§9060 Reports

Summary

The Treasury must quickly tell the public about certain loans or loan guarantees it makes. Within 72 hours it must put on its website a plain-English description with the application and approval dates, the other party’s name, the loan amount, interest and main terms, and any final term sheet or contract. Within 7 days the Treasury must send Congress a report that gives an overview of actions, money obligated, spent, and paid out, and a detailed financial statement listing all loans made, renewed, or changed, the types of transactions and parties, assets bought, any special vehicles used, and any repayments, late payments, or defaults. The Treasury must publish that report online within 7 days and then post an update every 30 days while a loan or guarantee remains outstanding. The Treasury also must post eligibility rules, application materials, and other guidance online, and it must post any contract for administering a loan or guarantee within 24 hours of signing it. The Federal Reserve Board must give similar reports to Congress for certain programs: within 7 days after it starts a new facility and every 30 days for ongoing support, and it must publish those reports on its website within 7 days. The Treasury Secretary and the Fed Chair must testify to key banking committees twice a year about actions taken, but that testimony requirement ends after December 31, 2027. The Comptroller General must study the loans, guarantees, and investments and send a report no later than 9 months after March 27, 2020, and then yearly until the year after the last outstanding loan, guarantee, or investment is closed.