§5215 Reports

Summary

The Secretary must send regular reports to the appropriate congressional committees. The first report is due before the 60-day period ends after the first use of the powers in section 5211(a) or section 5212, whichever comes first, and then every 30 days after that. Each report must give an overview of actions taken (including the considerations in section 5213 and efforts under section 5219), show actual and expected administrative spending from funds in section 5228, and give a detailed financial statement covering things like agreements and insurance contracts, transactions and the parties involved, the assets bought, projected costs and liabilities, operating expenses (including pay for financial agents), the pricing or valuation methods used, and any entities or funds set up to carry out these actions. The Secretary must also file special reports within 7 days after commitments to buy troubled assets reach $50,000,000,000 and again for each additional $50,000,000,000. Those reports must describe the transactions, pricing and why prices and terms were chosen, the impact on the financial system with data when possible, remaining challenges and benchmarks, and estimates of further needed actions. A separate review of the regulatory system and markets (including the over-the-counter swaps market and government-sponsored enterprises) and recommendations must be submitted by April 30, 2009, with reasons for the recommendations. All reports must also go to the Congressional Oversight Panel. Reporting ends on whichever comes later: the date the last troubled asset bought under section 5211 is sold or leaves federal ownership or control, or the date the last insurance contract under section 5212 expires.