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Published: 2008

Total Pages: 0

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Due to the ambiguous nature of the statutory language in P. L. 110-343, the scope of the powers and authorities of the SIG TARP is not clear, as discussed below. [...] Although the absence of the additional IG Act language regarding political affiliation and appointment based only on job qualification skills does not change the legal protections that the IG Act and P. L. 110-343 afford to the SIG TARP, the SIG TARP may be less independent than other IGs as a practical matter, given that the SIG TARP is not subject to the same appointment constraints. [...] Unlike IGs in other agencies, who "shall report to and be under the general supervision" of the agency head,7 the SIG TARP will not be required to report to, or be supervised by, the head of any agency, including the Secretary of the Treasury. [...] If the SIG TARP's duties and responsibilities are interpreted to be confined to those in § 4 of the IG Act, the above cross reference to "the reports required by section 5" in § 4(a)(5) of the IG Act appears to subject the SIG TARP to the IG Act § 5 reporting requirements as well. [...] However, it is not clear as to whether the SIG TARP would need to submit the reports in § 5 of the IG Act in addition to the reports required in P. L. 110-343 or whether the SIG TARP would only be responsible for the required reports set forth in P. L. 110-343.