Statements on Introduced Bills, S. 3578, March 24, 2020 — Congressional Record, Senate
Summary
Pages S2009 and S2010 of the Senate section of the Congressional Record for March 24, 2020, under the heading Statements on Introduced Bills and Joint Resolution. Grassley introduces S. 3578, a bill to provide oversight for the care and assistance provided to businesses under the coronavirus relief package, and the bill is referred to committee. Grassley says the bill would create a special inspector general with $50 million authorized, an oversight board of five high ranking executive branch officials, a Congressional Oversight Panel, and Government Accountability Office audits, and says it mirrors language adopted in 2008 for the Troubled Asset Relief Program. The page also lists additional cosponsors for several bills and a resolution.
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“Statements on Introduced Bills, S. 3578, March 24, 2020 — Congressional Record, Senate.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2020-03-24-crec-2020-03-24-pt1-pgs2009-2-69a88f2ba7/
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March 24, 2020 CONGRESSIONAL RECORD — SENATE S2009
the People’s Republic of China made mul- STATEMENTS ON INTRODUCED board that Congress established in 2008,
tiple serious mistakes in the early stages of BILLS AND JOINT RESOLUTION during another National crisis.
the COVID–19 outbreak that heightened the In addition, my proposal calls for the
severity and spread of the ongoing COVID–19 By Mr. GRASSLEY:
S. 3578. A bill to provide oversight for head of the Office of Management and
pandemic, including the intentional spread
the care and assistance provided to Budget to issue regulations to mini-
of misinformation to downplay the risks of
COVID–19, a refusal to cooperate with inter- businesses under the coronavirus relief mize conflicts of interest that may
national health authorities, internal censor- package; to the Committee on Home- arise in coronavirus relief activities. It
ship of doctors and journalists, and a mali- land Security and Governmental Af- also imposes limits on executive com-
cious disregard for the health of ethnic mi- fairs. pensation to senior officers of compa-
norities; to the Committee on Foreign Rela- Mr. GRASSLEY. Mr. President, I ask nies that accept lending assistance
tions. through the Treasury Department’s
unanimous consent that the text of the
f bill be printed in the RECORD. Exchange Stabilization Fund.
There being no objection, the text of The bill also calls for greater over-
ADDITIONAL COSPONSORS
the bill was ordered to be printed in sight and audits by the Government
S. 1074 Accountability Office, a nonpartisan
the RECORD, as follows:
At the request of Mr. SCHATZ, the Mr. GRASSLEY. Mr. President, watchdog agency of Congress. Specifi-
names of the Senator from Mississippi today I am introducing legislation in cally, GAO is tasked with ongoing
(Mr. WICKER) and the Senator from response to the coronavirus outbreak. I oversight, including conducting audits
Ohio (Mr. BROWN) were added as co- submitted this proposal to Senate of the programs and financial trans-
sponsors of S. 1074, a bill to reinstate Leadership earlier this week. It is my actions of Federal agencies that extend
Federal Pell Grant eligibility for indi- expectation that the language I’ve de- financial assistance to private compa-
viduals incarcerated in Federal and veloped will be included, in some form, nies in response to the coronavirus
State penal institutions, and for other in the final agreement we’re negoti- pandemic.
purposes. ating. The legislation is designed to re- The bill also creates a bicameral, bi-
S. 3508 move a stumbling block to enactment partisan Congressional Oversight Panel
At the request of Mr. SCHATZ, the of a third coronavirus relief package. within the legislative branch. This
name of the Senator from Alabama Specifically, the proposal I’ve devel- panel would be comprised of five mem-
(Mr. JONES) was added as a cosponsor oped responds directly to the con- bers of the House of Representatives
of S. 3508, a bill to amend the Fair cerns—voiced by some of my colleagues and Senate, appointed by the other
Credit Reporting Act to provide for dis- in recent days—that we should add ac- chamber’s Speaker and the Senate
aster protection for workers’ credit. countability provisions to the relief Leader. This oversight panel would re-
S. 3549 package now under consideration by view the state of the financial markets
At the request of Mr. WYDEN, the this chamber. It’s my understanding and submit regular reports on certain
name of the Senator from Virginia (Mr. that the Senate leaders are seriously topics, such as Federal officials’ use of
WARNER) was added as a cosponsor of S. considering including this or very simi- coronavirus relief authority and the
3549, a bill to amend the Internal Rev- lar language in their compromise. I ap- impact of Federal assistance on the fi-
enue Code of 1986 to provide advance plaud them for their efforts and strong- nancial markets, air carriers, and med-
tax refunds to small businesses, and for ly urge my colleagues’ support for ical providers. This congressional panel
other purposes. these sensible provisions. would have the ability to convene hear-
S. 3559
My proposal would impose strict con- ings, call witnesses, take testimony,
gressional oversight over the Treasury hire staff, get official data, and meet
At the request of Mr. BENNET, the
Department fund that is tasked with regularly. The panel, like many of the
names of the Senator from Nevada (Ms.
extending lending and other assistance programs established under this bill,
ROSEN), the Senator from North Da-
to air carriers and American companies would terminate after this emergency
kota (Mr. HOEVEN), the Senator from
that have been hard hit by the ends.
Mississippi (Mr. WICKER), the Senator Mr. President, my office has ap-
from Iowa (Ms. ERNST), the Senator coronavirus pandemic. It mirrors close-
ly the language that this chamber proached multiple colleagues, includ-
from Arizona (Ms. MCSALLY) and the ing those on the other side of the aisle,
Senator from West Virginia (Mr. adopted in 2008, during consideration of
the Troubled Asset Relief Program. about these provisions. We’ve received
MANCHIN) were added as cosponsors of encouraging comments from many. I
For example, this bill, like that 2008
S. 3559, a bill to provide emergency fi- believe this language could be accepted
statute, calls for the creation of a spe-
nancial assistance to rural health care and urge that it be included in the final
cial inspector general for the
facilities and providers impacted by relief package, so that we can remove
coronavirus relief program and would
the COVID–19 emergency. one of the remaining obstacles to mov-
authorize $50 million for this purpose.
S. 3569
The special inspector general would be ing forward.
At the request of Ms. KLOBUCHAR, the appointed by the President and con- SEC. 1. SHORT TITLE AND TABLE OF CONTENTS
names of the Senator from Missouri firmed by the Senate. As stated in the This title may be cited as the ‘‘COVID–19
(Mr. HAWLEY), the Senator from North bill, this appointment must be made Funding Accountability Act.’’
Dakota (Mr. HOEVEN), the Senator from ‘‘on the basis of integrity and dem- SEC. 2. PURPOSE
Nevada (Ms. CORTEZ MASTO) and the onstrated ability in accounting, audit- Provides that the purpose of this Act is to
Senator from Colorado (Mr. BENNET) ing, financial analysis, law, manage- ensure that the Federal authority and assist-
were added as cosponsors of S. 3569, a ment analysis, public administration, ance that is extended to private entities in
bill to help small business broadband or investigations.’’ response to the outbreak of the Coronavirus
providers keep customers connected. The bill I’ve developed also calls for Disease 2019 (COVID–19) is used in a manner
S. RES. 548 creation of a bipartisan oversight that—
promotes economic sustainability of se-
At the request of Mr. PORTMAN, the board, comprised of five high ranking verely distressed sectors of the United States
names of the Senator from Pennsyl- executive branch officials. This board economy;
vania (Mr. CASEY), the Senator from would meet every two weeks to review promotes jobs for working Americans and
New Jersey (Mr. BOOKER), the Senator the activities of the Exchange Sta- maximizes overall returns to the taxpayers
from Missouri (Mr. HAWLEY), the Sen- bilization Fund, a Treasury Depart- of the United States; and
ator from Vermont (Mr. SANDERS), the ment vehicle through which hundreds provides public accountability for the exer-
cise of such Federal authority and assist-
Senator from Alaska (Mr. SULLIVAN) of billions of dollars in loan assistance
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ance.
and the Senator from Illinois (Ms. would flow to distressed sectors of the SEC. 3. DEFINITIONS
DUCKWORTH) were added as cosponsors United States economy. This oversight
Provides definitions of selected terms:
of S. Res. 548, a resolution amending board would have to report suspected ‘‘Appropriate Committees of Congress,’’
the Standing Rules of the Senate to en- fraud or malfeasance to the special in- ‘‘Congressional Support Agencies, ‘‘COVID–
able the participation of absent Sen- spector general that this legislation 19 Relief Program,’’ ‘‘Exchange Stabilization
ators during a national crisis. creates. Again, it is very similar to a Fund.’’
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S2010 CONGRESSIONAL RECORD — SENATE March 24, 2020
SEC. 4. COVID–19 RELIEF OVERSIGHT BOARD sistance through the Exchange Stabilization include, for the period covered by such re-
Creates a COVID–19 Relief Oversight Board Fund shall be subject to executive compensa- port, a detailed statement of all purchases,
(‘‘Oversight Board’’), comprised of executive tion requirements in the Act and the provi- obligations, expenditures, and revenues asso-
branch officials, which is responsible for re- sions under the Internal Revenue Code of ciated with the Exchange Stabilization Fund
viewing the exercise of authority under the 1986, as applicable. Bars entities receiving and any COVID–19 Relief Program involving
COVID–19 Relief Program that relates to this COVID–19 relief from providing incen- the expenditure of more than $5 million.
policies implemented to— tives for senior executive officers of a pri- Specifies that this section does not author-
increase loan forgiveness, loan eligibility, vate entity to take unnecessary and exces- ize the public disclosure of information that
and loan deferment of eligible small busi- sive risks that threaten the value of such en- is—
tity. Also bars the entity from making any specifically prohibited from disclosure by
nesses under section 7(a) of the Small Busi-
bonus, incentive compensation or golden any other provision of law;
ness Act (15 U.S.C. 6636(a); specifically required by Executive order to
extend grants or other forms of financial parachute payment to a senior executive of-
ficer during the period in which such private be protected from disclosure in the interest
assistance to business concerns in response of national defense or national security or in
to the outbreak of COVID–19; entity receives Federal assistance through
the Exchange Stabilization Fund. Defines the conduct of foreign affairs; or
make resources available, through the a part of an ongoing criminal investiga-
Medicare and Medicaid programs, to hos- the term ‘‘senior executive officer’’ as an in-
tion.
pitals and long-term care facilities for the dividual who is one of the top 5 highly paid Also specifies a termination date for the
elderly in response to the COVID–19 out- executives of a public or private corporation OIG’s authority.
break; or limited liability company.
Includes a sunset provision, specifying that SEC. 9. CONGRESSIONAL OVERSIGHT PANEL
extend emergency relief to distressed sec- Creates a Congressional Oversight Panel
tors of the United States economy through these limitations on executive compensation
will apply only to arrangements entered into (‘‘Oversight Panel’’) within the legislative
the Treasury Department’s Exchange Sta- branch, comprised of five members appointed
bilization Fund. during the period in which the entity re-
ceived Federal assistance in response to the by the House Speaker and Senate Leader.
Tasks the Oversight Board with reviewing Specifies that its duties are to review the
the effect of such policies and initiatives on COVID–19 outbreak.
SEC. 7. OVERSIGHT AND AUDITS current state of the financial markets and
the supply chain and the economy and with submit the regular reports to Congress on
making recommendations, as appropriate, to Calls for the Comptroller General, which the following:
designated executive branch officials. Speci- heads the nonpartisan watchdog agency of The use by Federal officials of authority to
fies that this Board also shall have the au- Congress, to commence ongoing oversight of implement COVID–19 Relief Program;
thority to ensure that the policies imple- Federal coronavirus relief initiatives and ac- The impact of the COVID–19 Relief Pro-
mented through the Treasury Department’s tivities. Authorizes this government watch- gram on the financial markets, air carriers,
Exchange Stabilization Fund are— dog agency, the Government Accountability and medical providers.
in accordance with the purposes of this Office (‘‘GAO’’), to have access, upon request, The extent to which the information made
Act; to any information or papers, things, or available on transactions under the Ex-
in the economic interests of the United property needed to carry out this oversight change Stabilization Fund has contributed
States; and function. to market transparency.
consistent with protecting taxpayers’ in- Calls for the U.S. Treasury to reimburse The effectiveness of the program from the
terests. GAO for costs of such oversight, and requires standpoint of minimizing long-term costs to
Clarifies that Oversight Board may appoint GAO to report, at least every 60 days, to Con- the taxpayers and maximizing the benefits
a credit review committee for the purpose of gress and the Special Inspector General for for taxpayers.
evaluating the exercise of the authority pro- the COVID–19 Relief Program established Specifies that reports must be submitted
vided under the COVID–19 Relief Program. under this Act. Confirms that GAO may also every 30 days after the date on which the Ex-
Also calls for the Oversight Board to report submit special reports under this subsection change Stabilization Fund begins to make
any suspected fraud, misrepresentation, or as warranted by the findings of its oversight loans, loan guarantees, and investment as-
malfeasance to the Special Inspector General activities. sistance in response to the COVID–19 out-
for the COVID–19 Relief Program (created Further clarifies that GAO may audit the break. Also calls for panel to submit a spe-
under this Act) or the Attorney General of programs, activities, receipts, expenditures, cial report on regulatory reform by March
the United States. and financial transactions of Federal enti- 31, 2021, analyzing the current state of the
Calls for the Oversight Board to meet ties involved in extending authority or as- regulatory system and its effectiveness at
every two weeks, report to Congress at least sistance to private entities in response to overseeing the recipients of COVID–19 relief
quarterly, and include in its membership the the COVID–19 outbreak. Federal agencies or and protecting consumers, and providing rec-
following: (1) the Administrator of the Small departments subject to such audits must ommendations for improvement.
Business Administration; (2) the Secretary of take action to address deficiencies identified Sets the rate of pay and travel expenses of
the Treasury; (3) the Secretary of Transpor- in the audits, as appropriate or certify to ap- each member of the Oversight Panel, author-
tation; (3) the Secretary of Commerce; (4) propriate committees of Congress that no ac- izes the hiring of staff, executive branch
the Secretary of Health and Human Services; tion is necessary or appropriate. Specifies detailees, and temporary consultants. Bars
and (5) the Administrator of the Federal circumstances for termination of GAO’s Oversight Panel members who are full-time
Emergency Management Administration. oversight authority after the national emer- Federal employees from receiving additional
Calls for the chair to be elected by members gency ends or the coronavirus relief activi- pay, allowances, or benefits by reason of
of the board from among the board members ties cease. their service on the panel. Provides that four
(other than the Administrator of the Small SEC. 8. SPECIAL INSPECTOR GENERAL FOR members of the Oversight Panel shall con-
Business Administration and the Secretary COVID–19 RELIEF PROGRAM stitute a quorum but a lesser number may
of the Treasury). Establishes the Office of the Special In- hold hearings. Clarifies that a vacancy on
Specifies that the Oversight Board’s role spector General for the COVID–19 Relief Pro- the Oversight Panel shall be filled in the
comes to an end after the expiration of the gram and authorizes $50 million for this pur- manner in which the original appointment
national emergency declared by the Presi- pose in fiscal year 2021. Specifies that such was made.
dent with respect to the COVID–19 or after Provides that the panel shall meet at the
individual shall be appointed by the Presi-
the Exchange Stabilization Fund ceases to call of the chair or a majority of its mem-
dent, by and with the advice and consent of
make loans, loan guarantees, and investment bers. Permits the panel, for the purpose of
the Senate; and the appointment shall be
or other assistance to air carriers and other carrying out this section, to hold hearings,
made ‘‘on the basis of integrity and dem-
key businesses affected by COVID–19. swear in hearing witnesses, take testimony,
onstrated ability in accounting, auditing, fi-
and receive evidence as it considers appro-
SEC. 5. CONFLICTS OF INTEREST nancial analysis, law, management analysis,
priate. Also clarifies when the panel can get
Calls for Director of the Office of Manage- public administration, or investigations.’’
Sets the rate of pay for such individual and official data, and receive reports required to
ment and Budget (‘‘OMB’’) to issue any regu- be submitted to the panel under this Act.
lations or guidelines necessary to address specifies that his or her duties are ‘‘to con-
duct, supervise, and coordinate audits and Specifies a termination date for the Over-
and manage, or to prohibit, conflicts of in- sight Panel. Authorizes such sums as may be
terest that may arise in connection with the investigations of Federal assistance and re-
lief programs established in response to the necessary for the Oversight Panel to operate,
administration and execution of the authori- with this funding derived from the applicable
ties provided under the COVID–19 Relief Pro- COVID–19 outbreak.’’ Clarifies that, in addi-
tion to the duties specified in this Act, the account of the House of Representatives, and
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gram. Deadline for their issuance is ‘‘as soon half of which shall be derived from the Sen-
as practicable after the date of enactment’’ Special OIG shall also have the duties and
responsibilities of inspectors general under ate’s contingent fund.
of this Act. SEC. 10. COOPERATION WITH THE DEPARTMENT
the Inspector General Act of 1978.
SEC. 6. EXECUTIVE COMPENSATION AND Requires that the Special OIG report to OF JUSTICE AND THE FBI
CORPORATE GOVERNANCE Congress within 60 days after his or her Sen- Provides that any Federal financial regu-
Specifies that any private entity receiving ate confirmation, and every calendar quarter latory agency shall cooperate with the De-
loans, loan guarantees, grants, or other as- thereafter, on activities. Each report must partment of Justice and the Federal Bureau
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March 24, 2020 CONGRESSIONAL RECORD — SENATE S2011
of Investigation and other law enforcement SEC. 4. COVID-19 RELIEF OVERSIGHT BOARD. ity provided under the COVID-19 Relief Pro-
agencies investigating fraud, misrepresenta- (a) ESTABLISHMENT.—There is established a gram, as the COVID-19 Relief Oversight
tion, and malfeasance with respect to devel- COVID-19 Relief Oversight Board, which Board determines appropriate.
opment, advertising, and sale of financial or shall be responsible for— (g) REPORTS.—The COVID-19 Relief Over-
other products. (1) reviewing the exercise of authority sight Board shall report to the appropriate
SEC. 11. INFORMATION FOR CONGRESSIONAL under the COVID-19 Relief Program that re- committees of Congress and the Congres-
SUPPORT AGENCIES lates to policies implemented to— sional Oversight Panel established under this
(A) increase loan forgiveness, loan eligi- Act, not less frequently than quarterly, on
Provides that all information used by Fed- the matters described in subsection (a)(1).
bility, and loan deferment of eligible small
eral officials in connection with activities (h) TERMINATION.—The COVID-19 Relief
businesses under section 7(a) of the Small
authorized under this Act (including the Oversight Board, and its authority under
Business Act (15 U.S.C. 636(a));
records to which GAO is entitled under this this section, shall terminate on the expira-
(B) extend grants or other forms of finan-
Act) will be made available to the Congres- tion of the 15-day period beginning upon the
cial assistance to business concerns in re-
sional Budget Office and the Joint Com- later of—
sponse to the outbreak of COVID-19;
mittee on Taxation, upon request, so that (1) the date on which the national emer-
(C) make resources available, through the
these agencies can assist with congressional gency declared by the President under the
Medicare and Medicaid programs, to hos-
oversight monitoring, and analysis of the National Emergencies Act (50 U.S.C. 1601 et
pitals and long-term care facilities for the
COVID–19 relief assistance activities. seq.) with respect to the COVID-19 expires; or
elderly in response to the COVID-19 out-
S. 3578 break; and (2) the date on which the Exchange Sta-
Be it enacted by the Senate and House of Rep- (D) extend emergency relief to distressed bilization Fund of the Department of the
resentatives of the United States of America in sectors of the United States economy Treasury ceases the direct lending, loan
Congress assembled, through the Exchange Stabilization Fund of guarantee, and investment activities for car-
SECTION 1. SHORT TITLE. the Department of the Treasury; riers and businesses designated to receive
This Act may be cited as the ‘‘COVID-19 (2) reviewing the effect of such policies and such assistance under the CARES Act, H.R.
Funding Accountability Act of 2020’’. initiatives in mitigating supply chain dis- 748 (116th Congress) (or any successor pro-
SEC. 2. PURPOSE. ruptions, preventing disruptions in the dis- gram established under Federal law).
tribution and sales of products and services, SEC. 5. CONFLICTS OF INTEREST.
The purpose of this Act is to ensure that
the Federal authority and assistance that is and ensuring the sustainability of distressed (a) STANDARDS REQUIRED.—The Director of
extended to private entities in response to sectors of the United States economy due to the Office of Management and Budget shall
the outbreak of the Coronavirus Disease 2019 the COVID-19 outbreak; issue regulations or guidelines necessary to
(referred to in this Act as ‘‘COVID-19’’) is (3) making recommendations, as appro- address and manage or to prohibit conflicts
used in a manner that— priate, to the Administrator of the Small of interest that may arise in connection with
(1) promotes economic sustainability of se- Business Administration, the Secretary of the administration and execution of the au-
verely distressed sectors of the United States the Treasury, the Secretary of Commerce, thorities provided under the COVID-19 Relief
economy; the Secretary of Health and Human Services, Program.
and the Secretary of Transportation regard- (b) TIMING.—Regulations or guidelines re-
(2) promotes retention of jobs for working
ing use of such statutory authority; and quired by this section shall be issued as soon
Americans and maximizes overall returns to
(4) reporting any suspected fraud, mis- as practicable after the date of enactment of
the taxpayers of the United States; and
representation, or malfeasance to the Spe- this Act.
(3) provides public accountability for the
cial Inspector General for the COVID-19 Re- SEC. 6. EXECUTIVE COMPENSATION AND COR-
exercise of such Federal authority and as- PORATE GOVERNANCE.
sistance. lief Program or the Attorney General of the
United States, consistent with section 535(b) (a) APPLICABILITY.—Any private entity
SEC. 3. DEFINITIONS. that receives loans, loan guarantees, grants,
In this Act: of title 28, United States Code.
(b) MEMBERSHIP.—The COVID-19 Relief or other assistance through the Exchange
(1) APPROPRIATE COMMITTEES OF CON- Stabilization Fund of the Department of the
Oversight Board established under sub-
GRESS.—The term ‘‘appropriate committees Treasury shall be subject to the executive
section (a) shall be comprised of—
of Congress’’ means— compensation requirements of subsection (b)
(1) the Administrator of the Small Busi-
(A) the Committee on Appropriations, the and the provisions under the Internal Rev-
ness Administration;
Committee on the Budget, the Committee on enue Code of 1986, as applicable.
(2) the Secretary of the Treasury;
Commerce, Science and Transportation, the (b) CRITERIA.—The standards required
(3) the Secretary of Transportation;
Committee on Finance, the Committee on under this subsection shall include—
(4) the Secretary of Commerce;
Banking, Housing, and Urban Affairs, and (1) limits on compensation that exclude in-
(5) the Secretary of Health and Human
the Committee on Small Business of the centives for senior executive officers of a pri-
Services; and
Senate; and vate entity to take unnecessary and exces-
(6) the Administrator of the Federal Emer-
(B) the Committee on Appropriations, the sive risks that threaten the value of such en-
gency Management Administration.
Committee on the Budget, the Committee on (c) CHAIRPERSON.—The chairperson of the tity during the period in which the entity re-
Energy and Commerce, the Committee on COVID-19 Relief Oversight Board shall be ceives financial assistance in response to the
Financial Services, and the Committee on elected by the members of the Board from COVID-19 outbreak; and
Ways and Means of the House of Representa- among the members other than the Adminis- (2) a prohibition on the entity making any
tives. trator of the Small Business Administration bonus, incentive compensation or golden
(2) CONGRESSIONAL SUPPORT AGENCIES.—The and the Secretary of the Treasury. parachute payment to a senior executive of-
term ‘‘congressional support agencies’’ (d) MEETINGS.—The COVID-19 Relief Over- ficer during the period in which such private
means— sight Board shall meet 2 weeks after the Ex- entity receives Federal assistance through
(A) the Congressional Budget Office; and change Stabilization Fund of the Depart- the Exchange Stabilization Fund.
(B) the Joint Committee on Taxation. ment of the Treasury initiates any loan, loan (c) DEFINITION.—For purposes of this sec-
(3) COVID-19 RELIEF PROGRAM.—The term guarantee, or other investment for air car- tion, the term ‘‘senior executive officer’’
‘‘COVID-19 Relief Program’’ means initia- riers and businesses, as authorized under the means an individual who is one of the top 5
tives established or implemented by Federal CARES Act, H.R. 748 (116th Congress) (or any highly paid executives of a public or private
officials in accordance with— successor program established under Federal corporation or limited liability company.
(A) the Coronavirus Preparedness and Re- law) and monthly thereafter. (d) SUNSET.—This section shall apply only
sponse Supplemental Appropriations Act (e) ADDITIONAL AUTHORITIES.—In addition to arrangements entered into during the pe-
(Public Law 116–123); to the responsibilities described in sub- riod in which the entity received a Federal
(B) the Families First Coronavirus Re- section (a), the COVID-19 Relief Oversight loan, loan guarantee, or other investment or
sponse Act (Public Law 116–127); Board shall have the authority to ensure assistance in response to the COVID-19 out-
(C) the Coronavirus Aid, Relief, and Eco- that the policies implemented through the break.
nomic Security Act (also known as the Exchange Stabilization Fund are— SEC. 7. OVERSIGHT AND AUDITS.
‘‘CARES Act’’), H.R. 748 (116th Congress); (1) in accordance with the purposes of this (a) COMPTROLLER GENERAL OVERSIGHT.—
and Act, including preservation of jobs of work- (1) SCOPE OF OVERSIGHT.—In furtherance of
(D) any successor legislation to the same ers in severely distressed sectors of the econ- the purpose of this Act, the Comptroller
general intent and effect as the legislation omy; General of the United States shall commence
described in subparagraphs (A), (B), and (C). (2) in the economic interests of the United ongoing oversight of the activities and per-
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(4) EXCHANGE STABILIZATION FUND.—The States; and formance of the COVID-19 Relief Program
term ‘‘Exchange Stabilization Fund’’ means (3) consistent with protecting taxpayers’ and any agents of the executive branch in-
the assistance program for distressed sectors interests. voking Federal authority or rendering as-
of the United States economy that is estab- (f) CREDIT REVIEW COMMITTEE.—The sistance to private entities in response to
lished by the CARES Act, H.R. 748 (116th COVID-19 Relief Oversight Board may ap- the COVID-19 outbreak.
Congress)(or any successor program estab- point a credit review committee for the pur- (2) CONDUCT AND ADMINISTRATION OF OVER-
lished by Federal law). pose of evaluating the exercise of the author- SIGHT.—
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S2012 CONGRESSIONAL RECORD — SENATE March 24, 2020
(A) GAO ACCESS TO RECORDS.—To the ex- (4) REMOVAL.—The Special Inspector Gen- of the Special Inspector General, unreason-
tent otherwise consistent with law, the eral shall be removable from office in accord- ably refused or not provided, the Special In-
Comptroller General shall have access, upon ance with the provisions of section 3(b) of spector General shall report the cir-
request, to any information, data, schedules, the Inspector General Act of 1978 (5 U.S.C. cumstances to the appropriate committees
books, accounts, financial records, reports, App.). of Congress without delay.
files, electronic communications, or other (5) POLITICAL ACTIVITIES ON DUTY.—For pur- (f) REPORTS.—
papers, things, or property belonging to or in poses of section 7324 of title 5, United States (1) IN GENERAL.—Not later than 60 days
use by Federal entities that exercise author- Code, the Special Inspector General shall not after the confirmation of the Special Inspec-
ity or render assistance to private entities be considered an employee who determines tor General, and every calendar quarter
through the COVID-19 Relief Program. The policies to be pursued by the United States thereafter, the Special Inspector General
Comptroller General may make and retain in the nationwide administration of Federal shall submit to the appropriate committees
copies of such books, accounts, and other law. of Congress a report summarizing the activi-
records as the Comptroller General deems (6) COMPENSATION.—The annual rate of ties of the Special Inspector General during
appropriate. basic pay of the Special Inspector General the 120-day period ending on the date of such
(B) REIMBURSEMENT OF COSTS.—The Treas- shall be the annual rate of basic pay for an report.
ury shall reimburse the Government Ac- Inspector General under section 3(e) of the (2) CONTENTS.—Each report required under
countability Office for the full cost of any Inspector General Act of 1978 (5 U.S.C. App.). this subsection shall include, for the period
such oversight activities as billed therefor (c) DUTIES.—
covered by such report, a detailed statement
by the Comptroller General of the United (1) IN GENERAL.—It shall be the duty of the
of all purchases, obligations, expenditures,
States. Such reimbursements shall be cred- Special Inspector General to conduct, super-
and revenues associated with the Exchange
ited to the appropriation account ‘‘Salaries vise, and coordinate audits and investiga-
Stabilization Fund and any COVID-19 Relief
and Expenses, Government Accountability tions of Federal assistance and relief pro-
Program involving the expenditure of more
Office’’ current when the payment is re- grams established in response to the COVID-
than $5,000,000.
ceived and remain available until expended. 19 outbreak.
(2) OVERSIGHT.—The Special Inspector Gen- (3) RULE OF CONSTRUCTION.—Nothing in this
(3) REPORTING.—The Comptroller General— subsection shall be construed to authorize
(A) shall submit reports of findings under eral shall establish, maintain, and oversee
such systems, procedures, and controls as the public disclosure of information that is—
this section, regularly and not less fre- (A) specifically prohibited from disclosure
quently than once every 60 days, to the ap- the Special Inspector General considers ap-
propriate to discharge the duty under para- by any other provision of law;
propriate committees of Congress, and the (B) specifically required by Executive
graph (1).
Special Inspector General for the COVID-19 order to be protected from disclosure in the
(3) ADDITIONAL DUTIES.—In addition to the
Relief Program established under section 8; interest of national defense or national secu-
duties specified in paragraphs (1) and (2), the
and rity or in the conduct of foreign affairs; or
Inspector General shall also have the duties
(B) may submit special reports under this (C) a part of an ongoing criminal investiga-
and responsibilities of inspectors general
subsection as warranted by the findings of tion.
under the Inspector General Act of 1978 (5
its oversight activities. (4) REQUIREMENT.—Any reports required
U.S.C. App.).
(b) COMPTROLLER GENERAL AUDITS.— (d) POWERS AND AUTHORITIES.— under this section shall also be submitted to
(1) AUTHORITY.—The Comptroller General (1) IN GENERAL.—In carrying out the duties the Congressional Oversight Panel estab-
may audit the programs, activities, receipts, described in subsection (c), the Special In- lished under section 9.
expenditures, and financial transactions of spector General shall have the authorities (g) FUNDING.—Of the amounts made avail-
Federal entities involved in extending au- provided in section 6 of the Inspector Gen- able to the Secretary of the Treasury in fis-
thority or assistance to private entities in eral Act of 1978. cal year 2021, $50,000,000 shall be available to
response to the COVID-19 outbreak. (2) REQUIREMENT.—The Special Inspector the Special Inspector General to carry out
(2) CORRECTIVE RESPONSES TO AUDIT PROB- General shall carry out the duties specified this section and shall remain available until
LEMS.—Agencies or departments subject to in subsection (c)(1) in accordance with sec- expended.
audits under this subsection shall— tion 4(b)(1) of the Inspector General Act of (h) TERMINATION.—Any oversight, report-
(A) take action to address deficiencies 1978 (5 U.S.C. App.). ing, or audit requirement under this section
identified by the Comptroller General, as ap- (e) PERSONNEL, FACILITIES, AND OTHER RE- shall terminate on the date that is 1 year
propriate; or SOURCES.— after the termination date described in sec-
(B) certify to appropriate committees of (1) PERSONNEL.—The Special Inspector tion 4(h).
Congress that no action is necessary or ap- General may select, appoint, and employ
propriate. SEC. 9. CONGRESSIONAL OVERSIGHT PANEL.
such officers and employees as may be nec-
(c) SHARING OF INFORMATION.—Any report essary for carrying out the duties of the Spe- (a) ESTABLISHMENT.—There is hereby es-
or audit required under this section shall cial Inspector General, subject to the provi- tablished the Congressional Oversight Panel
also be submitted to the Congressional Over- sions of title 5, United States Code, gov- (hereafter in this section referred to as the
sight Panel established under section 9. erning appointments in the competitive ‘‘Oversight Panel’’) as an establishment in
(d) TERMINATION.—Any oversight, report- service, and the provisions of chapter 51 and the legislative branch.
ing, or audit requirement under this section subchapter III of chapter 53 of such title 5, (b) DUTIES.—The Oversight Panel shall re-
shall terminate 180 days after the termi- relating to classification and General Sched- view the current state of the financial mar-
nation date described in section 4(h). ule pay rates. kets and submit the following reports to
SEC. 8. SPECIAL INSPECTOR GENERAL FOR (2) EXPERTS AND CONSULTANTS.—The Spe- Congress:
COVID-19 RELIEF PROGRAM. cial Inspector General may obtain services (1) REGULAR REPORTS.—
(a) OFFICE OF INSPECTOR GENERAL.—There as authorized by section 3109 of title 5, (A) IN GENERAL.—Regular reports of the
is hereby established the Office of the Spe- United States Code, at daily rates not to ex- Oversight Panel shall include the following:
cial Inspector General for the COVID-19 Re- ceed the equivalent rate prescribed for grade (i) The use by Federal officials of authority
lief Program. GS–15 of the General Schedule by section to implement COVID-19 Relief Program.
(b) APPOINTMENT OF INSPECTOR GENERAL; 5332 of such title 5. (ii) The impact of the COVID-19 Relief Pro-
REMOVAL.— (3) AUDITS AND ANALYSES.—The Special In- gram on the financial markets, air carriers,
(1) IN GENERAL.—The head of the Office of spector General may enter into contracts and medical providers.
the Special Inspector General for the COVID- and other arrangements for audits, studies, (iii) The extent to which the information
19 Asset Relief Program is the Special In- analyses, and other services with public made available on transactions under the
spector General for the COVID-19 Relief Pro- agencies and with private persons, and make Exchange Stabilization Fund has contrib-
gram (in this section referred to as the ‘‘Spe- such payments as may be necessary to carry uted to market transparency.
cial Inspector General’’), who shall be ap- out the duties of the Inspector General. (iv) The effectiveness of the program from
pointed by the President, by and with the ad- (4) ASSISTANCE FROM OTHER DEPART- the standpoint of minimizing long-term
vice and consent of the Senate. MENTS.— costs to the taxpayers and maximizing the
(2) REQUIREMENT FOR APPOINTMENT.—The (A) IN GENERAL.—Upon request of the Spe- benefits for taxpayers.
appointment of the Special Inspector Gen- cial Inspector General for information or as- (B) TIMING.—The reports required under
eral shall be made on the basis of integrity sistance from any department, agency, or this paragraph shall be submitted not later
and demonstrated ability in accounting, au- other entity of the Federal Government, the than 30 days after the establishment of the
diting, financial analysis, law, management head of such entity shall, insofar as is prac- Exchange Stabilization Fund, and every 30
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analysis, public administration, or investiga- ticable and not in contravention of any ex- days thereafter.
tions. isting law, furnish such information or as- (2) SPECIAL REPORT ON REGULATORY RE-
(3) TIMING OF NOMINATION.—The nomina- sistance to the Special Inspector General, or FORM.—The Oversight Panel shall submit a
tion of an individual as Special Inspector an authorized designee. special report on regulatory reform not later
General under this section shall be made as (B) NOTIFICATION OF CONGRESS.—Whenever than March 31, 2021, analyzing the current
soon as practicable after the establishment information or assistance requested by the state of the regulatory system and its effec-
of the Exchange Stabilization Fund. Special Inspector General is, in the judgment tiveness at overseeing the recipients of
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March 24, 2020 CONGRESSIONAL RECORD — SENATE S2013
COVID-19 Relief Program assistance and pro- this section. Upon request of the Chairperson (B) the last day of the One Hundred Six-
tecting consumers, and providing rec- of the Oversight Panel, the head of that de- teenth Congress;
ommendations for improvement, including partment or agency shall furnish that infor- (2) the term ‘‘COVID-19 relief legislation’’
recommendations regarding whether any mation to the Oversight Panel. means legislation that the Majority Leader
participants in the financial markets that (4) REPORTS.—The Oversight Panel shall of the Senate determines appropriately ad-
are currently outside the regulatory system receive and consider all reports required to dresses the COVID-19 outbreak; and
should become subject to the regulatory sys- be submitted to the Oversight Panel under (3) the term ‘‘Secretary of the Senate’’
tem, the rationale underlying such rec- this Act. means the Secretary of the Senate, or an em-
ommendation, and whether there are any (f) TERMINATION.—The Oversight Panel ployee of the Office of the Secretary of the
gaps in existing consumer protections. shall terminate on the date that is 180 days Senate who is designated by the Secretary to
(c) MEMBERSHIP.— after the termination date described in sec- carry out this resolution.
(1) IN GENERAL.—The Oversight Panel shall tion 4(h). (b) IN GENERAL.—
consist of 5 members, as follows: (g) FUNDING FOR EXPENSES.— (1) DEADLINE FOR PASSING COVID-19 RELIEF
(A) 1 member appointed by the Speaker of (1) AUTHORIZATION OF APPROPRIATIONS.— LEGISLATION.—If, by March 24, 2020, the Sen-
the House of Representatives. There is authorized to be appropriated to the ate does not pass COVID-19 relief legislation,
(B) 1 member appointed by the minority Oversight Panel such sums as may be nec- then, for the duration of the covered period,
leader of the House of Representatives. essary for any fiscal year, half of which shall the Secretary of the Senate shall—
(C) 1 member appointed by the majority be derived from the applicable account of the (A) deposit in an escrow account all pay-
leader of the Senate. House of Representatives, and half of which ments otherwise required to be made during
(D) 1 member appointed by the minority shall be derived from the contingent fund of the covered period for the compensation of
leader of the Senate. the Senate. the Senators; and
(E) 1 member appointed by the Speaker of (2) REIMBURSEMENT OF AMOUNTS.—An (B) release amounts deposited in an escrow
the House of Representatives and the major- amount equal to the expenses of the Over- account under subparagraph (A) to the Sen-
ity leader of the Senate, after consultation sight Panel shall be promptly transferred by ator only upon the expiration of the end of
with the minority leader of the Senate and the Secretary of the Treasury, from time to the covered period.
the minority leader of the House of Rep- time upon the presentment of a statement of (2) WITHHOLDING AND REMITTANCE OF
resentatives. such expenses by the Chairperson of the AMOUNTS FROM PAYMENTS HELD IN ESCROW.—
(2) PAY.—Each member of the Oversight Oversight Panel, from funds made available The Secretary of the Senate shall provide for
Panel shall each be paid at a rate equal to to the Secretary of the Treasury under this the same withholding and remittance with
the daily equivalent of the annual rate of Act to the applicable fund of the House of respect to a payment deposited in an escrow
basic pay for level I of the Executive Sched- Representatives and the contingent fund of account under paragraph (1) that would
ule for each day (including travel time) dur- the Senate, as appropriate, as reimburse- apply to the payment if the payment were
ing which such member is engaged in the ac- ment for amounts expended from such ac- not subject to paragraph (1).
tual performance of duties vested in the count and fund under paragraph (1). (3) RELEASE OF AMOUNTS AT END OF THE
Commission. CONGRESS.—In order to ensure that this sec-
SEC. 10. COOPERATION WITH THE DEPARTMENT
(3) PROHIBITION OF COMPENSATION OF FED- OF JUSTICE AND THE FBI.
tion is carried out in a manner that shall not
ERAL EMPLOYEES.—Members of the Oversight vary the compensation of Senators in viola-
Any Federal financial regulatory agency
Panel who are full- time officers or employ- tion of the twenty-seventh article of amend-
shall cooperate with the Department of Jus-
ees of the United States or Members of Con- ment to the Constitution of the United
tice and the Federal Bureau of Investigation States, the Secretary of the Senate shall re-
gress may not receive additional pay, allow-
and other law enforcement agencies inves- lease for payments to Senators any amounts
ances, or benefits by reason of their service
tigating fraud, misrepresentation, and mal- remaining in any escrow account under this
on the Oversight Panel.
feasance with respect to development, adver- section on the last day of the One Hundred
(4) TRAVEL EXPENSES.—Each member shall
tising, and sale of financial or other invest- Sixteenth Congress.
receive travel expenses, including per diem
ment products. (4) ROLE OF SECRETARY OF THE TREASURY.—
in lieu of subsistence, in accordance with ap-
plicable provisions under subchapter I of SEC. 11. INFORMATION FOR CONGRESSIONAL The Secretary of the Treasury shall provide
SUPPORT AGENCIES. the Secretary of the Senate with such assist-
chapter 57 of title 5, United States Code.
(5) QUORUM.—Four members of the Over- Upon request, and to the extent otherwise ance as may be necessary to enable the Sec-
sight Panel shall constitute a quorum but a consistent with law, all information used by retary of the Senate to carry out this sec-
lesser number may hold hearings. the Federal officials in connection with ac- tion.
(6) VACANCIES.—A vacancy on the Over- tivities authorized under this Act (including (c) NOTIFICATION.—The Majority Leader of
sight Panel shall be filled in the manner in the records to which the Comptroller Gen- the Senate shall—
which the original appointment was made. eral is entitled under this Act) shall be made (1) upon the date of enactment of this reso-
(7) MEETINGS.—The Oversight Panel shall available to congressional support agencies lution, inform the Secretary of the Senate
meet at the call of the Chairperson or a ma- (in accordance with their obligations to sup- that the provisions of subsection (b) are in
jority of its members. port the Congress as set out in their author- effect; and
(d) STAFF.— izing statutes) for the purposes of assisting (2) notify the Secretary of the Senate when
(1) IN GENERAL.—The Oversight Panel may the committees of Congress with conducting the Senate has passed COVID-19 relief legis-
appoint and fix the pay of any personnel as oversight, monitoring, and analysis of the lation and the covered period has ended.
the Commission considers appropriate. activities authorized under the COVID-19 Re- f
(2) EXPERTS AND CONSULTANTS.—The Over- lief Program.
sight Panel may procure temporary and f
SENATE RESOLUTION 552—SUP-
intermittent services under section 3109(b) of PORTING AN INTERNATIONAL IN-
title 5, United States Code. SUBMITTED RESOLUTIONS VESTIGATION INTO THE HAN-
(3) STAFF OF AGENCIES.—Upon request of DLING BY THE GOVERNMENT OF
the Oversight Panel, the head of any Federal THE PEOPLE’S REPUBLIC OF
department or agency may detail, on a reim- SENATE RESOLUTION 551—PRO-
CHINA OF COVID-19 AND THE IM-
bursable basis, any of the personnel of that VIDING THAT THE SALARIES OF
PACT OF HANDLING COVID-19 IN
department or agency to the Oversight Panel SENATORS SHALL BE HELD IN
THAT MANNER ON THE PEOPLE
to assist it in carrying out its duties under ESCROW UNTIL THE SENATE
this Act. OF THE UNITED STATES AND
HAS PASSED LEGISLATION THAT
(e) POWERS.— OTHER NATIONS
APPROPRIATELY ADDRESSES
(1) HEARINGS AND SESSIONS.—The Oversight Mr. HAWLEY (for himself, Ms.
THE COVID-19 OUTBREAK
Panel may, for the purpose of carrying out MCSALLY, Mr. CORNYN, and Mr. COT-
this section, hold hearings, sit and act at Ms. MCSALLY submitted the fol- TON) submitted the following resolu-
times and places, take testimony, and re- lowing resolution; which was referred tion; which was referred to the Com-
ceive evidence as the Panel considers appro- to the Committee on Rules and Admin-
priate and may administer oaths or affirma- mittee on Foreign Relations:
istration: S. RES. 552
tions to witnesses appearing before it.
(2) POWERS OF MEMBERS AND AGENTS.—Any S. RES. 551 Whereas the novel coronavirus (referred to
member or agent of the Oversight Panel Resolved, in this resolution as ‘‘COVID–19’’) emerged in
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may, if authorized by the Oversight Panel, SECTION 1. NO COVID-19 RELIEF, NO PAY. the People’s Republic of China and began to
take any action which the Oversight Panel is (a) DEFINITIONS.—In this section— spread as early as November 2019;
authorized to take by this section. (1) the term ‘‘covered period’’ means the Whereas, by late December, dozens of citi-
(3) OBTAINING OFFICIAL DATA.—The Over- period beginning March 25, 2020, and ending zens of the People’s Republic of China had
sight Panel may secure directly from any de- on the earlier of— fallen victim to COVID–19;
partment or agency of the United States in- (A) the date that the Senate passes COVID- Whereas, on December 30, Wuhan, China
formation necessary to enable it to carry out 19 relief legislation; or health authorities identified, interrogated,
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