S. 3731: Special Inspector General for the Troubled Asset Relief Program Act of 2008

110th Congress · introduced 2008-12-10 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

Where it came from: introduced 2008-12-10 · official record
Who proposed it: Sen. McCaskill, Claire [D-MO] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Special Inspector General for the Troubled Asset Relief Program Act of 2008

Plain summary

(This measure has not been amended since it was introduced. The summary of that version is repeated here.) Special Inspector General for the Troubled Asset Relief Program Act of 2008 - Amends the Emergency Economic Stabilization Act of 2008 to grant the Special Inspector General (SIG) authority to conduct, supervise, and coordinate an audit or investigation of any action taken with regard to the Troubled Asset Relief Program (TARP) that the SIG deems appropriate. Prohibits any audit or investigation, however, of any action related to: (1) graduated authorization to purchase troubled assets; (2) oversight and audits by the Comptroller General; (3) the Comptroller General's study and report on margin authority; and (4) the Congressional Oversight Panel. Authorizes the SIG to exercise specified employment authorities for additional personnel, but not after six months following enactment of this Act. Prohibits any period of appointment from exceeding the date on which the Office of the SIG terminates. Requires the Secretary of the Treasury to: (1) either take action to address deficiencies identified by a report or investigation of the SIG or other auditor engaged by the TARP; or (2) certify to congressional committees that no action is necessary or appropriate. Instructs the SIG to work with Inspectors General of designated federal agencies to: (1) avoid duplication of effort; and (2) ensure comprehensive oversight of TARP. Requires the SIG to: (1) report to Congress by July 1, 2009, on the use of any funds received by a financial institution under TARP; and (2) make such report available to the public, including on the home page of the SIG's website within 24 hours after its submission to Congress. Requires funds for the office of the SIG to be made available not later than seven days after the SIG's nomination is first confirmed by the Senate.

Congressional Research Service summary (Passed Senate without amendment), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

Special Inspector General for the Troubled Asset Relief Program Act of 2008

Source: Congressional Research Service summary (Passed Senate without amendment)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. McCaskill, Claire [D-MO] · 11 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Chuck Grassley (R-IA), Susan M. Collins (R-ME), Charles E. Schumer (D-NY), Maria Cantwell (D-WA)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Passed Senate without amendment)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110s3731.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/s>

Record fed-us-cong110-s3731 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110