12 2 STA T .379 2 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 200 8thefirs te x er c ise by the S ecret a ry o fthea u thority u nd er section 10 1 ( a ) or 10 2, and e v ery 3 0 days thereafter . (2) S PECIALR EP O R T O N RE GU LATOR Y RE F OR M . —T he O ver - si g ht P ane l shall sub m itas p ecial report on regulatory reform not later than J anuary 20, 200 9 , analy z ing the current state of the regulatory system and its effectiveness at overseeing the participants in the financial system and protecting con- sumers, and providing recommendations for improvement, including recommendations regarding w hether any participants in the financial mar k ets that are currently outside the regu- latory system should become sub j ect to the regulatory system, the rationale underlying such recommendation, and whether there are any gaps in existing consumer protections. (c) M EM B ER SH IP.— (1) I N GENERAL.—The Oversight Panel shall consist of 5 members, as follows
( A ) 1 member appointed by the Speaker of the H ouse of R epresentatives. ( B ) 1 member appointed by the minority leader of the House of Representatives. ( C ) 1 member appointed by the majority leader of the Senate. ( D ) 1 member appointed by the minority leader of the Senate. ( E ) 1 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. (2) PAY.—Each member of the Oversight Panel shall each bepaidataratee q ual 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. (3) PROHIBITION OF COMPENSATION OF FE D ERAL EMPLOYEES.—Members of the Oversight Panel who are full- time officers or employees of the U nited States or Members of Congress may not receive additional pay, allowances, or benefits by reason of their service on the Oversight Panel. ( 4 ) TRA V ELE X PENSES.—Each member shall receive travel expenses, including per diem in lieu of subsistence, in accord- ance with applicable provisions under subchapter I of chapter 5 7 of title 5, United States Code. (5) Q UORUM.— F our members of the Oversight Panel shall constitute a quorum but a lesser number may hold hearings. ( 6 ) V ACANCIES.—A vacancy on the Oversight Panel shall be filled in the manner in which the original appointment was made. (7) MEETINGS.—The Oversight Panel shall meet at the call of the Chairperson or a majority of its members. (d) STAFF.— (1) IN GENERAL.—The Oversight Panel may appoint and fix the pay of any personnel as the Commission considers appropriate. (2) EXPERTS AND CONSULTANTS.—The Oversight Panel may procure temporary and intermittent services under section 3109(b) of title 5, United States Code.
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