Oversight Panel shall submit a special report on regulatory reform not later than March 31, 2021, analyzing the current state of the regulatory system and its effectiveness at overseeing the recipients of COVID-19 Relief Program assistance and protecting consumers, and providing recommendations for improvement, including recommendations regarding whether any participants in the financial markets that are currently outside the regulatory system should become subject to the regulatory system, the rationale underlying such recommendation, and whether there are any gaps in existing consumer protections. (c) Membership (1) In general The Oversight Panel shall consist of 5 members, as follows: (A) One member appointed by the Speaker of the House of Representatives. (B) One member appointed by the minority leader of the House of Representatives. (C) One member appointed by the majority leader of the Senate. (D) One member appointed by the minority leader of the Senate. (E) One 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 be 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 Commission. (3) Prohibition of compensation of federal employees Members of the Oversight Panel who are full-time officers or employees of the United States or Members of Congress may not receive additional pay, allowances, or benefits by reason of their service on the Oversight Panel. (4) Travel expenses Each member shall receive travel expenses, including per diem in lieu of subsistence, in accordance with applicable provisions under subchapter I of chapter 57 of title 5, United States Code. (5) Quorum Four members of the Oversight Panel