public disclosure required for such financial institutions 
with respect to off-balance sheet transactions, derivatives 
instruments, contingent liabilities, and similar sources of 
potential exposure is adequate to provide to the public suf-
ficient information as to the true financial position of the 
institutions. If such disclosure is not adequate for that 
purpose, the Secretary shall make recommendations for 
additional disclosure requirements to the relevant regu-
lators. 
‘‘SEC. 163. OVERSIGHT AND AUDITS. 
‘‘(a) COMPTROLLER GENERAL OVERSIGHT.— 
‘‘(1) SCOPE OF OVERSIGHT.—The Comptroller 
General of the United States shall, upon enactment 
of this subtitle, commence ongoing oversight of the 
activities and performance of the Secretary and of 
any agents and representatives the Secretary (as re-
lated to the agent or representative’s activities on 
behalf of or under the authority of the Secretary), 
including vehicles established by the Secretary under 
this subtitle. The subjects of oversight shall include 
the following: 
‘‘(A) The performance of the Secretary in 
meeting the purposes of this subtitle, particu-
larly those involving— 
‘‘(i) foreclosure mitigation; 
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‘‘(ii) cost reduction; 
‘‘(iii) financial market stability; 
‘‘(iv) neighborhood stabilization; and 
‘‘(v) taxpayer protection. 
‘‘(B) The financial condition and internal 
controls of the Secretary’s programs, represent-
atives and agents. 
‘‘(C) Characteristics of transactions and 
commitments entered into, including trans-
action type, frequency, size, price paid, and all 
other relevant terms and conditions, and the 
timing, duration and terms of any future com-
mitments to purchase assets. 
‘‘(D) Characteristics and disposition of ac-
quired assets, including type, acquisition price, 
current market value, sale prices and terms, 
and use of proceeds from sales. 
‘‘(E) Efficiency of the operations of the 
Secretary in the use of appropriated funds. 
‘‘(F) Compliance with all applicable laws 
and regulation by the Secretary, its agents and 
representatives. 
‘‘(G) The efforts of the Secretary to pre-
vent, identify, and minimize conflicts of interest 
involving any agent or representative per-
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forming activities on behalf of or under the au-
thority of the Secretary. 
‘‘(H) The efficacy of contracting proce-
dures pursuant to section 157(b), including, as 
applicable, the efforts of the Secretary in evalu-
ating proposals for inclusion and contracting to 
the maximum extent possible of minorities (as 
such term is defined in 1204(c) of the Financial 
Institutions Reform, Recovery, and Enhance-
ment Act of 1989 (12 U.S.C. 1811 note), 
women, and minority- and women-owned busi-
nesses, including ascertaining and reporting the 
total amount of fees paid and other value deliv-
ered by the Secretary to all of his agents and 
representatives, and such amounts paid or de-
livered to such firms that are minority- and 
women-owned businesses (as such terms are de-
fined in section 21A of the Federal Home Loan 
Bank Act (12 U.S.C. 1441a)). 
‘‘(2) CONDUCT AND ADMINISTRATION OF OVER-
SIGHT.— 
‘‘(A) GAO 
PRESENCE.—The Secretary 
shall provide the Comptroller General with ap-
propriate space and facilities in the Department 
of the Treasury as necessary to facilitate over-
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sight until the termination date established in 
section 165. 
‘‘(B) ACCESS TO RECORDS.—To the extent 
otherwise consistent with law, the Comptroller 
General shall have access, upon request, to any 
information, data, schedules, books, accounts, 
financial records, reports, files, electronic com-
munications, or other papers, things or property 
belonging to or in use by the Secretary, or any 
vehicles established by the Secretary under this 
subtitle, and to the officers, directors, employ-
ees, independent public accountants, financial 
advisors, and other agents and representatives 
of the Secretary (as related to the agent or rep-
resentative’s activities on behalf of or under the 
authority of the Secretary) or any such vehicle 
at such reasonable time as the Comptroller 
General may request. The Comptroller General 
shall be shall be afforded full facilities for 
verifying transactions with the balances or secu-
rities held transactions with the balances or se-
curities held by depositaries, fiscal agents, and 
custodians. The Comptroller General may make 
and retain copies of such books, accounts, and 
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other records as the Comptroller General appro-
priate. 
‘‘(C) REIMBURSEMENT
OF
COSTS.—The 
Treasury shall reimburse the Government Ac-
countability Office for the full cost of any such 
oversight activities as billed therefore by the 
Comptroller General of the United States. Such 
reimbursements shall be credited to the appro-
priation account ‘Salaries and Expenses’, Gov-
ernment received and remain available until ex-
pended. 
‘‘(3) REPORTING.—The Comptroller General 
shall 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 Home 
Mortgage Program established under this subtitle on 
activities and performance of the Secretary. The 
Comptroller may also submit special reports under 
may also submit special reports under this sub-
section as warranted by the findings of its oversight 
activities. 
‘‘(b) COMPTROLLER GENERAL AUDITS.— 
‘‘(1) ANNUAL AUDIT.—The Secretary shall an-
nually prepare and issue to the appropriate commit-
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