§5252 Reports by the Office of Management and Budget and the Congressional Budget Office

Summary

The Office of Management and Budget must send a report to the President and Congress within 60 days after the first use of the authority in section 5211(a), but no later than December 31, 2008, and every year after that. The report must give an estimate of the cost of troubled assets and any guarantees, measured as of the first business day at least 30 days before the report. It must also show the facts behind the estimate (like what was bought or guaranteed, prices paid, money received, effect on the deficit and debt, and any remaining purchase commitments) and explain how the estimate changed since the last report. Within 45 days after Congress gets the OMB report, the Congressional Budget Office must give its own review. That review must cover the cost numbers, the information and valuation methods used, and the effect on the deficit and debt. The CBO director may hire staff and outside experts to do this work. Money may be appropriated as needed to make the reports. The reporting stops once all troubled assets bought under section 5211 are sold or no longer owned or controlled by the Federal Government.