COVID-19 Congressional Oversight Commission (COC)

COVID-19 Congressional Oversight Commission (COC)

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INSIGHTi

COVID-19 Congressional Oversight
Commission (COC)
Updated January 6, 2022
On March 27, 2020, President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security
Act (CARES Act) into law (P.L. 116-136). Section 4020 of Title IV, Subtitle A, the Coronavirus
Economic Stabilization Act of 2020, established a five-member Congressional Oversight Commission
(COC) as one of several oversight mechanisms. The COC “conduct[s] oversight of the implementation of
this subtitle by the Department of the Treasury and the Board of Governors of the Federal Reserve
System,” reports to Congress on the Treasury Secretary’s and the Federal Reserve Board of Governors’
actions, and reviews the federal government’s implementation of the act. Through January 3, 2022, the
COC has issued 20 reports.
Is the COC a Congressional Commission?
A congressional advisory commission is generally defined as a multimember independent entity that (1) is
established by Congress, (2) exists temporarily, (3) serves in an advisory capacity, (4) is appointed in part
or whole by Members of Congress, and (5) reports to Congress.
This definition differentiates a congressional commission from a presidential commission, an executive
branch commission, or other bodies with “commission” in their names (e.g., the Federal Election
Commission), while including most entities that fulfill the role commonly perceived for congressional
commissions: namely, studying policy issues and reporting findings to Congress. As enacted, the COC
meets the five criteria outlined above, as shown in Table 1.
Table 1. Comparison of Congressional Advisory Commission Criteria and the
Congressional Oversight Commission (COC)
Criteria
COC Language
Establishment
“There is hereby established the Congressional Oversight Commission … as an
establishment in the legislative branch.” (§4020(a))
Exists Temporarily
“The Oversight Commission shall terminate on September 30, 2025.” (§4020(f))
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Criteria
COC Language
Serves in an Advisory Capacity
“The Oversight Commission shall … conduct oversight of the implementation of this
subtitle by the Department of the Treasury and the Board of Governors of the Federal
Reserve System, including efforts of the Department and the Board to provide economic
stability as a result of the coronavirus disease 2019 (COVID–19) pandemic of 2020.”
(§4020(b)(1)(A))
Appointed by Congress
“The Oversight Commission shall consist of 5 members as fol ows:
(A) 1 member appointed by the Speaker of the House of Representatives.
(B) 1 member appointed by the House of Representatives minority leader.
(C) 1 member appointed by the Senate majority leader.
(D) 1 member appointed by the Senate minority leader.
(E) 1 member appointed as Chairperson by the Speaker of the House and the Senate
majority leader, after consultation with the Senate minority leader and the House
minority leader.” (§4020(c))
Reports to Congress
“The Oversight Commission shall … submit to Congress reports…” (§4020(b)(1)(B))
Source: CRS analysis of P.L. 116-136, §4020.
COC Features
Similar to other congressional commissions, P.L. 116-136, §4020, contains several elements for the COC
to carry out its tasks, including specifying duties, pay of commission members, powers to exercise its
authority, and funding.
Duties and Reports
The COC is directed to report every 30 days on actions taken by the Treasury Secretary and the Board of
Governors of the Federal Reserve System under the CARES Act. The reports must include
(i) The use by the Secretary and the Board of Governors of the Federal Reserve System of authority
under this subtitle, including with respect to the use of contracting authority and administration of
the provisions of this subtitle.
(ii) The impact of loans, loan guarantees, and investments made under this subtitle on the financial
well-being of the people of the United States and the United States economy, financial markets, and
financial institutions.
(iii) The extent to which the information made available on transactions under this subtitle has
contributed to market transparency.
(iv) The effectiveness of loans, loan guarantees, and investments made under this subtitle of
minimizing long-term costs to the taxpayers and maximizing the benefits for taxpayers.
(§4020(b)(2)(A))
Commissioner Compensation
Commissioners may be federal employees, but federal employee commissioners are not paid for their
service on the commission (§4020(c)(3)). Commissioners who are not federal employees are 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 Commission” (§4020(c)(2)). All commissioners are reimbursed for travel
expenses. For FY2022, Level I of the Executive Schedule is $226,300 annually.

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Powers
The COC’s statute includes several authorities to allow it to carry out its mission. The COC is authorized
to hire staff, request the detail of federal employees on a reimbursable basis, procure the services of
outside experts and consultants, hold hearings, enter into contracts, and obtain information from any
federal agency or department upon request.
Funding
Section 4020(g) authorizes the appropriation of such sums as may be necessary for expenses of the COC,
of which half shall be derived from the contingent fund of the Senate, and half shall be derived from the
“applicable account” of the House of Representatives. The Secretary of the Treasury and the Board of
Governors of the Federal Reserve are also directed to reimburse such accounts for commission expenses
from funds made available to the Secretary under this subtitle.
Comparison to TARP Congressional Oversight Panel
The COVID-19 Congressional Oversight Commission is similar in structure to a previous entity
established by Congress: the Troubled Asset Relief Program Congressional Oversight Panel (TARP-COP,
P.L. 110-343, §125). Like the COC, the TARP-COP was a five-member independent entity in the
legislative branch, appointed by congressional leadership, and directed to submit regular reports to
Congress.
In exercising the duties established in P.L. 110-343, the TARP-COP issued 30 reports and held 26
hearings between December 2008 and March 2011, according to its final report. The COP expended
approximately $10.7 million through April 3, 2011. It also employed a total of 46 staff and utilized three
detailees.

Author Information

Jacob R. Straus

Specialist on the Congress

Disclaimer
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to congressional committees and Members of Congress. It operates solely at the behest of and under the direction of
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