Order Code RL34740
Reporting Requirements in the Emergency
Economic Stabilization Act of 2008
Updated November 13, 2008
Curtis W. Copeland
Specialist in American National Government
Government and Finance Division

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Reporting Requirements in the Emergency Economic
Stabilization Act of 2008
Summary
The Emergency Economic Stabilization Act of 2008 (EESA, Division A of H.R.
1424, P.L. 110-343) established numerous reporting requirements regarding a variety
of issues. The entities charged with preparation of these reports include both new
entities established by the act (e.g., the Financial Stability Oversight Board and the
Congressional Oversight Panel) as well as agencies and officials who existed before
the enactment of EESA (e.g., the Secretary of the Treasury and the Comptroller
General of the United States). The recipients of these reports also vary, as well as
their timing, frequency, and factors that trigger their development. These differences
notwithstanding, all of the EESA reports appear to share a common purpose — to
provide information to Congress and other entities on the implementation of the act’s
provisions.
No single entity receives all of the EESA-required reports. It is not readily
apparent why some of the reports are to be filed with a particular set of eight
“appropriate committees,” some to a subset of those committees, and some to
Congress as a whole. Some of the entities designated to prepare or receive the
reports have not been formally established (e.g., the Congressional Oversight Panel
and the Special Inspector General). Although one of the purposes of the legislation
is to provide “public accountability” for the use of EESA authorities, only one of the
reports is required to be made to the public, and it is unclear whether the other reports
will ultimately be provided to the public. Some of the reports are required to be
submitted very quickly, but other reports are not required for years. Some of the
reporting requirements are recurring (e.g., every 30 days, or quarterly), while others
are one-time requirements. Most of the requirements include clear starting points for
the submission of the reports, but in some cases, the starting points are unclear.
Many of the act’s reporting requirements seem to address the same or similar
issues. The number and variety of the required reports may have been intended to
provide a variety of perspectives on the implementation of EESA, but the lack of
integration of those requirements may make understanding the implementation of the
act difficult. Also, given the nature of the “troubled assets” currently being
purchased under the act (i.e., bank stock instead of mortgages or other instruments
related to mortgages), it is unclear whether some of the specific requirements are still
relevant. Other information that is not specifically required by the act (e.g., how the
federal funds are being used by the recipients) may be more helpful to Congress and
others as they conduct oversight of the program. Finally, some of the reporting
requirements expire on the date that the last troubled asset is sold or transferred, or
the date that the last insurance contract expires. Without some kind of a lag period
for these requirements, a complete history of the transactions may not be provided.
This report will be updated when new information becomes available.

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Contents
Reports by the Secretary of the Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Section 102(b) (Troubled Asset Relief Program) . . . . . . . . . . . . . . . . . 2
Section 105(a) (General Reports) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Section 105(b) (Tranche Reports) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Section 105(c) (Regulatory Modernization Report) . . . . . . . . . . . . . . . 3
Section 114(a) (Market Transparency, Pricing) . . . . . . . . . . . . . . . . . . . 4
Reports by the Financial Stability Oversight Board . . . . . . . . . . . . . . . . . . . . 4
Section 104(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Reports by the Congressional Oversight Panel . . . . . . . . . . . . . . . . . . . . . . . 4
Section 125(b)(1) (Regular Reports) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Section 125(b)(2) (Special Report on Regulatory Reform) . . . . . . . . . . 5
Reports by the Special Inspector General . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Section 121(f)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Reports by the Comptroller General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Section 116(a)(3) (Oversight Reporting) . . . . . . . . . . . . . . . . . . . . . . . . 5
Section 116(b) (Audit of TARP Financial Statement) . . . . . . . . . . . . . . 6
Section 117 (Margin Authority) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Reports by the Office of Management and Budget . . . . . . . . . . . . . . . . . . . . 7
Section 134 (Recoupment) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Section 202(a) (Cost of TARP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Reports by the Congressional Budget Office . . . . . . . . . . . . . . . . . . . . . . . . . 8
Section 202(b) (Assessment of OMB Report) . . . . . . . . . . . . . . . . . . . . 8
Reports to be Submitted by Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Section 110(b)(5) (Homeowner Assistance) . . . . . . . . . . . . . . . . . . . . . 8
Section 116(b) (Financial Statements) . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Section 129 (Disclosures on Exercise of Loan Authority) . . . . . . . . . . . 9
Section 133(b) (Mark-to-Market Accounting) . . . . . . . . . . . . . . . . . . . . 9
Concluding Observations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Appendix. Reporting Requirements in the Emergency
Economic Stabilization Act of 2008 (EESA, P.L. 110-343) . . . . . . . . . . . . 14

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Reporting Requirements in the Emergency
Economic Stabilization Act of 2008
The Emergency Economic Stabilization Act of 2008 (EESA, Division A of H.R.
1424, which was enacted on October 3, 2008, as P.L. 110-343) established numerous
reporting requirements regarding a variety of issues.1 Some of the reporting
requirements are assigned to newly established entities in the act, including the
Financial Stability Oversight Board,2 the Congressional Oversight Panel (COP),3 and
the Special Inspector General for the Troubled Asset Relief Program (SIG TARP).4
Other reporting requirements are given to agencies and officials who existed before
the enactment of EESA (e.g., the Secretary of the Treasury and the Comptroller
General of the United States).5 The recipients of these reports also vary, as well as
their timing, frequency, and factors that trigger their development. These differences
notwithstanding, all of the EESA reports appear to share a common purpose — to
provide information to Congress and other entities on the implementation of the act’s
provisions.
This report describes the various reporting requirements in EESA and is
organized according to the entities required to prepare and submit the reports. The
report also provides some concluding observations regarding those requirements. The
Appendix of the report summarizes the act’s reporting requirements in terms of
those responsible for producing and receiving the reports, the timing of the reports,
and when the reports are scheduled to end.
1 For more information on EESA and related issues, see CRS Report RL34730, The
Emergency Economic Stabilization Act and Current Financial Turmoil: Issues and Analysis,
by Baird Webel and Edward V. Murphy.
2 The Financial Stability Oversight Board comprises the Chairman of the Board of
Governors of the Federal Reserve System, the Secretary of the Treasury, the Director of the
Federal Housing Finance Agency, the Chairman of the Securities and Exchange
Commission, and the Secretary of Housing and Urban Development.
3 Members of the COP are appointed as follows: one each by the Speaker of the House of
Representatives, the minority leader of the House, the majority leader of the Senate, and the
minority leader of the Senate; and one by the Speaker and the majority leader of the Senate,
after consultation with the minority leaders in each house.
4 The Special Inspector General is appointed by the President, by and with the advice and
consent of the Senate. For more information on how the Special Inspector General for the
TARP compares with other inspectors general, see CRS Report RS22981, The Special
Inspector General for the Troubled Asset Relief Program (SIG TARP), by Vanessa K.
Burrows.
5 For more information on the oversight and audit responsibilities established in the act, see
CRS Report RL34713, Emergency Economic Stabilization Act: Preliminary Analysis of
Oversight Provisions, by Curtis W. Copeland.

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Reports by the Secretary of the Treasury
Section 102(b) (Troubled Asset Relief Program). Section 101 of EESA
authorizes the Secretary of the Treasury “to establish the Troubled Asset Relief
Program (or ‘TARP’) to purchase, and to make and fund commitments to purchase,
troubled assets from any financial institution.” Section 102(a) states that if the
Secretary of the Treasury establishes TARP, “then the Secretary shall establish a
program to guarantee troubled assets originated or issued prior to March 14, 2008,
including mortgage-backed securities.”6 Section 102(b) says that, “Not later than 90
days after the date of enactment of this Act, the Secretary shall report to the
appropriate committees of Congress on the program established under subsection
(a).”7 Section 3(1) of EESA defines the term “appropriate committees of Congress”
in the act to mean “(A) the Committee on Banking, Housing, and Urban Affairs, the
Committee on Finance, the Committee on the Budget, and the Committee on
Appropriations of the Senate; and (B) the Committee on Financial Services, the
Committee on Ways and Means, the Committee on the Budget, and the Committee
on Appropriations of the House of Representatives.”
Section 105(a) (General Reports). Section 105(a) of the act states that,
“Before the expiration of the 60-day period beginning on the date of the first exercise
of the authority granted in section 101(a), or of the first exercise of the authority
granted in section 102, whichever occurs first, and every 30-day period thereafter, the
Secretary [of the Treasury] shall report to the appropriate committees of Congress.”
Each such report is required to contain
(1) an overview of actions taken by the Secretary, including the considerations
required by section 103 and the efforts under section 109;
(2) the actual obligation and expenditure of the funds provided for administrative
expenses by section 118 during such period and the expected expenditure of such
funds in the subsequent period; and
(3) a detailed financial statement with respect to the exercise of authority under
this Act, including (A) all agreements made or renewed; (B) all insurance
contracts entered into pursuant to section 102; (C) all transactions occurring
during such period, including the types of parties involved; (D) the nature of the
assets purchased; (E) all projected costs and liabilities; (F) operating expenses,
including compensation for financial agents; (G) the valuation or pricing method
used for each transaction; and (H) a description of the vehicles established to
exercise such authority.
Section 105(d) of the act requires that this report also be submitted to the COP.
Section 105(g) states that this reporting requirement “shall terminate on the later of
(1) the date that the last troubled asset acquired by the Secretary under section 101
has been sold or transferred out of the ownership or control of the Federal
6 For more information on EESA’s insurance program, see CRS Report RS22969, The
Emergency Economic Stabilization Act’s Insurance for Troubled Assets, by Baird Webel.
7 Because EESA was enacted on October 3, 2008, this report appears to be required by
January 1, 2009.

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Government; or (2) the date of expiration of the last insurance contract issued under
section 102.”
Section 105(b) (Tranche Reports). Section 105(b)(1) of the act requires
the Secretary of the Treasury to provide to the “appropriate committees of Congress”
a written report, including (A) a description of all of the transactions made
during the reporting period; (B) a description of the pricing mechanism for the
transactions; (C) a justification of the price paid for and other financial terms
associated with the transactions; (D) a description of the impact of the exercise
of such authority on the financial system, supported, to the extent possible, by
specific data; (E) a description of challenges that remain in the financial system,
including any benchmarks yet to be achieved; and (F) an estimate of additional
actions under the authority provided under this Act that may be necessary to
address such challenges.
Section 105(b)(2) requires this report to be submitted “not later than 7 days after the
date on which commitments to purchase troubled assets under the authorities
provided in this Act first reach an aggregate of $50,000,000,000 and not later than
7 days after each $50,000,000,000 interval of such commitments is reached
thereafter.”8 Section 105(d) of the act requires that this report also be submitted to
the COP. Section 105(g) of the act states that this reporting requirement “shall
terminate on the later of (1) the date that the last troubled asset acquired by the
Secretary under section 101 has been sold or transferred out of the ownership or
control of the Federal Government; or (2) the date of expiration of the last insurance
contract issued under section 102.”
Section 105(c) (Regulatory Modernization Report). Section 105(c) of
the act requires the Secretary of the Treasury to “review the current state of the
financial markets and the regulatory system and submit a written report to the
appropriate committees of Congress not later than April 30, 2009, analyzing the
current state of the regulatory system and its effectiveness at overseeing the
participants in the financial markets, including the over-the-counter swaps market
and government-sponsored enterprises.” Section 105(c) also requires the report to
provide “recommendations for improvement, including (1) recommendations
regarding (A) whether any participants in the financial markets that are currently
outside the regulatory system should become subject to the regulatory system; and
(B) enhancement of the clearing and settlement of over-the-counter swaps; and (2)
the rationale underlying such recommendations.” Section 105(d) of the act requires
that this report also be submitted to the COP. Section 105(g) of the act states that
this reporting requirement “shall terminate on the later of (1) the date that the last
troubled asset acquired by the Secretary under section 101 has been sold or
8 On October 28, 2008, the Department of the Treasury transferred the first $115 billion of
EESA-related funds to participating institutions. See the remarks of Under Secretary for
Domestic Finance Anthony Ryan at [http://www.treasury.gov/press/releases/hp1240.htm].
As required, the first of these reports was published on November 4, 2008. See
[http://www.treasury.gov/initiatives/eesa/docs/Tranche-Reportfinal.pdf] for a copy of this
report.

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transferred out of the ownership or control of the Federal Government; or (2) the date
of expiration of the last insurance contract issued under section 102.”
Section 114(a) (Market Transparency, Pricing). While not a formal
reporting requirement, Section 114(a) of the act states that, “To facilitate market
transparency, the Secretary shall make available to the public, in electronic form, a
description, amounts, and pricing of assets acquired under this Act, within 2 business
days of purchase, trade, or other disposition.”
Reports by the Financial Stability Oversight Board
Section 104(g). Section 104(g) of the act requires the Financial Stability
Oversight Board to “report to the appropriate committees of Congress and the
Congressional Oversight Panel established under section 125, not less frequently than
quarterly, on the matters described under subsection (a)(1).” Subsection 104(a)(1)
charges the Financial Stability Oversight Board with
reviewing the exercise of authority under a program developed in accordance
with this Act, including (A) policies implemented by the Secretary and the Office
of Financial Stability created under sections 101 and 102, including the
appointment of financial agents, the designation of asset classes to be purchased,
and plans for the structure of vehicles used to purchase troubled assets; and (B)
the effect of such actions in assisting American families in preserving home
ownership, stabilizing financial markets, and protecting taxpayers.
Although EESA does not establish a sunset date for this reporting requirement,
Section 104(h) of the act states that the Financial Stability Oversight Board and its
authority “shall terminate on the expiration of the 15-day period beginning upon the
later of (1) the date that the last troubled asset acquired by the Secretary under section
101 has been sold or transferred out of the ownership or control of the Federal
Government; or (2) the date of expiration of the last insurance contract issued under
section 102.”
Reports by the Congressional Oversight Panel
Section 125(b)(1) (Regular Reports). EESA requires the COP to submit
both “regular” reports and a “special” report on regulatory reform to Congress. With
regard to the panel’s regular reports, Section 125(b)(1)(A) of the act requires that
they include
(i) the use by the Secretary of authority under this Act, including with respect to
the use of contracting authority and administration of the program., (ii) the
impact of purchases made under the Act on the financial markets and financial
institutions; (iii) the extent to which the information made available on
transactions under the program has contributed to market transparency; and (iv)
the effectiveness of foreclosure mitigation efforts, and the effectiveness of the
program from the standpoint of minimizing long-term costs to the taxpayers and
maximizing the benefits for taxpayers.
Section 125(b)(1)(B) requires that these reports “be submitted not later than 30 days
after the first exercise by the Secretary of the authority under section 101(a) or 102,

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and every 30 days thereafter.”9 The act does not provide a sunset date for this or
other reports by the panel, but Section 125(f) requires the COP to terminate six
months after the authorities provided in Sections 101(a)(3) and 102 expire; Section
120 states that those authorities terminate on December 31, 2009. Therefore, the
COP and its reporting requirements are scheduled to end on or about June 30, 2010.
Section 125(b)(2) (Special Report on Regulatory Reform). The act
also requires the COP to submit to Congress a “special report on regulatory reform
not later than January 20, 2009, analyzing the current state of the regulatory system
and its effectiveness at overseeing the participants in the financial system and
protecting consumers.” The report is also required to provide “recommendations for
improvement, including recommendations regarding whether any participants in the
financial markets that are currently outside the regulatory system should become
subject to the regulatory system, the rationale underlying such recommendation, and
whether there are any gaps in existing consumer protections.”
Reports by the Special Inspector General
Section 121(f)(1). Not later than 60 days after the confirmation of the Special
Inspector General,10 and every calendar quarter thereafter, EESA requires the Special
Inspector General to submit to the “appropriate committees of Congress” a report
“summarizing the activities of the Special Inspector General during the 120-day
period ending on the date of such report.” The act goes on to require that each report
include, for the period covered by the report, “a detailed statement of all purchases,
obligations, expenditures, and revenues associated with any program established by
the Secretary of the Treasury under sections 101 and 102, as well as the information
collected under subsection (c)(1).” Section 121(f)(3) of the act requires that this
report also be submitted to the COP. The act does not provide a sunset date for these
reports, but Section 121(h) requires the Office of the Special Inspector General to
terminate on the later of (1) the date that the last troubled asset acquired under
Section 101 has been sold or transferred, or (2) the date that the last insurance
contract under Section 102 expires.
Reports by the Comptroller General
Section 116(a)(3) (Oversight Reporting). Section 116(a)(3) of the act
requires the Comptroller General to submit “reports of findings under this section,
regularly and no less frequently than once every 60 days, to the appropriate
committees of Congress, and the Special Inspector General for the Troubled Asset
Relief Program established under this Act on the activities and performance of the
9 On October 28, 2008, the Department of the Treasury transferred the first EESA-related
funds to participating institutions. See the remarks of Under Secretary for Domestic Finance
Anthony Ryan at [http://www.treasury.gov/press/releases/hp1240.htm]. Therefore, it
appears that the first of these reports is required by November 27, 2008.
10 According to the interim Assistant Secretary of the Treasury, the President is expected to
submit a nomination for the Special Inspector General position in November 2008.

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TARP.”11 The section also permits the Comptroller to submit “special reports under
this subsection as warranted by the findings of its oversight activities.” Section
116(d) requires that all of these reports also be sent to the COP. Section 116(2)(C)
requires the Department of the Treasury to reimburse GAO for “the full cost of any
such oversight activities.” Section 116(e) of the act states that the Comptroller
General’s oversight, auditing, and reporting responsibilities end on “(1) the date that
the last troubled asset acquired by the Secretary under section 101 has been sold or
transferred out of the ownership or control of the Federal Government; or (2) the date
of expiration of the last insurance contract issued under section 102.”
Section 116(b) (Audit of TARP Financial Statement). Section 116(b)
of the act requires the TARP to prepare and issue audited financial statements to the
appropriate committees of Congress and the public. That section goes on to require
the Comptroller General to “annually audit such statements in accordance with
generally accepted auditing standards.” Therefore, GAO will essentially be auditing
the financial statement’s audit. The act also requires the Department of the Treasury
to “reimburse the Government Accountability Office for the full cost of any such
audit.”
Section 116(d) requires that these audits be sent to the COP.12 According to
GAO, the GAO audit will also be sent to the “appropriate committees of Congress.”
Section 116(e) of the act states that this reporting responsibility ends on “(1) the date
that the last troubled asset acquired by the Secretary under section 101 has been sold
or transferred out of the ownership or control of the Federal Government; or (2) the
date of expiration of the last insurance contract issued under section 102.”
Section 117 (Margin Authority). Section 117(a) of the act requires the
Comptroller General to “undertake a study to determine the extent to which leverage
and sudden deleveraging of financial institutions was a factor behind the current
financial crisis.” Section 117(b) requires that the content of the study include
(1) an analysis of the roles and responsibilities of the Board, the Securities and
Exchange Commission, the Secretary, and other Federal banking agencies with
respect to monitoring leverage and acting to curtail excessive leveraging; (2) an
analysis of the authority of the Board to regulate leverage, including by setting
margin requirements, and what process the Board used to decide whether or not
to use its authority; (3) an analysis of any usage of the margin authority by the
11 Section 116(a) of the act requires the Comptroller General to conduct “ongoing oversight
of the activities and performance of the TARP and of any agents and representatives of the
TARP (as related to the agent or representative’s activities on behalf of or under the
authority of the TARP), including vehicles established by the Secretary under this Act.”
Specific issues delineated in the act include the “characteristics of transactions and
commitments entered into,” “characteristics and disposition of acquired assets,” and “the
efforts of the TARP to prevent, identify, and minimize conflicts of interest involving any
agent or representative performing activities on behalf of or under the authority of the
TARP.”
12 Although it is not required to do so, the TARP may also include GAO’s audit in the
financial statement that is sent to the “appropriate committees of Congress” and the public.

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Board; and (4) recommendations for the Board and appropriate committees of
Congress with respect to the existing authority of the Board.
Section 117(c) requires that the Comptroller General complete and submit this report
no later than June 1, 2009, to the Committee on Banking, Housing, and Urban Affairs
of the Senate and the Committee on Financial Services of the House of
Representatives. Section 117(d) requires that this report also be sent to the COP.
Reports by the Office of Management and Budget
Section 134 (Recoupment). EESA was signed into law on October 3, 2008.
Section 134 of the act says that, five years after this date (i.e., October 3, 2013), the
Director of the Office of Management and Budget (OMB), in consultation with the
Director of the Congressional Budget Office, must “submit a report to the Congress
on the net amount within the Troubled Asset Relief Program under this Act.” This
section goes on to say that, “In any case where there is a shortfall, the President shall
submit a legislative proposal that recoups from the financial industry an amount
equal to the shortfall in order to ensure that the Troubled Asset Relief Program does
not add to the deficit or national debt.”
Section 202(a) (Cost of TARP). Section 202(a) of the act requires OMB
(but not specifically the Director) to submit a report to the President and Congress
within 60 days of the first exercise of the authority granted in Section 101(a), but in
no case later than December 31, 2008, and semiannually thereafter.13 These reports
are to include
(1) the estimate, notwithstanding section 502(5)(F) of the Federal Credit Reform
Act of 1990 (2 U.S.C. 661a(5)(F)), as of the first business day that is at least 30
days prior to the issuance of the report, of the cost of the troubled assets, and
guarantees of the troubled assets, determined in accordance with section 123;
(2) the information used to derive the estimate, including assets purchased or
guaranteed, prices paid, revenues received, the impact on the deficit and debt,
and a description of any outstanding commitments to purchase troubled assets;
and
(3) a detailed analysis of how the estimate has changed from the previous report.
As discussed in more detail later in this report, Section 202(b) of the act requires the
Congressional Budget Office to provide an assessment of OMB’s report. Beginning
with the second report, Section 202(a) requires OMB to “explain the differences
between the Congressional Budget Office estimates delivered in accordance with
subsection (b) and prior Office of Management and Budget estimates.”
13 The first troubled assets were purchased on October 28, 2008. Therefore, this report
appears to be required by December 27, 2008.

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Reports by the Congressional Budget Office
Section 202(b) (Assessment of OMB Report). Within 45 days of receipt
by Congress of each report from OMB under Section 202(a) of the act, the
Congressional Budget Office is required to report to Congress its assessment of
OMB’s report, including “(1) the cost of the troubled assets and guarantees of the
troubled assets, (2) the information and valuation methods used to calculate such
cost, and (3) the impact on the deficit and the debt.”14 Section 202(c) of the act states
that “In carrying out the duties in this subsection or performing analyses of activities
under this Act, the Director of the Congressional Budget Office may employ
personnel and procure the services of experts and consultants.”
Reports to be Submitted by Others
Section 110(b)(5) (Homeowner Assistance). Section 110(b) of EESA
requires each “Federal property manager” that holds, owns, or controls mortgages,
mortgage backed securities, and other assets secured by residential real estate to
(among other things) “implement a plan that seeks to maximize assistance for
homeowners.” Section 110(a)(1) of the act defines a “federal property manager” as
(A) the Federal Housing Finance Agency, in its capacity as conservator of the
Federal National Mortgage Association and the Federal Home Loan Mortgage
Corporation; (B) the [Federal Deposit Insurance] Corporation, with respect to
residential mortgage loans and mortgage-backed securities held by any bridge
depository institution pursuant to section 11(n) of the Federal Deposit Insurance
Act; and (C) the Board [of Governors of the Federal Reserve System], with
respect to any mortgage or mortgage-backed securities or pool of securities held,
owned, or controlled by or on behalf of a Federal reserve bank, other than
mortgages or securities held, owned, or controlled in connection with open
market operations under section 14 of the Federal Reserve Act (12 U.S.C. 353),
or as collateral for an advance or discount that is not in default.
Section 110(b)(5) of EESA requires each federal property manager to submit a report
to Congress 60 days after the date of enactment of the act, and every 30 days
thereafter, providing “specific information on the number and types of loan
modifications made and the number of actual foreclosures occurring during the
reporting period in accordance with this section.”15
Section 116(b) (Financial Statements). As noted previously in this report,
Section 116(b) of the act requires the TARP to “annually prepare and issue to the
appropriate committees of Congress and the public audited financial statements
prepared in accordance with generally accepted accounting principles.” Those
financial statements are required to be “on the fiscal year basis prescribed under
section 1102 of title 31, United States Code. Section 116(c)(2) requires these audits
14 Because the OMB report appears to be required by December 27, 2008, the CBO report
appears to be required by February 10, 2009.
15 Because EESA was enacted on October 3, 2008, this report appears to be required by
December 2, 2008.

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to “(A) state the responsibility of management for establishing and maintaining
adequate internal control over financial reporting; and (B) state its assessment, as of
the end of the most recent year covered by such financial statement of the TARP, of
the effectiveness of the internal control over financial reporting.” Section 116(d)
requires this audit to be shared with the COP.
Section 129 (Disclosures on Exercise of Loan Authority). Section
129(a) of EESA states
Not later than 7 days after the date on which the Board [of Governors of the
Federal Reserve System] exercises its authority under the third paragraph of
section 13 of the Federal Reserve Act (12 U.S.C. 343; relating to discounts for
individuals, partnerships, and corporations) the Board shall provide to the
Committee on Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of Representatives a report which
includes (1) the justification for exercising the authority; and (2) the specific
terms of the actions of the Board, including the size and duration of the lending,
available information concerning the value of any collateral held with respect to
such a loan, the recipient of warrants or any other potential equity in exchange
for the loan, and any expected cost to the taxpayers for such exercise.16
Section 129(b) requires the Board to provide updates to these committees at least
every 60 days “while the subject loan is outstanding, including (1) the status of the
loan; (2) the value of the collateral held by the Federal Reserve bank which initiated
the loan; and (3) the projected cost to the taxpayers of the loan.” Section 129(e)
requires that these reports also be sent to the COP.
Section 133(b) (Mark-to-Market Accounting). Section 133(a) requires
the Securities and Exchange Commission, in consultation with the Board of
Governors of the Federal Reserve System and the Secretary of the Treasury, to
“conduct a study on mark-to-market accounting standards as provided in Statement
Number 157 of the Financial Accounting Standards Board, as such standards are
applicable to financial institutions, including depository institutions.” That section
also delineates several elements that the study “shall consider,” including the effects
of such standards on a financial institution’s balance sheet, and the impact of such
accounting on bank failures in 2008. Section 133(b) requires the Securities and
Exchange Commission to “submit to Congress a report of such study before the end
of the 90-day period beginning on the date of the enactment of this Act containing
the findings and determinations of the Commission, including such administrative
and legislative recommendations as the Commission determines appropriate.”17
16 Section 13(3) of the Federal Reserve Act, invoked in the Bear Stearns and AIG
interventions, authorizes the Federal Reserve Board to lend to any firm or individual in
“unusual or exigent circumstances.” However, because those actions predated EESA, they
did not trigger this reporting requirement. For more information on this issue, see CRS
Report RL34427, Financial Turmoil: Federal Reserve Policy Responses, by Marc Labonte.
17 Because EESA was enacted on October 3, 2008, this report appears to be required by
January 1, 2009.

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CRS-10
Concluding Observations
The preceding review of EESA’s reporting requirements indicates that those
requirements are both numerous and varied. The entities tasked with submitting
EESA reports include (1) the Secretary of the Treasury, (2) the Financial Stability
Oversight Board, (3) the COP, (4) the Special Inspector General for the TARP, (5)
the Comptroller General, (6) the Director of OMB (and OMB itself), (7) the
Congressional Budget Office, (8) federal property managers, (9) the Board of
Governors of the Federal Reserve System, and (10) the Securities and Exchange
Commission. In one case (Section 116(b)), the reporting requirement is placed on
a program (the Troubled Asset Relief Program) rather than an individual or an
organization.18
The designated recipients of the reports are equally varied, including
! the “appropriate” congressional committees (defined as the Senate
Committees on Banking, Housing, and Urban Affairs; Finance;
Budget; and Appropriations; and the House Committees on
Financial Services, Ways and Means, Budget, and Appropriations;
! a subset of those “appropriate committees” (e.g., in Section 116(b)
and Section 117, only the Senate Committee on Banking, Housing,
and Urban Affairs; and the House Committee on Financial
Services);
! Congress as a whole;
! the COP;
! the Special Inspector General for the TARP;
! the President; and
! the public.
No single entity receives all of the EESA-required reports. Also, it is not readily
apparent why some of the reports are filed with the set of “appropriate committees,”
some to a subset of those committees, and some to Congress as a whole. When
reports are required to be submitted to “the Congress,” the parliamentarian in each
house of Congress (on behalf of the Speaker of the House and the presiding officer
of the Senate) decides which officers and committees ultimately receive the reports.
Some of the entities designated to produce or receive the reports have not been
formally established (e.g., the COP and the Special Inspector General), and it is
unclear when they will be established.19 Therefore, it is currently not clear how those
reporting requirements will be satisfied.
18 In this case, because the TARP is authorized to be established by the Secretary of the
Treasury (Section 101(a)(1) of the act), the Secretary or the Office of Financial Stability that
is required to implement the program may actually carry out this requirement.
19 For example, EESA requires the Special Inspector General to be appointed by the
President with the advice and consent of the Senate. According to the interim Assistant
Secretary, the President is expected to submit a nomination for the position in November
2008. Unless the Senate reconvenes after the nomination is submitted, a Special Inspector
General may not be confirmed until the 111th Congress begins in 2009.

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CRS-11
Many of the act’s reporting requirements seem to address the same or similar
issues. For example, Section 105(a) requires the Secretary of the Treasury to report
to the “appropriate committees” within 60 days and every 30 days afterward on all
“actions taken by the Secretary,” including all agreements, transactions, and
insurance contracts. Section 105(b) requires the Secretary to report to the same
committees on the same transactions within seven days of each $50 billion in
commitments to purchase troubled assets. Section 116 requires the Comptroller
General to oversee the activities of the TARP and report on his findings at least every
60 days, which would presumably include TARP-related agreements, transactions,
and insurance contracts. Section 121 requires the Special Inspector General to report
every quarter on its audits of (among other things) all “troubled assets” purchased or
sold under Section 101, and the management of any insurance program under Section
102.
Also, Section 105(c) of the act requires the Secretary of the Treasury to review
the current state of the financial markets and the regulatory system and submit a
written report to the appropriate committees of Congress not later than April 30,
2009. That report is also required to provide recommendations regarding whether
any participants in the financial markets that are currently outside the regulatory
system should become subject to the regulatory system. Similarly, Section 125(b)(2)
requires the COP to submit a “special report on regulatory reform” by January 20,
2009, “analyzing the current state of the regulatory system and its effectiveness at
overseeing the participants in the financial system and protecting consumers.” The
report is also required to provide “recommendations for improvement, including
recommendations regarding whether any participants in the financial markets that are
currently outside the regulatory system should become subject to the regulatory
system.”
The number and variety of the required reports may have been intended to
provide a variety of perspectives on the implementation of EESA, but the lack of
integration of those requirements may make understanding the implementation of the
act difficult. Also, given the nature of the “troubled assets” being purchased under
the TARP (i.e., bank stock instead of mortgages or other instruments related to
mortgages), it is unclear whether some of the reporting requirements are still relevant
to the activities being carried out. For example, Section 105(a)(3) requires the
Secretary of the Treasury to provide
a detailed financial statement with respect to the exercise of authority under this
Act, including (A) all agreements made or renewed; (B) all insurance contracts
entered into pursuant to section 102; (C) all transactions occurring during such
period, including the types of parties involved; (D) the nature of the assets
purchased; (E) all projected costs and liabilities; (F) operating expenses,
including compensation for financial agents; (G) the valuation or pricing method
used for each transaction; and (H) a description of the vehicles established to
exercise such authority.
The Secretary of the Treasury announced on November 12 that the Department of the
Treasury no longer plans to buy mortgage-based “troubled assets,” and will instead
“aid banks and other firms that issue student, auto, and credit card loans in part by

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CRS-12
jump-starting the market that provides financing for these companies.”20 Therefore,
some of these particular reporting requirements may no longer be relevant or helpful.
As a result, some have called for Congress to revisit EESA’s reporting
requirements.21
Other information that is not specifically required by the act may be more
useful to Congress and others as they oversee the implementation of the program.
For example, several Members of Congress have expressed concerns that the funds
being invested in banks are being used to pay dividends to stockholders, purchase
smaller banks, or finance bonuses and other types of compensation for bank
executives — not to increase lending.22 Although some of the reporting requirements
appear to be general enough to allow the reporting entities to include how the funds
were used, no individual or organization is currently required to do so.
Also, although Section 2(2)(D) of EESA says one of the purposes of the
legislation is to provide “public accountability” for the use of the act’s authorities,
only one of the reports is required by EESA to be made to the public.23 It is currently
unclear whether, and if so, how, the other reports will be made public by either the
recipients or the producers of the reports.24
Some of the reports are required to be submitted to the recipients relatively
quickly, and some of the reporting deadlines appear to have already occurred. For
example, the trigger for several of the reports is the first use of the authority provided
to the Secretary of the Treasury in Section 101 to purchase troubled assets. The first
exercise of section 101(a) authority occurred on October 28, 2008, when the
Secretary purchased $125 billion in preferred stock from nine large banks.25
Therefore, for example
20 Peter Whoriskey, David Cho, and Binyamin Appelbaum, “Treasury Redefines Its Rescue
Program,” Washington Post, p. A1.
21 See, for example, Alan B. Morrison, “Plugging the Leaks in the Bailout,” Legal Times,
November 10, 2008, p. 46. Specifically, he said “the bill was primarily intended to provide
funds to buy up bad mortgage-related securities and to help homeowners, but it was quickly
used to make the United States a co-owner of a number of large and probably smaller
banks.” For that and other reasons, he said, “Congress needs to take another hard look at
its handiwork.”
22 See, for example, Binyamin Appelbaum, “Banks to Continue Paying Dividends; Bailout
Money Is for Lending, Critics Say,” Washington Post, October 30, 2008, p. A1; and
Charlene Carter, “Leading House Democrats Pressure Treasury on Banks’ Use of Federal
Funds,” CongressNow, October 31, 2008.
23 Section 116(b) of the act requires the TARP to prepare and issue audited financial
statements to the appropriate committees of Congress and the public.
24 As noted earlier in this report, although not required to do so, the first “tranche” report
was posted on the Department of the Treasury’s public website on November 4, 2008. See
[http://www.treasury.gov/initiatives/eesa/docs/Tranche-Reportfinal.pdf] for a copy.
25 On October 28, 2008, the Department of the Treasury transferred the first EESA-related
funds to participating institutions. See the remarks of Under Secretary for Domestic Finance
Anthony Ryan at [http://www.treasury.gov/press/releases/hp1240.htm].

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CRS-13
! because Section 105(b)(2) requires the Secretary of the Treasury to
submit a report to the “appropriate congressional committees” within
seven days after the first $50 billion in troubled assets are purchased,
that report appears to have been required by November 4, 2008.
! because Section 125(b)(1)(B) requires that the COP submit a report
to Congress “not later than 30 days after the first exercise by the
Secretary of the authority under section 101(a) or 102,” that report
appears to be required by November 27, 2008.
! because Section 110(b)(5) requires each federal property manager to
submit a report to Congress 60 days after the enactment of EESA,
that report appears to be required by December 2, 2008.
! because Section 202(a) of the act requires OMB to submit a report
to the President and Congress within 60 days of the first exercise of
the authority granted in section 101(a), the OMB report appears to
be required by December 27, 2008.
On the other hand, some of the reports are not required for years. For example,
Section 134 of the act requires OMB to “submit a report to the Congress on the net
amount within the Troubled Asset Relief Program under this Act” five years after the
date that EESA was enacted (i.e., on October 3, 2013). Some of the reporting
requirements are recurring (e.g., in Section 125(b)(1), which requires the COP to
submit its regular reports every 30 days). Other reports, however, are only required
to be submitted one time (e.g., in Section 125(b)(2), which requires the COP to
submit a special report to Congress by January 20, 2009).
Most of the reporting requirements include clear starting or ending points for the
submission of the reports (e.g., those that are required within 30 days after the date
that EESA was enacted, or those that require a report by a certain date). In some
cases, however, the starting points for the reporting deadlines are unclear. For
example, Section 104(g) requires the Financial Stability Oversight Board to submit
reports “not less frequently than quarterly,” but the act does not indicate when these
reports are to begin. Similarly, Section 116(a)(3) requires the Comptroller General
to report “no less frequently than once every 60 days,” but does not indicate when
those reports are to begin.
Finally, some of the reporting requirements (e.g., those placed on the Secretary
by Section 105) expire on the date that the last troubled asset is sold or transferred,
or the date that the last insurance contract expires. Without some kind of a lag period
for the expiration of these reporting requirements (e.g., 30 or 60 days after the last
sale or transfer of troubled assets), a complete history of these transactions may not
be provided to Congress or the public.

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CRS-14
Appendix. Reporting Requirements in the
Emergency Economic Stabilization Act of 2008
(EESA, P.L. 110-343)
When First
Report
Report
Report is
Frequency
When
EESA Section
Prepared by
Delivered to
Required
of Reports
Reports End
102(b) —
Secretary of
“appropriate
90 days after
one time
when the
TARP Report
the Treasury
committees of
enactment of
report is
Congress”
EESA (i.e.,
submitted
by 01/01/09)
105(a) —
Secretary of
“appropriate
within 60
every 30
the date the
General
the Treasury
committees of
days after the
days after the
last troubled
Reports
Congress”
first exercise
first report
asset is sold or
of authority
transferred, or
under
the expiration
Sections
of the last
101(a) and
insurance
102
contract
105(b) —
Secretary of
“appropriate
within seven
within seven
seven days
Tranche
the Treasury
committees of
days after the
days after
after the last
Reports
Congress” and
purchase of
each $50
purchase of
the
$50 billion in
billion
troubled assets
Congressional
troubled
interval
Oversight
assets
Panel (COP)
105(c) —
Secretary of
“appropriate
by 04/30/09
one time
when the
Regulatory
the Treasury
committees of
report is
Report
Congress” and
submitted
the COP
104(g) —
Financial
“appropriate
unclear
at least
unclear,
Reports on
Stability
committees of
quarterly
although the
Sections 101
Oversight
Congress” and
Board
and 102 of
Board
the COP
terminates 15
EESA
days after the
last troubled
asset is sold or
transferred, or
the expiration
of the last
insurance
contract

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CRS-15
When First
Report
Report
Report is
Frequency
When
EESA Section
Prepared by
Delivered to
Required
of Reports
Reports End
125(b)(1) —
COP
Congress
within 30
every 30
unclear,
Regular
days after the
days after the
although the
Reports
first exercise
first report
Panel
of authority
terminates on
under
or about
Sections
06/30/2010
101(a) and
102
125(b)(2) —
COP
Congress
by 01/20/09
one time
when the
Special Report
report is
on Regulatory
submitted
Reform
121(f)(1) —
Special
“appropriate
within 60
every
unclear, but the
Inspector
Inspector
committees of
days after
“calendar
Office of the
General Report
General
Congress” and
confirmation
quarter” after
Special
the COP
of the
the first
Inspector
Special
report
General
Inspector
terminates on
General
the later of the
date that the
last troubled
asset is sold or
transferred, or
the last
insurance
contract
expires
116(a)(3) —
Comptroller
“appropriate
unclear “regularly
unclear
Oversight
General
committees of
and no less
Report
Congress,” the
frequently
Special
than once
Inspector
every 60
General, and
days”
the COP
116(b) —
Comptroller
sent to the
unclear
annually
unclear,
Audit of TARP
General
COP, the
although the
Financial
“appropriate
TARP’s
Statement
committees of
authority
Audit
Congress,” and
expires
the public
12/31/09

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CRS-16
When First
Report
Report
Report is
Frequency
When
EESA Section
Prepared by
Delivered to
Required
of Reports
Reports End
117 — Margin
Comptroller
Senate
By 06/01/09
one time
when the
Authority
General
Committee on
report is
Report
Banking,
submitted
Housing, and
Urban Affairs;
and the House
Committee on
Financial
Services
134 —
Director of the
Congress
Five years
one time
when the
Recoupment
Office of
after the
report is
Report
Management
enactment of
submitted
and Budget
EESA (i.e.,
10/03/13)
202(a) — Cost
Office of
President and
within 60
“semi-
unclear
of TARP
Management
Congress
days after the
annually”
and Budget
first exercise
of authority
under
Section
101(a) (i.e.,
by 12/27/08)
202(b) —
Congressional
Congress
within 45
within 45
unclear
Assessment of
Budget Office
days after the
days after
OMB Report
first report
each “semi
required in
annual”
Section
report under
202(a)
Section
202(a)
110(b)(5) —
each “federal
Congress
60 days after
every 30
unclear
Homeowner
property
the
days after the
Assistance
manager”a
enactment of
first report
EESA (i.e.,
by 12/03/08)
116(b) —
Troubled Asset
“appropriate
unclear
annually
unclear,
Financial
Relief Program
committees of
although the
Statements
Congress” and
TARP’s
the public
authority
expires
12/31/09

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CRS-17
When First
Report
Report
Report is
Frequency
When
EESA Section
Prepared by
Delivered to
Required
of Reports
Reports End
129 —
Board of
Senate
within seven
at least every
until the loan is
Disclosures on
Governors of
Committee on
days after the
60 days
no longer
Exercise of
the Federal
Banking,
Board
outstanding
Loan Authority
Reserve
Housing, and
exercises its
System
Urban Affairs;
authority
House
under the
Committee on
third
Financial
paragraph of
Services; and
section 13 of
the COP
the Federal
Reserve Act
(12 U.S.C.
§343)
133 — Mark-
Securities and
Congress
within 90
one-time
when the
to-Market
Exchange
days after the
report is
Accounting
Commissionb
date that
submitted
Report
EESA is
enacted (i.e.,
by 01/01/09)
a. Section 110(a)(1) of EESA defines a “federal property manager” as “(A) the Federal Housing
Finance Agency, in its capacity as conservator of the Federal National Mortgage Association
and the Federal Home Loan Mortgage Corporation; (B) the [Federal Deposit Insurance]
Corporation, with respect to residential mortgage loans and mortgage-backed securities held by
any bridge depository institution pursuant to section 11(n) of the Federal Deposit Insurance Act;
and (C) the Board [of Governors of the Federal Reserve System], with respect to any mortgage
or mortgage-backed securities or pool of securities held, owned, or controlled by or on behalf
of a Federal reserve bank, other than mortgages or securities held, owned, or controlled in
connection with open market operations under section 14 of the Federal Reserve Act (12 U.S.C.
353), or as collateral for an advance or discount that is not in default.”
b. The Securities and Exchange Commission is required to consult with the Board of Governors of the
Federal Reserve System and the Secretary of the Treasury in the conduct of the study underlying
this report.

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