There is hereby established the Office of the Special Inspector General for the Troubled Asset Relief Program.
The Secretary shall-
In carrying out the duties, responsibilities, and authorities of the Special Inspector General under this section, the Special Inspector General shall work with each of the following entities, with a view toward avoiding duplication of effort and ensuring comprehensive oversight of the Troubled Asset Relief Program through effective cooperation and coordination:
The Special Inspector General shall be a member of the Council of the Inspectors General on Integrity and Efficiency established under section 424 of title 5 until the date of termination of the Office of the Special Inspector General for the Troubled Asset Relief Program.
The Office of the Special Inspector General shall terminate on the later of-
1 See References in Text note below.
12 U.S.C. § 5231
EDITORIAL NOTES
REFERENCES IN TEXTChapter 83 or 84, referred to in subsec. (e)(5)(A), probably means chapter 83 or 84 of Title 5, Government Organization and Employees.
AMENDMENTS2022-Subsec. (b)(4). Pub. L. 117-286, §4(b)(35)(A), substituted "section 403(b) of title 5." for "section 3(b) of the Inspector General Act of 1978 (5 U.S.C. App.)."Subsec. (b)(6). Pub. L. 117-286, §4(b)(35)(B), substituted "section 403(e) of title 5." for "section 3(e) of the Inspector General Act of 1978 (5 U.S.C. App.)."Subsec. (c)(3). Pub. L. 117-286, §4(b)(35)(C), substituted "chapter 4 of title 5." for "the Inspector General Act of 1978."Subsec. (d)(1). Pub. L. 117-286, §4(b)(35)(D), substituted "section 406 of title 5." for "section 6 of the Inspector General Act of 1978."Subsec. (d)(2). Pub. L. 117-286, §4(b)(35)(E), substituted "section 404(b)(1) of title 5." for "section 4(b)(1) of the Inspector General Act of 1978."Subsec. (d)(3). Pub. L. 117-286, §4(b)(35)(F), substituted "section 406(f)(3) of title 5" for "section 6(e)(3) of the Inspector General Act of 1978 (5 U.S.C. App.)".Subsec. (h). Pub. L. 117-286, §4(b)(35)(G), substituted "section 424 of title 5" for "section 11 of the Inspector General Act of 1978 (5 U.S.C. App.)".2009-Subsec. (c)(4). Pub. L. 111-15, §2(1), added par. (4).Subsec. (d)(2). Pub. L. 111-15, §2(2)(A), substituted "subsection (c)(1) and (4)" for "subsection (c)(1)".Subsec. (d)(3). Pub. L. 111-15, §2(2)(B), added par. (3).Subsec. (e)(1). Pub. L. 111-15, §3(1), designated existing provisions as subpar. (A) and added subpar. (B).Subsec. (e)(5). Pub. L. 111-15, §3(2), added par. (5).Subsecs. (f) to (h). Pub. L. 111-15, §4(2), added subsecs. (f) to (h). Former subsecs. (f) to (h) redesignated (i) to (k), respectively.Subsec. (i). Pub. L. 111-15, §4(1), redesignated subsec. (f) as (i).Subsec. (i)(1). Pub. L. 111-15, §5(1), substituted "Not later than 60 days after the confirmation of the Special Inspector General, and not later than 30 days following the end of each fiscal quarter, the Special Inspector General shall submit to the appropriate committees of Congress a report summarizing the activities of the Special Inspector General during that fiscal quarter." for "Not later than 60 days after the confirmation of the Special Inspector General, and every calendar quarter thereafter, the Special Inspector General shall submit to the appropriate committees of Congress a report summarizing the activities of the Special Inspector General during the 120-day period ending on the date of such report."Subsec. (i)(2) to (4). Pub. L. 111-15, §5(2), (3), added par. (2) and redesignated former pars. (2) and (3) as (3) and (4), respectively.Subsec. (i)(5). Pub. L. 111-15, §5(4), added par. (5).Subsec. (j). Pub. L. 111-15, §4(1), redesignated subsec. (g) as (j).Subsec. (j)(1). Pub. L. 111-15, §6, inserted ", not later than 7 days after April 24, 2009" before period at end.Subsec. (k). Pub. L. 111-15, §4(1), redesignated subsec. (h) as (k).
- Board
- The term "Board" means the Board of Governors of the Federal Reserve System.
- Corporation
- The term "Corporation" means the Federal Deposit Insurance Corporation.
- Fund
- The term "Fund" means the Troubled Assets Insurance Financing Fund established under section 5212 of this title.
- Secretary
- The term "Secretary" means the Secretary of the Treasury.
- TARP
- The term "TARP" means the Troubled Asset Relief Program established under section 5211 of this title.
- appropriate committees of Congress
- The term "appropriate committees of Congress" means-(A) the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and(B) the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives.
- financial institution
- The term "financial institution" means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.
- person
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.
- troubled assets
- The term "troubled assets" means-(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and(B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.