§5215 Reports

Summary

The Secretary must send regular reports to the relevant Congressional committees. The first report is due before the end of the 60-day period after the Secretary first uses the powers in sections 5211 or 5212, and then reports are due every 30 days. Each report must give an overview of actions taken (including the factors called for in section 5213 and efforts under section 5219), show actual and expected administrative spending under section 5228, and include a detailed financial statement that covers eight kinds of items (agreements, insurance contracts under section 5212, transactions and parties involved, assets bought, projected costs and liabilities, operating expenses and pay for financial agents, valuation/pricing methods, and descriptions of any special vehicles used). Also, within 7 days after commitments to buy troubled assets reach $50,000,000,000 and within 7 days after each additional $50,000,000,000, the Secretary must send a written report describing the transactions, how prices were set and why, the effect on the financial system with data if possible, remaining problems and benchmarks, and any extra actions that may be needed. By April 30, 2009, the Secretary must also review the markets and oversight system (including the over-the-counter swaps market and government-sponsored enterprises) and report recommendations with reasons, including whether some market players should be regulated and how to improve clearing and settlement of OTC swaps. Every required report must also go to the Congressional Oversight Panel. The reporting duty ends on the later of the date the last troubled asset bought by the Secretary is sold or transferred out of government ownership or control, or the date the last insurance contract under section 5212 expires.