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

Summary

OMB must send a report to the President and Congress within 60 days after the authority in section 5211(a) is first used, but no later than December 31, 2008, and then every year. The report must give an estimate of the cost of the troubled assets and any guarantees as of the first business day at least 30 days before the report, show the data behind that estimate (including assets bought or guaranteed, prices paid, revenues, effects 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 OMB’s report, the Congressional Budget Office (CBO) must send its own assessment of the costs, the information and valuation methods used, and the effects on the deficit and debt. The CBO director may hire staff and outside experts to help. Money can be appropriated as needed to produce these reports. These reporting duties stop at the end of the year when all troubled assets bought under section 5211 are no longer owned or controlled by the federal government.