1. Congressional COVID–19 Aid Oversight Panel (a) Establishment There is hereby established the Congressional COVID–19 Aid Oversight Panel (hereafter in this section referred to as the Oversight Panel ) as an establishment in the legislative branch. (b) 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: (1) The use of Federal aid related to COVID–19. (2) The impact of Federal aid related to COVID–19 on the financial markets and financial institutions. (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 shall constitute a quorum but a lesser