View all text of Part A [§ 9041 - § 9063]
§ 9055. Congressional Oversight Commission
(a) Establishment
(b) Duties
(1) In general
The Oversight Commission shall—
(A) conduct oversight of the implementation of this part by the Department of the Treasury and the Board of Governors of the Federal Reserve System, including efforts of the Department and the Board to provide economic stability as a result of the coronavirus disease 2019 (COVID–19) pandemic of 2020;
(B) submit to Congress reports under paragraph (2); and
(C) review the implementation of this part by the Federal Government.
(2) Regular reports
(A) In general
Reports of the Oversight Commission shall include the following:
(i) The use by the Secretary and the Board of Governors of the Federal Reserve System of authority under this part, including with respect to the use of contracting authority and administration of the provisions of this part.
(ii) The impact of loans, loan guarantees, and investments made under this part on the financial well-being of the people of the United States and the United States economy, financial markets, and financial institutions.
(iii) The extent to which the information made available on transactions under this part has contributed to market transparency.
(iv) The effectiveness of loans, loan guarantees, and investments made under this part of minimizing long-term costs to the taxpayers and maximizing the benefits for taxpayers.
(B) Timing
(c) Membership
(1) In general
The Oversight Commission 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 as Chairperson 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 1
1 So in original. Probably should be followed by a period.
(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 evidence
(2) Contracting
(3) Powers of members and agents
(4) Obtaining official data
(5) Reports
(f) Termination
(g) Funding for expenses
(1) Authorization of appropriations
(2) Reimbursement of amounts
(Pub. L. 116–136, div. A, title IV, § 4020, Mar. 27, 2020, 134 Stat. 486; Pub. L. 117–328, div. AA, title VIII, § 801, Dec. 29, 2022, 136 Stat. 5551.)