Emergency Economic Stabilization Act: Preliminary Analysis of Oversight Provisions (CRS Report for Congress)
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| Release Date |
Revised Dec. 23, 2008 |
| Report Number |
RL34713 |
| Report Type |
Report |
| Authors |
Curtis W. Copeland, Government and Finance Division |
| Source Agency |
Congressional Research Service |
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Summary:
The Emergency Economic Stabilization Act of 2008 (EESA, H.R. 1424, P.L 110-343) provides authority for the Secretary of the Treasury to purchase and insure 'troubled assets' to provide stability and prevent disruption in the economy and financial system. The act established two organizations to provide broad oversight for the stability program -- a Financial Stability Oversight Board (FSOB) and a Congressional Oversight Panel (COP). The act also placed audit responsibilities for the program with two individuals -- a new Special Inspector General (IG) for the Troubled Asset Relief Program (TARP), and the Comptroller General (CG) of the Government Accountability Office (GAO). The duties and responsibilities of both oversight panels and both auditors overlap in some areas, but are different in other areas. Several aspects of the FSOB do not appear to be clearly delineated in the act, including where the FSOB is 'established' within the federal government, whether it is covered by a variety of general management laws, whether it is to be provided information from federal departments or agencies, whether a majority of its members must be present to take action, and how the FSOB is to be funded and staffed. Some aspects of the COP are also unclear (e.g., how the chairperson is selected), and neither entity appears to have the power to compel agencies to provide needed information.
