12 USC 5233 - Congressional Oversight Panel

U.S Code last checked for updates: May 01, 2024

§ 5233.

Congressional Oversight Panel

(a)

Establishment

(b)

Duties

The Oversight Panel shall review the current state of the financial markets and the regulatory system and submit the following reports to Congress:

(1)

Regular reports

(A)

In general

Regular reports of the Oversight Panel shall include the following:

(i)

The use by the Secretary of authority under this chapter, including with respect to the use of contracting authority and administration of the program.

(ii)

The impact of purchases made under the 1

 So in original. Probably should be “this”.

chapter on the financial markets and financial institutions.

(iii)

The extent to which the information made available on transactions under the program has contributed to market transparency.

(iv)

The effectiveness of foreclosure mitigation efforts, and the effectiveness of the program from the standpoint of minimizing long-term costs to the taxpayers and maximizing the benefits for taxpayers.

(B)

Timing

(2)

Special report on regulatory reform

(3)

Special report on farm loan restructuring

Not later than 60 days after May 20, 2009, the Oversight Panel shall submit a special report on farm loan restructuring that—

(A)

analyzes the state of the commercial farm credit markets and the use of loan restructuring as an alternative to foreclosure by recipients of financial assistance under the Troubled Asset Relief Program; and

(B)

includes an examination of and recommendation on the different methods for farm loan restructuring that could be used as part of a foreclosure mitigation program for farm loans made by recipients of financial assistance under the Troubled Asset Relief Program, including any programs for direct loan restructuring or modification carried out by the Farm Service Agency of the Department of Agriculture, the farm credit system, and the Making Home Affordable Program of the Department of the Treasury.

(c)

Membership

(1)

In general

The Oversight Panel shall consist of 5 members, as follows:

(A)

1 member appointed by the Speaker of the House of Representatives.

(B)

1 member appointed by the minority leader of the House of Representatives.

(C)

1 member appointed by the majority leader of the Senate.

(D)

1 member appointed by the minority leader of the Senate.

(E)

1 member appointed by the Speaker of the House of Representatives and the majority leader of the Senate, after consultation with the minority leader of the Senate and the minority leader of the House of Representatives.

(2)

Pay

(3)

Prohibition of compensation of Federal employees

(4)

Travel expenses

(5)

Quorum

(6)

Vacancies

(7)

Meetings

(d)

Staff

(1)

In general

(2)

Experts and consultants

(3)

Staff of agencies

(e)

Powers

(1)

Hearings and sessions

(2)

Powers of members and agents

(3)

Obtaining official data

(4)

Reports

(f)

Termination

(g)

Funding for expenses

(1)

Authorization of appropriations

(2)

Reimbursement of amounts

(Pub. L. 110–343, div. A, title I, § 125, Oct. 3, 2008, 122 Stat. 3791; Pub. L. 111–22, div. A, title V, § 501, May 20, 2009, 123 Stat. 1658.)

cite as: 12 USC 5233