ,executive order to be protected from disclosure in the interest of national defense or national security or in the conduct of foreign affairs2 or 7,c7 a part of an ongoing criminal investigation4 7#d7 ,requirement ,any reports required under this section shall also be submitted to the ,congressional ,oversight ,panel established under section #i4 7g7 ,funding ,of the amounts made available to the ,secretary of the ,treasury in fiscal year #bjba1 #ej1jjj1jjj shall be available to the ,special ,inspector ,general to carry out this section and shall remain available until expended4 7h7 ,termination ,any oversight1 reporting1 or audit requirement under this section shall terminate on the date that is #a year after the termination date described in section #d7;h74 #i4 ,congressional ,oversight ,panel 7a7 ,establishment ,there is hereby established the ,congressional ,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 submit the following reports to ,congress3 7#a7 ,regular reports 7,a7 ,in general ,regular reports of the ,oversight ,panel shall include the following3 7i7 ,the use by ,federal officials of authority to implement ,,covid-#ai ,relief ,program4 7ii7 ,the impact of the ,,covid-#ai ,relief ,program on the financial markets1 air carriers1 and medical providers4 7iii7 ,the extent to which the information made available on transactions under the ,exchange ,stabilization ,fund has contributed to market transparency4 7iv7 ,the effectiveness of the program from the standpoint of minimizing long-term costs to the taxpayers and maximizing the benefits for taxpayers4 7,b7 ,timing ,the reports required under this paragraph shall be submitted not later than #cj days after the establishment of the ,exchange ,stabilization ,fund1 and every #cj days thereafter4 7#b7 ,special report on regulatory reform ,the ,oversight ,panel shall submit a special report on regulatory reform not later than ,march #ca1 #bjba1 analyzing the current state of the regulatory system and its effectiveness at overseeing the recipients of ,,covid-#ai ,relief ,program assistance and protecting consumers1 and providing recommendations for improvement1 including recommendations regarding whether any participants in the financial markets that are currently outside the regulatory system should become subject to the regulatory system1 the rationale underlying such recommendation1 and whether there are any gaps in existing consumer protections4 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 ,commission 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 ,termination ,the ,oversight ,panel shall terminate on the date that is #ahj days after the termination date described in section #d7;h74 7g7 ,funding for expenses 7#a7 ,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 7#b7 ,reimbursement of amounts ,an amount equal to the expenses of the ,oversight ,panel shall be promptly transferred by the ,secretary of the ,treasury1 from time to time upon the presentment of a statement of such expenses by the ,chairperson of the ,oversight ,panel1 from funds made available to the ,secretary of the ,treasury under this ,act to the applicable fund of the ,house of ,representatives and the contingent fund of the ,senate1 as appropriate1 as reimbursement for amounts expended from such account and fund under paragraph 7#a74 #aj4 ,cooperation with the ,department of ,justice and the ,,fbi ,any ,federal financial regulatory agency shall cooperate with the ,department of ,justice and the ,federal ,bureau of ,investigation and other law enforcement agencies investigating fraud1 misrepresentation1 and malfeasance with respect to development1 advertising1 and sale of financial or other investment products4 #aa4 ,information for congressional support agencies ,upon request1 and to the extent otherwise consistent with law1 all information used by the ,federal officials in connection with activities authorized under this ,act 7including the records to which the ,comptroller ,general is entitled under this ,act7 shall be made available to congressional support agencies 7in accordance with their obligations to support the ,congress as set out in their authorizing statutes7 for the purposes of assisting the committees of ,congress with conducting oversight1 monitoring1 and analysis of the activities authorized under the ,,covid-#ai ,relief ,program4