1. Congressional COVID–19 Aid Oversight Panel
Establishment— There is hereby established the Congressional COVID–19 Aid Oversight Panel (hereafter in this section referred to as the “Oversight Panel”) as an establishment in the legislative branch.
Duties— The Oversight Panel shall review the current state of the financial markets and the regulatory system and submit regular reports to Congress on the following:
The use of Federal aid related to COVID–19.
The impact of Federal aid related to COVID–19 on the financial markets and financial institutions.
Membership—
In general— The Oversight Panel 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 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.
Pay— Each member of the Oversight Panel shall each 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 Commission.
Prohibition of compensation of Federal employees— Members of the Oversight Panel who are full-time officers or employees of the United States or Members of Congress may not receive additional pay, allowances, or benefits by reason of their service on the Oversight Panel.
Travel expenses— 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.
Quorum— Four members of the Oversight Panel shall constitute a quorum but a lesser number may hold hearings.
Vacancies— A vacancy on the Oversight Panel shall be filled in the manner in which the original appointment was made.
Meetings— The Oversight Panel shall meet at the call of the Chairperson or a majority of its members.
Staff—
In general— The Oversight Panel may appoint and fix the pay of any personnel as the Oversight Panel considers appropriate.
Experts and consultants— The Oversight Panel may procure temporary and intermittent services under section 3109(b) of title 5, United States Code.
Staff of agencies— Upon request of the Oversight Panel, 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 Panel to assist it in carrying out its duties under this Act.
Powers—
Hearings and sessions— The Oversight Panel 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 Panel considers appropriate and may administer oaths or affirmations to witnesses appearing before it.
Powers of members and agents— Any member or agent of the Oversight Panel may, if authorized by the Oversight Panel, take any action which the Oversight Panel is authorized to take by this section.
Obtaining Official Data— The Oversight Panel 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 Panel, the head of that department or agency shall furnish that information to the Oversight Panel.
Reports— The Oversight Panel shall receive and consider all reports required to be submitted to the Oversight Panel under this Act.
Authorization of appropriations— There is authorized to be appropriated to the Oversight Panel 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.
Definitions— In this section:
COVID–19 emergency— The term “COVID–19 emergency” means the period beginning on the date of enactment of this Act and ending on the date on which the Securities and Exchange Commission determines that the impact of COVID–19 on the American financial system has ended.
Federal aid— The term “Federal aid” means any emergency lending provided under section 13(3) of the Federal Reserve Act or any Federal financial support in the form of a grant, loan, or loan guarantee.