123STA T . 2 90PUBLIC LA W 111 –5—FE B.1 7, 2009 or(B)t o se r v e a s Ch a i r p erso n, that F e d era l o f fi c er m a y not receive additional compensation for services performed as Chairperson . (B) AP P OINTME NTO F NON - FE D E RAL OFFI C ER. —I f the P resident appoints an individ u al as Chairperson under para g raph ( 1 )(C), that individual shall b e compensated at the rate of basic pay prescribed for level I V of the Ex ecutive S chedule under section 53 15 of title 5, U nited States Code. (b) M EM B ER S .— T he members of the Board shall include— (1) the Inspectors G eneral of the D epartments of Agri- culture, Commerce, Education, Energy, H ealth and Human Services, Homeland Security, J ustice, Transportation, Treasury, and the Treasury Inspector General for Tax Administration
and ( 2 ) any other Inspector General as designated by the Presi- dent from any agency that expends or obligates covered funds. SEC.1523 . FUN C TIO NSOFT H E B O ARD . (a) F U NCTIONS.— (1) IN G ENERAL.—The Board shall coordinate and conduct oversight of covered funds in order to prevent fraud, w aste, and abuse. (2) SPECIFIC FUNCTIONS.—The functions of the Board shall include— (A) reviewing whether the reporting of contracts and grants using covered funds meets applicable standards and specifies the purpose of the contract or grant and measures of performance; (B) reviewing whether competition re q uirements applicable to contracts and grants using covered funds have been satisfied; (C) auditing or reviewing covered funds to determine whether wasteful spending, poor contract or grant manage- ment, or other abuses are occurring and referring matters it considers appropriate for investigation to the inspector general for the agency that disbursed the covered funds; (D) reviewing whether there are sufficient qualified acquisition and grant personnel overseeing covered funds; (E) reviewing whether personnel whose duties involve acquisitions or grants made with covered funds receive adequate training; and (F) reviewing whether there are appropriate mecha- nisms for interagency collaboration relating to covered funds, including coordinating and collaborating to the extent practicable with the Inspectors General Council on Integrity and Efficiency established by the Inspector Gen- eral R eform Act of 2 0 0 8 (Public L aw 110 –4 0 9 ). (b) REPORTS.— (1) FLAS H AND OTHER REPORTS.—The Board shall submit to the President and Congress, including the Committees on Appropriations of the Senate and House of Representatives, reports, to be k nown as ‘ ‘flash reports ’ ’, on potential manage- ment and funding problems that require immediate attention. The Board also shall submit to Congress such other reports as the Board considers appropriate on the use and benefits of funds made available in this Act.
