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Code · BILL · 116th Congress · H.R. 7671 (Introduced in House) — To provide for the establishment of a COVID–19 Small Business Recovery Fund, and for other purposes. · Sec. 10

Sec. 10. Congressional Oversight Board

988 words·~4 min read·/bill/116/hr/7671/ih/section-10

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There is hereby established the Congressional Oversight Board (hereafter in this section referred to as the Oversight Board ) as an establishment in the legislative branch. The Oversight Board shall— conduct oversight of the implementation of this Act by the Department of the Treasury, including efforts of the Special Administrator to provide economic support for businesses as a result of the coronavirus disease 2019 (COVID–19) pandemic of 2020; submit to Congress reports under paragraph (2); and review the implementation of this Act by the Federal Government.
Reports of the Oversight Board shall include the following: The use by the Special Administrator of authority under this Act, including with respect to the use of contracting authority and administration of the provisions of this Act. The impact of recovery compensation made under this Act on the financial well-being of the people of the United States and the United States economy. The extent to which the Special Administrator has prioritized compensation under this Act. The effectiveness of recovery compensation made under this Act of minimizing long-term costs to the taxpayers and maximizing the benefits for taxpayers.
The reports required under this paragraph shall be submitted not later than 30 calendar days after the appointment of the Special Administrator and every 30 calendar days thereafter. The Oversight Board shall contract with a public accounting firm registered by the Public Company Accounting Oversight Board under section 101(c) of the Sarbanes-Oxley Act ( 15 U.S.C. 7211(c) ) to conduct independent audits of the recovery compensation program established under this Act. The Oversight Board shall consist of 5 members as follows:
One member appointed by the Speaker of the House of Representatives. One member appointed by the minority leader of the House of Representatives. One member appointed by the majority leader of the Senate. One member appointed by the minority leader of the Senate. One 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.
Each member of the Oversight Board shall be paid at a rate equal to the daily equivalent of the annual rate of basic pay for level I of the Executive Schedule for each day (including travel time) during which such member is engaged in the actual performance of duties vested in the Oversight Board. Each member shall be subject to the prohibition on acts affecting personal financial interest under section 208 of title 18, United States Code, and shall be subject to limitations on outside employment and outside income pursuant to title V of the Ethics in Government Act of 1978 (5 U.S.C.
App.). Members of the Oversight Board who are full-time officers or employees of the United States may not receive additional pay, allowances, or benefits by reason of their service on the Oversight Board. Each member shall receive travel expenses, including per diem in lieu of subsistence, in accordance with applicable provisions under subchapter I of chapter 57 of title 5, United States Code. Four members of the Oversight Board shall constitute a quorum, but a lesser number may hold hearings.
A vacancy on the Oversight Board shall be filled in the manner in which the original appointment was made. The Oversight Board shall meet at the call of the Chairperson or a majority of its members. The Oversight Board may appoint and fix the pay of any personnel as the Oversight Board considers appropriate. The Oversight Board may procure temporary and intermittent services under section 3109(b) of title 5, United States Code. Upon request of the Oversight Board, the head of any Federal department or agency may detail, on a reimbursable basis, any of the personnel of that department or agency to the Oversight Board to assist it in carrying out its duties under this Act.
The Oversight Board, or any subcommittee or member thereof, may, for the purpose of carrying out this section hold hearings, sit and act at times and places, take testimony, and receive evidence as the Oversight Board considers appropriate and may administer oaths or affirmations to witnesses appearing before it. The Oversight Board may, to such extent and in such amounts as are provided in appropriation Acts, enter into contracts to enable the Oversight Board to discharge its duties under this section.
Any member or agent of the Oversight Board may, if authorized by the Oversight Board, take any action which the Oversight Board is authorized to take by this section. The Oversight Board may secure directly from any department or agency of the United States information necessary to enable it to carry out this section. Upon request of the Chairperson of the Oversight Board, the head of that department or agency shall furnish that information to the Oversight Board. The Oversight Board shall receive and consider all reports required to be submitted to the Oversight Board under this Act.
The Oversight Board shall terminate on the date that is 1 year after the closure of the Fund by the Special Administrator under subsection (a)(4) of this Act. There is authorized to be appropriated to the Oversight Board such sums as may be necessary for any fiscal year, half of which shall be derived from the applicable account of the House of Representatives, and half of which shall be derived from the contingent fund of the Senate. An amount equal to the expenses of the Oversight Board shall be promptly transferred by the Secretary and the Board of Governors of the Federal Reserve System, from time to time upon the presentment of a statement of such expenses by the Chairperson of the Oversight Board, from funds made available to the Secretary under this Act to the applicable fund of the House of Representatives and the contingent fund of the Senate, as appropriate, as reimbursement for amounts expended from such account and fund under paragraph (1).
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Sec. 10
Congressional Oversight Board
U.S.C.§ 7211
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