,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cegh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #bd1 #bjbj,mr4    
,grassley introduc$ ! foll[+ bill2 :i* 0
 read twice & ref]r$ to ! ,committee on 
,homel& ,security & ,gov]nm5tal ,affairs
  ,a ,,bill  ,to provide ov]sight = !   
c>e & assi/ance provid$ to bus9esses "u 
! coronavirus relief package4  #a4 ,%ort
 title ,?is ,act may be cit$ z !        
,,covid-#ai ,fund+ ,acc\ntability ,act (
 #bjbj4  #b4 ,purpose ,! purpose ( ?is  
,act is to ensure t ! ,f$]al au?ority & 
assi/ance t is ext5d$ to private        
entities 9 response to ! outbreak ( !   
,coronavirus ,disease #bjai 7ref]r$ to 9
 ?is ,act z ,,covid-#ai7 is us$ 9 a     
mann] t-- 7#a7 promotes economic        
su/a9ability ( sev]ely di/ress$ sectors 
( ! ,unit$ ,/ates economy2  7#b7        
promotes ret5tion ( jobs = work+        
,am]icans & maximizes ov]all returns to 
! taxpay]s ( ! ,unit$ ,/ates2 &  7#c7   
provides public acc\ntability = !       
ex]cise ( su* ,f$]al au?ority &         

assi/ance4  #c4 ,def9itions ,9 ?is ,act3
 7#a7 ,appropriate committees ( congress
 ,! t]m appropriate committees (        
,congress means-- 7,a7 ! ,committee on  
,appropriations1 ! ,committee on !      
,budget1 ! ,committee on ,comm]ce1      
,sci5ce1 & ,transportation1 ! ,committee
 on ,f9ance1 ! ,committee on ,bank+1    
,h\s+1 & ,urban ,affairs1 & ! ,committee
 on ,small ,bus9ess & ,entrepr5eur%ip ( 
! ,s5ate2 &  7,b7 ! ,committee on       
,appropriations1 ! ,committee on !      
,budget1 ! ,committee on ,en]gy &       
,comm]ce1 ! ,committee on ,f9ancial     
,s]vices1 & ! ,committee on ,ways &     
,means ( ! ,h\se ( ,repres5tatives4     
7#b7 ,congressional support ag5cies ,!  
t]m congressional support ag5cies       
means-- 7,a7 ! ,congressional ,budget   
,(fice2 &  7,b7 ! ,jo9t ,committee on   
,taxation4  7#c7 ,,covid-#ai relief     
program ,! t]m ,,covid-#ai ,relief      
,program means initiatives e/abli%$ or  
implem5t$ by ,f$]al (ficials 9          
accordance )-- 7,a7 ! ,coronavirus      

,prep>$ness & ,response ,supplem5tal    
,appropriations ,act 7,public ,law      
#aaf-abc72  7,b7 ! ,families ,fir/      
,coronavirus ,response ,act 7,public    
,law #aaf-abg72  7,c7 ! ,coronavirus    
,aid1 ,relief1 & ,economic ,security    
,act 7also kn[n z ! ,,c>es ,act71 ,h4,r4
 #gdh 7#aaf? ,congress72 &  7,d7 any    
successor legislation to ! same g5]al   
int5t & effect z ! legislation describ$ 
9 subp>agraphs 7,a71 7,b71 & 7,c74  7#d7
 ,ex*ange /abilization fund ,! t]m      
,ex*ange ,/abilization ,fund means !    
assi/ance program = di/ress$ sectors ( !
 ,unit$ ,/ates economy t is e/abli%$ by 
! ,,c>es ,act1 ,h4,r4 #gdh 7#aaf?       
,congress7 7or any successor program    
e/abli%$ by ,f$]al law74  #d4           
,,covid-#ai relief ov]sight bo>d  7a7   
,e/abli%m5t ,!re is e/abli%$ a          
,,covid-#ai ,relief ,ov]sight ,bo>d1 :i*
 %all be responsible =-- 7#a7 review+ ! 
ex]cise ( au?ority "u ! ,,covid-#ai     
,relief ,program t relates to policies  
implem5t$ to-- 7,a7 increase loan       

=giv5ess1 loan eligibility1 & loan      
def]m5t ( eligible small bus9esses "u   
section #g7;a7 ( ! ,small ,bus9ess ,act 
7#ae ,u4,s4,c4 #fcf7;a772  7,b7 ext5d   
grants or o!r =ms ( f9ancial assi/ance  
to bus9ess conc]ns 9 response to !      
outbreak ( ,,covid-#ai2  7,c7 make      
res\rces available1 ?r\gh ! ,m$ic>e &   
,m$icaid programs1 to hospitals &       
long-t]m c>e facilities = ! eld]ly 9    
response to ! ,,covid-#ai outbreak2 &   
7,d7 ext5d em]g5cy relief to di/ress$   
sectors ( ! ,unit$ ,/ates economy ?r\gh 
! ,ex*ange ,/abilization ,fund ( !      
,dep>tm5t ( ! ,treasury2  7#b7 review+ !
 effect ( su* policies & initiatives 9  
mitigat+ supply *a9 disruptions1 prev5t+
 disruptions 9 ! di/ribution & sales (  
products & s]vices1 & ensur+ !          
su/a9ability ( di/ress$ sectors ( !     
,unit$ ,/ates economy due to !          
,,covid-#ai outbreak2  7#c7 mak+        
recomm5dations1 z appropriate1 to !     
,adm9i/rator ( ! ,small ,bus9ess        
,adm9i/ration1 ! ,secret>y ( !          

,treasury1 ! ,secret>y ( ,comm]ce1 !    
,secret>y ( ,heal? & ,human ,s]vices1 & 
! ,secret>y ( ,transportation reg>d+ use
 ( su* /atutory au?ority2 &  7#d7       
report+ any suspect$ fraud1             
misrepres5tation1 or malfeasance to !   
,special ,inspector ,g5]al = !          
,,covid-#ai ,relief ,program or !       
,attorney ,g5]al ( ! ,unit$ ,/ates1     
consi/5t ) section #ece7;b7 ( title #bh1
 ,unit$ ,/ates ,code4  7b7 ,memb]%ip ,! 
,,covid-#ai ,relief ,ov]sight ,bo>d     
e/abli%$ "u subsection 7a7 %all be      
compris$ (-- 7#a7 ! ,adm9i/rator ( !    
,small ,bus9ess ,adm9i/ration2  7#b7 !  
,secret>y ( ! ,treasury2  7#c7 !        
,secret>y ( ,transportation2  7#d7 !    
,secret>y ( ,comm]ce2  7#e7 ! ,secret>y 
( ,heal? & ,human ,s]vices2 &  7#f7 !   
,adm9i/rator ( ! ,f$]al ,em]g5cy        
,managem5t ,adm9i/ration4  7c7          
,*airp]son ,! *airp]son ( ! ,,covid-#ai 
,relief ,ov]sight ,bo>d %all be elect$  
by ! memb]s ( ! ,bo>d f among ! memb]s  
o!r ?an ! ,adm9i/rator ( ! ,small       

,bus9ess ,adm9i/ration & ! ,secret>y ( !
 ,treasury4  7d7 ,meet+s ,! ,,covid-#ai 
,relief ,ov]sight ,bo>d %all meet #b    
weeks aft] ! ,ex*ange ,/abilization     
,fund ( ! ,dep>tm5t ( ! ,treasury       
initiates any loan1 loan gu>antee1 or   
o!r inve/m5t = air c>ri]s & bus9esses1 z
 au?oriz$ "u ! ,,c>es ,act1 ,h4,r4 #gdh 
7#aaf? ,congress7 7or any successor     
program e/abli%$ "u ,f$]al law7 & mon?ly
 !reaft]4  7e7 ,additional au?orities ,9
 addition to ! responsibilities describ$
 9 subsection 7a71 ! ,,covid-#ai ,relief
 ,ov]sight ,bo>d %all h ! au?ority to   
ensure t ! policies implem5t$ ?r\gh !   
,ex*ange ,/abilization ,fund are-- 7#a7 
9 accordance ) ! purposes ( ?is ,act1   
includ+ pres]vation ( jobs ( work]s 9   
sev]ely di/ress$ sectors ( ! economy2   
7#b7 9 ! economic int]e/s ( ! ,unit$    
,/ates2 &  7#c7 consi/5t ) protect+     
taxpay]s' int]e/s4  7f7 ,cr$it review   
committee ,! ,,covid-#ai ,relief        
,ov]sight ,bo>d may appo9t a cr$it      
review committee = ! purpose ( evaluat+ 

! ex]cise ( ! au?ority provid$ "u !     
,,covid-#ai ,relief ,program1 z !       
,,covid-#ai ,relief ,ov]sight ,bo>d     
det]m9es appropriate4  7g7 ,reports ,!  
,,covid-#ai ,relief ,ov]sight ,bo>d %all
 report to ! appropriate committees (   
,congress & ! ,congressional ,ov]sight  
,panel e/abli%$ "u ?is ,act1 n less     
frequ5tly ?an qu>t]ly1 on ! matt]s      
describ$ 9 subsection 7a77#a74  7h7     
,t]m9ation ,! ,,covid-#ai ,relief       
,ov]sight ,bo>d1 & its au?ority "u ?is  
section1 %all t]m9ate on ! expiration ( 
! #ae-;day p]iod beg9n+ ^u ! lat] (--   
7#a7 ! date on :i* ! national em]g5cy   
decl>$ by ! ,presid5t "u ! ,national    
,em]g5cies ,act 7#ej ,u4,s4,c4 #afja et 
seq47 ) respect to ! ,,covid-#ai        
expires2 or  7#b7 ! date on :i* !       
,ex*ange ,/abilization ,fund ( !        
,dep>tm5t ( ! ,treasury ceases ! direct 
l5d+1 loan gu>antee1 & inve/m5t         
activities = c>ri]s & bus9esses         
designat$ to receive su* assi/ance "u ! 
,,c>es ,act1 ,h4,r4 #gdh 7#aaf?         

,congress7 7or any successor program    
e/abli%$ "u ,f$]al law74  #e4 ,conflicts
 ( int]e/  7a7 ,/&>ds requir$ ,!        
,director ( ! ,(fice ( ,managem5t &     
,budget %all issue regulations or       
guidel9es necess>y to address & manage  
or to prohibit conflicts ( int]e/ t may 
arise 9 connection ) ! adm9i/ration &   
execution ( ! au?orities provid$ "u !   
,,covid-#ai ,relief ,program4  7b7 ,tim+
 ,regulations or guidel9es requir$ by   
?is section %all be issu$ z soon z      
practicable aft] ! date ( enactm5t ( ?is
 ,act4  #f4 ,executive comp5sation &    
corporate gov]nance  7a7 ,applicability 
,any private entity t receives loans1   
loan gu>antees1 grants1 or o!r assi/ance
 ?r\gh ! ,ex*ange ,/abilization ,fund ( 
! ,dep>tm5t ( ! ,treasury %all be       
subject to ! executive comp5sation      
requirem5ts ( subsection 7b7 & !        
provisions "u ! ,int]nal ,rev5ue ,code (
 #aihf1 z applicable4  7b7 ,crit]ia ,!  
/&>ds requir$ "u ?is subsection %all    
include-- 7#a7 limits on comp5sation t  

exclude inc5tives = s5ior executive     
(fic]s ( a private entity to take       
unnecess>y & excessive risks t ?reat5 ! 
value ( su* entity dur+ ! p]iod 9 :i* ! 
entity receives f9ancial assi/ance 9    
response to ! ,,covid-#ai outbreak2 &   
7#b7 a prohibition on ! entity mak+ any 
bonus1 inc5tive comp5sation or gold5    
p>a*ute paym5t to a s5ior executive     
(fic] dur+ ! p]iod 9 :i* su* private    
entity receives ,f$]al assi/ance ?r\gh !
 ,ex*ange ,/abilization ,fund4  7c7     
,def9ition ,= purposes ( ?is section1 ! 
t]m s5ior executive (fic] means an      
individual :o is "o ( ! top #e highly   
paid executives ( a public or private   
corporation or limit$ liability company4
  7d7 ,sunset ,?is section %all apply   
only to arrangem5ts ent]$ into dur+ !   
p]iod 9 :i* ! entity receiv$ a ,f$]al   
loan1 loan gu>antee1 or o!r inve/m5t or 
assi/ance 9 response to ! ,,covid-#ai   
outbreak4  #g4 ,ov]sight & audits  7a7  
,comptroll] g5]al ov]sight  7#a7 ,scope 
( ov]sight ,9 fur!rance ( ! purpose (   

?is ,act1 ! ,comptroll] ,g5]al ( !      
,unit$ ,/ates %all comm5ce ongo+        
ov]sight ( ! activities & p]=mance ( !  
,,covid-#ai ,relief ,program & any ag5ts
 ( ! executive bran* invok+ ,f$]al      
au?ority or r5d]+ assi/ance to private  
entities 9 response to ! ,,covid-#ai    
outbreak4  7#b7 ,conduct & adm9i/ration 
( ov]sight  7,a7 ,,gao access to records
 ,to ! ext5t o!rwise consi/5t ) law1 !  
,comptroll] ,g5]al %all h access1 ^u    
reque/1 to any in=mation1 data1 s*$ules1
 books1 acc\nts1 f9ancial records1      
reports1 files1 electronic              
communications1 or o!r pap]s1 ?+s1 or   
prop]ty belong+ to or 9 use by ,f$]al   
entities t ex]cise au?ority or r5d]     
assi/ance to private entities ?r\gh !   
,,covid-#ai ,relief ,program4 ,!        
,comptroll] ,g5]al may make & reta9     
copies ( su* books1 acc\nts1 & o!r      
records z ! ,comptroll] ,g5]al deems    
appropriate4  7,b7 ,reimbursem5t ( co/s 
,! ,treasury %all reimburse ! ,gov]nm5t 
,acc\ntability ,(fice = ! full co/ ( any

 su* ov]sight activities z bill$ !re= by
 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates4
 ,su* reimbursem5ts %all be cr$it$ to ! 
appropriation acc\nt ,sal>ies &         
,exp5ses1 ,gov]nm5t ,acc\ntability      
,(fice curr5t :5 ! paym5t is receiv$ &  
rema9 available until exp5d$4  7#c7     
,report+ ,! ,comptroll] ,g5]al-- 7,a7   
%all submit reports ( f9d+s "u ?is      
section1 regul>ly & n less frequ5tly ?an
 once e #fj days1 to ! appropriate      
committees ( ,congress1 & ! ,special    
,inspector ,g5]al = ! ,,covid-#ai       
,relief ,program e/abli%$ "u section #h2
 &  7,b7 may submit special reports "u  
?is subsection z w>rant$ by ! f9d+s (   
its ov]sight activities4  7b7           
,comptroll] ,g5]al audits  7#a7         
,au?ority ,! ,comptroll] ,g5]al may     
audit ! programs1 activities1 receipts1 
exp5ditures1 & f9ancial transactions (  
,f$]al entities involv$ 9 ext5d+        
au?ority or assi/ance to private        
entities 9 response to ! ,,covid-#ai    
outbreak4  7#b7 ,corrective responses to

 audit problems ,ag5cies or dep>tm5ts   
subject to audits "u ?is subsection     
%all-- 7,a7 take action to address      
defici5cies id5tifi$ by ! ,comptroll]   
,g5]al1 z appropriate2 or  7,b7 c]tify  
to appropriate committees ( ,congress t 
no action is necess>y or appropriate4   
7c7 ,%>+ ( in=mation ,any report or     
audit requir$ "u ?is section %all also  
be submitt$ to ! ,congressional         
,ov]sight ,panel e/abli%$ "u section #i4
  7d7 ,t]m9ation ,any ov]sight1 report+1
 or audit requirem5t "u ?is section %all
 t]m9ate #ahj days aft] ! t]m9ation date
 describ$ 9 section #d7;h74  #h4        
,special inspector g5]al = ,,covid-#ai  
relief program  7a7 ,(fice ( ,inspector 
,g5]al ,!re is h]eby e/abli%$ ! ,(fice (
 ! ,special ,inspector ,g5]al = !       
,,covid-#ai ,relief ,program4  7b7      
,appo9tm5t ( inspector g5]al2 removal   
7#a7 ,9 g5]al ,! head ( ! ,(fice ( !    
,special ,inspector ,g5]al = !          
,,covid-#ai ,asset ,relief ,program is !
 ,special ,inspector ,g5]al = !         

,,covid-#ai ,relief ,program 79 ?is     
section ref]r$ to z ! ,special          
,inspector ,g5]al71 :o %all be appo9t$  
by ! ,presid5t1 by & ) ! advice & cons5t
 ( ! ,s5ate4  7#b7 ,requirem5t =        
appo9tm5t ,! appo9tm5t ( ! ,special     
,inspector ,g5]al %all be made on !     
basis ( integrity & demon/rat$ ability 9
 acc\nt+1 audit+1 f9ancial analysis1    
law1 managem5t analysis1 public         
adm9i/ration1 or inve/igations4  7#c7   
,tim+ ( nom9ation ,! nom9ation ( an     
individual z ,special ,inspector ,g5]al 
"u ?is section %all be made z soon z    
practicable aft] ! e/abli%m5t ( !       
,ex*ange ,/abilization ,fund4  7#d7     
,removal ,! ,special ,inspector ,g5]al  
%all be removable f (fice 9 accordance )
 ! provisions ( section #c7;b7 ( !      
,inspector ,g5]al ,act ( #aigh 7#e      
,u4,s4,c4 ,app474  7#e7 ,political      
activities on duty ,= purposes ( section
 #gcbd ( title #e1 ,unit$ ,/ates ,code1 
! ,special ,inspector ,g5]al %all n be  
consid]$ an employee :o det]m9es        

policies to be pursu$ by ! ,unit$ ,/ates
 9 ! nationwide adm9i/ration ( ,f$]al   
law4  7#f7 ,comp5sation ,! annual rate (
 basic pay ( ! ,special ,inspector      
,g5]al %all be ! annual rate ( basic pay
 = an ,inspector ,g5]al "u section      
#c7;e7 ( ! ,inspector ,g5]al ,act (     
#aigh 7#e ,u4,s4,c4 ,app474  7c7 ,duties
  7#a7 ,9 g5]al ,x %all be ! duty ( !   
,special ,inspector ,g5]al to conduct1  
sup]vise1 & coord9ate audits &          
inve/igations ( ,f$]al assi/ance &      
relief programs e/abli%$ 9 response to !
 ,,covid-#ai outbreak4  7#b7 ,ov]sight  
,! ,special ,inspector ,g5]al %all      
e/abli%1 ma9ta91 & ov]see su* sy/ems1   
proc$ures1 & controls z ! ,special      
,inspector ,g5]al consid]s appropriate  
to dis*>ge ! duty "u p>agraph 7#a74     
7#c7 ,additional duties ,9 addition to !
 duties specifi$ 9 p>agraphs 7#a7 &     
7#b71 ! ,inspector ,g5]al %all also h ! 
duties & responsibilities ( inspectors  
g5]al "u ! ,inspector ,g5]al ,act (     
#aigh 7#e ,u4,s4,c4 ,app474  7d7 ,p[]s &

 au?orities  7#a7 ,9 g5]al ,9 c>ry+ out 
! duties describ$ 9 subsection 7c71 !   
,special ,inspector ,g5]al %all h !     
au?orities provid$ 9 section #f ( !     
,inspector ,g5]al ,act ( #aigh4  7#b7   
requirem5t ,! ,special ,inspector ,g5]al
 %all c>ry out ! duties specifi$ 9      
subsection 7c77#a7 9 accordance )       
section #d7;b77#a7 ( ! ,inspector ,g5]al
 ,act ( #aigh 7#e ,u4,s4,c4 ,app474  7e7
 ,p]sonnel1 facilities1 & o!r res\rces  
7#a7 ,p]sonnel ,! ,special ,inspector   
,g5]al may select1 appo9t1 & employ su* 
(fic]s & employees z may be necess>y =  
c>ry+ out ! duties ( ! ,special         
,inspector ,g5]al1 subject to !         
provisions ( title #e1 ,unit$ ,/ates    
,code1 gov]n+ appo9tm5ts 9 ! competitive
 s]vice1 & ! provisions ( *apt] #ea &   
sub*apt] ,,iii ( *apt] #ec ( su* title  
#e1 relat+ to classification & ,g5]al   
,s*$ule pay rates4  7#b7 ,exp]ts &      
consultants ,! ,special ,inspector      
,g5]al may obta9 s]vices z au?oriz$ by  
section #caji ( title #e1 ,unit$ ,/ates 

,code1 at daily rates n to exce$ !      
equival5t rate prescrib$ = grade        
,,gs-#ae ( ! ,g5]al ,s*$ule by section  
#eccb ( su* title #e4  7#c7 ,audits &   
analyses ,! ,special ,inspector ,g5]al  
may ent] into contracts & o!r           
arrangem5ts = audits1 /udies1 analyses1 
& o!r s]vices ) public ag5cies & )      
private p]sons1 & make su* paym5ts z may
 be necess>y to c>ry out ! duties ( !   
,inspector ,g5]al4  7#d7 ,assi/ance f   
o!r dep>tm5ts  7,a7 ,9 g5]al ,^u reque/ 
( ! ,special ,inspector ,g5]al =        
in=mation or assi/ance f any dep>tm5t1  
ag5cy1 or o!r entity ( ! ,f$]al         
,gov]nm5t1 ! head ( su* entity %all1    
ins(> z is practicable & n 9            
contrav5tion ( any exi/+ law1 furni% su*
 in=mation or assi/ance to ! ,special   
,inspector ,g5]al1 or an au?oriz$       
designee4  7,b7 ,notification (         
,congress ,:5ev] in=mation or assi/ance 
reque/$ by ! ,special ,inspector ,g5]al 
is1 9 ! judgm5t ( ! ,special ,inspector 
,g5]al1 unreasonably refus$ or n        

provid$1 ! ,special ,inspector ,g5]al   
%all report ! circum/ances to !         
appropriate committees ( ,congress )\t  
delay4  7f7 ,reports  7#a7 ,9 g5]al ,n  
lat] ?an #fj days aft] ! confirmation ( 
! ,special ,inspector ,g5]al1 & e cal5d>
 qu>t] !reaft]1 ! ,special ,inspector   
,g5]al %all submit to ! appropriate     
committees ( ,congress a report summ>iz+
 ! activities ( ! ,special ,inspector   
,g5]al dur+ ! #abj-;day p]iod end+ on ! 
date ( su* report4  7#b7 ,cont5ts ,ea*  
report requir$ "u ?is subsection %all   
include1 = ! p]iod cov]$ by su* report1 
a detail$ /atem5t ( all pur*ases1       
obligations1 exp5ditures1 & rev5ues     
associat$ ) ! ,ex*ange ,/abilization    
,fund & any ,,covid-#ai ,relief ,program
 involv+ ! exp5diture ( m ?an           
#e1jjj1jjj4  7#c7 ,rule ( con/ruction   
,no?+ 9 ?is subsection %all be con/ru$  
to au?orize ! public disclosure (       
in=mation t is-- 7,a7 specifically      
prohibit$ f disclosure by any o!r       
provision ( law2  7,b7 specifically     

requir$ by ,executive ord] to be        
protect$ f disclosure 9 ! int]e/ (      
national def5se or national security or 
9 ! conduct ( =eign affairs2 or  7,c7 a 
"p ( an ongo+ crim9al inve/igation4     
7#d7 ,requirem5t ,any reports requir$ "u
 ?is section %all also be submitt$ to ! 
,congressional ,ov]sight ,panel e/abli%$
 "u section #i4  7g7 ,fund+ ,( ! am\nts 
made available to ! ,secret>y ( !       
,treasury 9 fiscal ye> #bjba1           
#ej1jjj1jjj %all be available to !      
,special ,inspector ,g5]al to c>ry out  
?is section & %all rema9 available until
 exp5d$4  7h7 ,t]m9ation ,any ov]sight1 
report+1 or audit requirem5t "u ?is     
section %all t]m9ate on ! date t is #a  
ye> aft] ! t]m9ation date describ$ 9    
section #d7;h74  #i4 ,congressional     
,ov]sight ,panel  7a7 ,e/abli%m5t ,!re  
is h]eby e/abli%$ ! ,congressional      
,ov]sight ,panel 7h]eaft] 9 ?is section 
ref]r$ to z ! ,ov]sight ,panel7 z an    
e/abli%m5t 9 ! legislative bran*4  7b7  
,duties ,! ,ov]sight ,panel %all review 

! curr5t /ate ( ! f9ancial m>kets &     
submit ! foll[+ reports to ,congress3   
7#a7 ,regul> reports  7,a7 ,9 g5]al     
,regul> reports ( ! ,ov]sight ,panel    
%all include ! foll[+3 7i7 ,! use by    
,f$]al (ficials ( au?ority to implem5t  
,,covid-#ai ,relief ,program4  7ii7 ,!  
impact ( ! ,,covid-#ai ,relief ,program 
on ! f9ancial m>kets1 air c>ri]s1 &     
m$ical provid]s4  7iii7 ,! ext5t to :i* 
! in=mation made available on           
transactions "u ! ,ex*ange ,/abilization
 ,fund has contribut$ to m>ket          
transp>5cy4  7iv7 ,! effectiv5ess ( !   
program f ! /&po9t ( m9imiz+ long-t]m   
co/s to ! taxpay]s & maximiz+ ! b5efits 
= taxpay]s4  7,b7 ,tim+ ,! reports      
requir$ "u ?is p>agraph %all be submitt$
 n lat] ?an #cj days aft] ! e/abli%m5t (
 ! ,ex*ange ,/abilization ,fund1 & e #cj
 days !reaft]4  7#b7 ,special report on 
regulatory re=m ,! ,ov]sight ,panel %all
 submit a special report on regulatory  
re=m n lat] ?an ,m>* #ca1 #bjba1 analyz+
 ! curr5t /ate ( ! regulatory sy/em &   

its effectiv5ess at ov]see+ ! recipi5ts 
( ,,covid-#ai ,relief ,program assi/ance
 & protect+ consum]s1 & provid+         
recomm5dations = improvem5t1 includ+    
recomm5dations reg>d+ :e!r any          
p>ticipants 9 ! f9ancial m>kets t are   
curr5tly outside ! regulatory sy/em %\ld
 become subject to ! regulatory sy/em1 !
 rationale und]ly+ su* recomm5dation1 & 
:e!r !re are any gaps 9 exi/+ consum]   
protections4  7c7 ,memb]%ip  7#a7 ,9    
g5]al ,! ,ov]sight ,panel %all consi/ ( 
#e memb]s1 z foll[s3 7,a7 ,"o memb]     
appo9t$ by ! ,speak] ( ! ,h\se (        
,repres5tatives4  7,b7 ,"o memb] appo9t$
 by ! m9ority lead] ( ! ,h\se (         
,repres5tatives4  7,c7 ,"o memb] appo9t$
 by ! majority lead] ( ! ,s5ate4  7,d7  
,"o memb] appo9t$ by ! m9ority lead] ( !
 ,s5ate4  7,e7 ,"o memb] appo9t$ by !   
,speak] ( ! ,h\se ( ,repres5tatives & ! 
majority lead] ( ! ,s5ate1 aft]         
consultation ) ! m9ority lead] ( !      
,s5ate & ! m9ority lead] ( ! ,h\se (    
,repres5tatives4  7#b7 ,pay ,ea* memb] (

 ! ,ov]sight ,panel %all ea* be paid at 
a rate equal to ! daily equival5t ( !   
annual rate ( basic pay = level ,i ( !  
,executive ,s*$ule = ea* day 7includ+   
travel "t7 dur+ :i* su* memb] is engag$ 
9 ! actual p]=mance ( duties ve/$ 9 !   
,commission4  7#c7 ,prohibition (       
comp5sation ( f$]al employees ,memb]s ( 
! ,ov]sight ,panel :o are full-"t (fic]s
 or employees ( ! ,unit$ ,/ates or      
,memb]s ( ,congress may n receive       
additional pay1 all[ances1 or b5efits by
 reason ( _! s]vice on ! ,ov]sight      
,panel4  7#d7 ,travel exp5ses ,ea* memb]
 %all receive travel exp5ses1 includ+ p]
 diem 9 lieu ( subsi/5ce1 9 accordance )
 applicable provisions "u sub*apt] ,i ( 
*apt] #eg ( title #e1 ,unit$ ,/ates     
,code4  7#e7 ,quorum ,f\r memb]s ( !    
,ov]sight ,panel %all con/itute a quorum
 b a less] numb] may hold he>+s4  7#f7  
,vacancies ,a vacancy on ! ,ov]sight    
,panel %all be fill$ 9 ! mann] 9 :i* !  
orig9al appo9tm5t 0 made4  7#g7 ,meet+s 
,! ,ov]sight ,panel %all meet at ! call 

( ! ,*airp]son or a majority ( its      
memb]s4  7d7 ,/aff  7#a7 ,9 g5]al ,!    
,ov]sight ,panel may appo9t & fix ! pay 
( any p]sonnel z ! ,commission consid]s 
appropriate4  7#b7 ,exp]ts & consultants
 ,! ,ov]sight ,panel may procure        
tempor>y & int]mitt5t s]vices "u section
 #caji7;b7 ( title #e1 ,unit$ ,/ates    
,code4  7#c7 ,/aff ( ag5cies ,^u reque/ 
( ! ,ov]sight ,panel1 ! head ( any      
,f$]al dep>tm5t or ag5cy may detail1 on 
a reimbursable basis1 any ( ! p]sonnel (
 t dep>tm5t or ag5cy to ! ,ov]sight     
,panel to assi/ x 9 c>ry+ out its duties
 "u ?is ,act4  7e7 ,p[]s  7#a7 ,he>+s & 
sessions ,! ,ov]sight ,panel may1 = !   
purpose ( c>ry+ out ?is section1 hold   
he>+s1 sit & act at times & places1 take
 te/imony1 & receive evid5ce z ! ,panel 
consid]s appropriate & may adm9i/] oa?s 
or affirmations to witnesses appe>+ be=e
 x4  7#b7 ,p[]s ( memb]s & ag5ts ,any   
memb] or ag5t ( ! ,ov]sight ,panel may1 
if au?oriz$ by ! ,ov]sight ,panel1 take 
any action :i* ! ,ov]sight ,panel is    

au?oriz$ to take by ?is section4  7#c7  
,obta9+ (ficial data ,! ,ov]sight ,panel
 may secure directly f any dep>tm5t or  
ag5cy ( ! ,unit$ ,/ates in=mation       
necess>y to enable x to c>ry out ?is    
section4 ,^u reque/ ( ! ,*airp]son ( !  
,ov]sight ,panel1 ! head ( t dep>tm5t or
 ag5cy %all furni% t in=mation to !     
,ov]sight ,panel4  7#d7 ,reports ,!     
,ov]sight ,panel %all receive & consid] 
all reports requir$ to be submitt$ to ! 
,ov]sight ,panel "u ?is ,act4  7f7      
,t]m9ation ,! ,ov]sight ,panel %all     
t]m9ate on ! date t is #ahj days aft] ! 
t]m9ation date describ$ 9 section       
#d7;h74  7g7 ,fund+ = exp5ses  7#a7     
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ to !         
,ov]sight ,panel su* sums z may be      
necess>y = any fiscal ye>1 half ( :i*   
%all be d]iv$ f ! applicable acc\nt ( ! 
,h\se ( ,repres5tatives1 & half ( :i*   
%all be d]iv$ f ! cont+5t fund ( !      
,s5ate4  7#b7 ,reimbursem5t ( am\nts ,an
 am\nt equal to ! exp5ses ( ! ,ov]sight 

,panel %all be promptly transf]r$ by !  
,secret>y ( ! ,treasury1 f "t to "t ^u !
 pres5tm5t ( a /atem5t ( su* exp5ses by 
! ,*airp]son ( ! ,ov]sight ,panel1 f    
funds made available to ! ,secret>y ( ! 
,treasury "u ?is ,act to ! applicable   
fund ( ! ,h\se ( ,repres5tatives & !    
cont+5t fund ( ! ,s5ate1 z appropriate1 
z reimbursem5t = am\nts exp5d$ f su*    
acc\nt & fund "u p>agraph 7#a74  #aj4   
,coop]ation ) ! ,dep>tm5t ( ,ju/ice & ! 
,,fbi ,any ,f$]al f9ancial regulatory   
ag5cy %all coop]ate ) ! ,dep>tm5t (     
,ju/ice & ! ,f$]al ,bureau (            
,inve/igation & o!r law en=cem5t ag5cies
 inve/igat+ fraud1 misrepres5tation1 &  
malfeasance ) respect to developm5t1    
adv]tis+1 & sale ( f9ancial or o!r      
inve/m5t products4  #aa4 ,in=mation =   
congressional support ag5cies ,^u       
reque/1 & to ! ext5t o!rwise consi/5t ) 
law1 all in=mation us$ by ! ,f$]al      
(ficials 9 connection ) activities      
au?oriz$ "u ?is ,act 7includ+ ! records 
to :i* ! ,comptroll] ,g5]al is entitl$  

"u ?is ,act7 %all be made available to  
congressional support ag5cies 79        
accordance ) _! obligations to support !
 ,congress z set out 9 _! au?oriz+      
/atutes7 = ! purposes ( assi/+ !        
committees ( ,congress ) conduct+       
ov]sight1 monitor+1 & analysis ( !      
activities au?oriz$ "u ! ,,covid-#ai    
,relief ,program4