; and (D) all other material information. (2) Updates Disclosures required under this subsection shall be updated when there are material changes. (3) Public availability of reports The Commission shall make each report filed to the Commission under paragraph (1) available to the public, including on the website of the Commission. . (b) Application Section 13(t) of the Securities Exchange Act of 1934, as added by subsection (a), shall apply to a pandemic declared by the World Health Organization that is in existence on the date of enactment of this Act or that is declared after the date of enactment of this Act. 405. Oversight of Federal aid related to COVID–19 (a) Congressional COVID–19 Aid Oversight Panel (1) Establishment There is hereby established the Congressional COVID–19 Aid Oversight Panel (hereafter in this subsection referred to as the Oversight Panel ) as an establishment in the legislative branch. (2) Duties The Oversight Panel shall review the current state of the financial markets and the regulatory system and submit regular reports to Congress on the following: (A) The use of Federal aid provided during the COVID–19 emergency. (B) The impact of Federal aid related to COVID–19 on the financial markets and financial institutions. (3) Membership (A) In general The Oversight Panel shall consist of 5 members, as follows: (i) One member appointed by the Speaker of the House of Representatives. (ii) One member appointed by the minority leader of the House of Representatives. (iii) One member appointed by the majority leader of the Senate. (iv) One member appointed by the minority leader of the Senate. (v) 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. (B) 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