(i) the procedure in that House shall be 
the same as if no joint resolution had been 
received from the other House; but 
(ii) the vote on passage shall be on the 
joint resolution of the other House. 
(2) TREATMENT
OF
JOINT
RESOLUTION
OF 
OTHER HOUSE.—If one House fails to introduce or 
consider a joint resolution under this section, the joint 
resolution of the other House shall be entitled to expe-
dited floor procedures under this section. 
(3) TREATMENT OF COMPANION MEASURES.—If, 
following passage of the joint resolution in the Senate, 
the Senate then receives the companion measure from 
the House of Representatives, the companion measure 
shall not be debatable. 
(4) CONSIDERATION AFTER PASSAGE.— 
(A) IN
GENERAL.—If Congress passes a 
joint resolution, the period beginning on the date 
the President is presented with the joint resolu-
tion and ending on the date the President takes 
action with respect to the joint resolution shall 
be disregarded in computing the 15-calendar day 
period described in subsection (a)(3). 
(B) VETOES.—If the President vetoes the 
joint resolution—
(i) the period beginning on the date the 
President vetoes the joint resolution and 
ending on the date the Congress receives the 
veto message with respect to the joint resolu-
tion shall be disregarded in computing the 
15-calendar day period described in sub-
section (a)(3), and 
(ii) debate on a veto message in the 
Senate under this section shall be 1 hour 
equally divided between the majority and 
minority leaders or their designees. 
(5) RULES OF HOUSE OF REPRESENTATIVES AND 
SENATE.—This subsection and subsections (c), (d), 
and (e) are enacted by Congress— 
(A) as an exercise of the rulemaking power 
of the Senate and House of Representatives, re-
spectively, and as such it is deemed a part of the 
rules of each House, respectively, but applicable 
only with respect to the procedure to be followed 
in that House in the case of a joint resolution, 
and it supersedes other rules only to the extent 
that it is inconsistent with such rules; and 
(B) with full recognition of the constitu-
tional right of either House to change the rules 
(so far as relating to the procedure of that
House) at any time, in the same manner, and 
to the same extent as in the case of any other 
rule of that House. 
SEC. 116. OVERSIGHT AND AUDITS. 
(a) COMPTROLLER GENERAL OVERSIGHT.— 
(1) SCOPE
OF
OVERSIGHT.—The Comptroller 
General of the United States shall, upon establishment 
of the troubled assets relief program under this Act 
(in this section referred to as the ‘‘TARP’’), commence 
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 Sec-
retary under this Act. The subjects of such oversight 
shall include the following: 
(A) The performance of the TARP in meet-
ing the purposes of this Act, particularly those 
involving— 
(i) foreclosure mitigation; 
(ii) cost reduction; 
(iii) whether it has provided stability 
or prevented disruption to the financial 
markets or the banking system; and 
(iv) whether it has protected taxpayers.
(B) The financial condition and internal 
controls of the TARP, its representatives and 
agents. 
(C) Characteristics of transactions and com-
mitments entered into, including transaction 
type, frequency, size, prices paid, and all other 
relevant terms and conditions, and the timing, 
duration and terms of any future commitments 
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 
TARP in the use of appropriated funds. 
(F) Compliance with all applicable laws 
and regulations by the TARP, its agents and 
representatives. 
(G) The efforts of the TARP to prevent, 
identify, and minimize conflicts of interest in-
volving any agent or representative performing 
activities on behalf of or under the authority of 
the TARP. 
(H) The efficacy of contracting procedures 
pursuant to section 107(b), including, as appli-
cable, the efforts of the TARP in evaluating pro-
posals for inclusion and contracting to the max-
imum extent possible of minorities (as such term 
is defined in 1204(c) of the Financial Institu-
tions Reform, Recovery, and Enhancement Act of 
1989 (12 U.S.C. 1811 note), women, and 
minority- and women-owned businesses, includ-
ing ascertaining and reporting the total amount 
of fees paid and other value delivered by the 
TARP to all of its agents and representatives, 
and such amounts paid or delivered to such 
firms that are minority- and women-owned busi-
nesses (as such terms are defined 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 appro-
priate space and facilities in the Department of 
the Treasury as necessary to facilitate oversight 
of the TARP until the termination date estab-
lished in section 120. 
(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, fi-
nancial records, reports, files, electronic commu-
nications, or other papers, things, or property 
belonging to or in use by the TARP, or any vehi-
cles established by the Secretary under this Act, 
and to the officers, directors, employees, inde-
pendent public accountants, financial advisors, 
and other 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) or any such vehicle at such reason-
able time as the Comptroller General may re-
quest. The Comptroller General shall be afforded 
full facilities for verifying transactions with the 
balances or securities held by depositaries, fiscal 
agents, and custodians. The Comptroller General 
may make and retain copies of such books, ac-
counts, and other records as the Comptroller 
General deems appropriate. 
(C) 
REIMBURSEMENT
OF
COSTS.—The 
Treasury shall reimburse the Government Ac-
countability Office for the full cost of any such 
oversight activities as billed therefor by the 
Comptroller General of the United States. Such
reimbursements shall be credited to the appro-
priation account ‘‘Salaries and Expenses, Gov-
ernment Accountability Office’’ current when the 
payment is received and remain available until 
expended. 
(3) REPORTING.—The Comptroller General shall 
submit reports of findings under this section, regu-
larly and no less frequently than once every 60 days, 
to the appropriate committees of Congress, and the 
Special Inspector General for the Troubled Asset Re-
lief Program established under this Act on the activi-
ties and performance of the TARP. The Comptroller 
may also submit special reports under this subsection 
as warranted by the findings of its oversight activi-
ties. 
(b) COMPTROLLER GENERAL AUDITS.— 
(1) ANNUAL AUDIT.—The TARP shall annually 
prepare and issue to the appropriate committees of 
Congress and the public audited financial statements 
prepared in accordance with generally accepted ac-
counting principles, and the Comptroller General 
shall annually audit such statements in accordance 
with generally accepted auditing standards. The 
Treasury shall reimburse the Government Account-
ability Office for the full cost of any such audit as
billed therefor by the Comptroller General. Such reim-
bursements shall be credited to the appropriation ac-
count ‘‘Salaries and Expenses, Government Account-
ability Office’’ current when the payment is received 
and remain available until expended. The financial 
statements prepared under this paragraph shall be on 
the fiscal year basis prescribed under section 1102 of 
title 31, United States Code. 
(2) AUTHORITY.—The Comptroller General may 
audit the programs, activities, receipts, expenditures, 
and financial transactions of the TARP and 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. 
(3) CORRECTIVE
RESPONSES
TO
AUDIT
PROB-
LEMS.—The TARP shall— 
(A) take action to address deficiencies iden-
tified by the Comptroller General or other audi-
tor engaged by the TARP; or 
(B) certify to appropriate committees of 
Congress that no action is necessary or appro-
priate. 
(c) INTERNAL CONTROL.—
(1) ESTABLISHMENT.—The TARP shall establish 
and maintain an effective system of internal control, 
consistent with the standards prescribed under section 
3512(c) of title 31, United States Code, that provides 
reasonable assurance of— 
(A) the effectiveness and efficiency of oper-
ations, including the use of the resources of the 
TARP; 
(B) the reliability of financial reporting, 
including financial statements and other reports 
for internal and external use; and 
(C) compliance with applicable laws and 
regulations. 
(2) REPORTING.—In conjunction with each an-
nual financial statement issued under this section, the 
TARP shall— 
(A) state the responsibility of management 
for establishing and maintaining adequate inter-
nal control over financial reporting; and 
(B) state its assessment, as of the end of the 
most recent year covered by such financial state-
ment of the TARP, of the effectiveness of the in-
ternal control over financial reporting. 
(d) SHARING OF INFORMATION.—Any report or audit 
required under this section shall also be submitted to the
Congressional Oversight Panel established under section 
125. 
(e) TERMINATION.—Any oversight, reporting, or audit 
requirement under this section 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 Fed-
eral Government; or 
(2) the date of expiration of the last insurance 
contract issued under section 102. 
SEC. 117. STUDY AND REPORT ON MARGIN AUTHORITY. 
(a) STUDY.—The Comptroller General shall undertake 
a study to determine the extent to which leverage and sud-
den deleveraging of financial institutions was a factor be-
hind the current financial crisis. 
(b) CONTENT.—The study required by this section 
shall include— 
(1) an analysis of the roles and responsibilities 
of the Board, the Securities and Exchange Commis-
sion, the Secretary, and other Federal banking agen-
cies 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 re-
quirements, and what process the Board used to de-
cide whether or not to use its authority; 
(3) an analysis of any usage of the margin au-
thority by the Board; and 
(4) recommendations for the Board and appro-
priate committees of Congress with respect to the ex-
isting authority of the Board. 
(c) REPORT.—Not later than June 1, 2009, the Comp-
troller General shall complete and submit a report on the 
study required by this section to the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House of Representa-
tives. 
(d) SHARING OF INFORMATION.—Any reports required 
under this section shall also be submitted to the Congres-
sional Oversight Panel established under section 125. 
SEC. 118. FUNDING. 
For the purpose of the authorities granted in this Act, 
and for the costs of administering those authorities, the Sec-
retary may use the proceeds of the sale of any securities 
issued under chapter 31 of title 31, United States Code, and 
the purposes for which securities may be issued under chap-
ter 31 of title 31, United States Code, are extended to in-
clude actions authorized by this Act, including the payment 
of administrative expenses. Any funds expended or obligated
by the Secretary for actions authorized by this Act, includ-
ing the payment of administrative expenses, shall be deemed 
appropriated at the time of such expenditure or obligation. 
SEC. 119. JUDICIAL REVIEW AND RELATED MATTERS. 
(a) JUDICIAL REVIEW.— 
(1) STANDARD.—Actions by the Secretary pursu-
ant to the authority of this Act shall be subject to 
chapter 7 of title 5, United States Code, including 
that such final actions shall be held unlawful and set 
aside if found to be arbitrary, capricious, an abuse of 
discretion, or not in accordance with law. 
(2) LIMITATIONS ON EQUITABLE RELIEF.— 
(A) INJUNCTION.—No injunction or other 
form of equitable relief shall be issued against the 
Secretary for actions pursuant to section 101, 
102, 106, and 109, other than to remedy a viola-
tion of the Constitution. 
(B) TEMPORARY
RESTRAINING
ORDER.— 
Any request for a temporary restraining order 
against the Secretary for actions pursuant to 
this Act shall be considered and granted or de-
nied by the court within 3 days of the date of 
the request. 
(C) PRELIMINARY
INJUNCTION.—Any re-
quest for a preliminary injunction against the
Secretary for actions pursuant to this Act shall 
be considered and granted or denied by the court 
on an expedited basis consistent with the provi-
sions of rule 65(b)(3) of the Federal Rules of 
Civil Procedure, or any successor thereto. 
(D) PERMANENT INJUNCTION.—Any request 
for a permanent injunction against the Secretary 
for actions pursuant to this Act shall be consid-
ered and granted or denied by the court on an 
expedited basis. Whenever possible, the court 
shall consolidate trial on the merits with any 
hearing on a request for a preliminary injunc-
tion, consistent with the provisions of rule 
65(a)(2) of the Federal Rules of Civil Procedure, 
or any successor thereto. 
(3) LIMITATION ON ACTIONS BY PARTICIPATING 
COMPANIES.—No action or claims may be brought 
against the Secretary by any person that divests its 
assets with respect to its participation in a program 
under this Act, except as provided in paragraph (1), 
other than as expressly provided in a written contract 
with the Secretary. 
(4) STAYS.—Any injunction or other form of eq-
uitable relief issued against the Secretary for actions 
pursuant to section 101, 102, 106, and 109, shall be
automatically stayed. The stay shall be lifted unless 
the Secretary seeks a stay from a higher court within 
3 calendar days after the date on which the relief is 
issued. 
(b) RELATED MATTERS.— 
(1) TREATMENT
OF
HOMEOWNERS’ RIGHTS.— 
The terms of any residential mortgage loan that is 
part of any purchase by the Secretary under this Act 
shall remain subject to all claims and defenses that 
would otherwise apply, notwithstanding the exercise 
of authority by the Secretary under this Act. 
(2) SAVINGS CLAUSE.—Any exercise of the au-
thority of the Secretary pursuant to this Act shall not 
impair the claims or defenses that would otherwise 
apply with respect to persons other than the Sec-
retary. Except as established in any contract, a 
servicer of pooled residential mortgages owes any duty 
to determine whether the net present value of the pay-
ments on the loan, as modified, is likely to be greater 
than the anticipated net recovery that would result 
from foreclosure to all investors and holders of bene-
ficial interests in such investment, but not to any in-
dividual or groups of investors or beneficial interest 
holders, and shall be deemed to act in the best inter-
ests of all such investors or holders of beneficial inter-
ests if the servicer agrees to or implements a modi-
fication or workout plan when the servicer takes rea-
sonable loss mitigation actions, including partial 
payments. 
SEC. 120. TERMINATION OF AUTHORITY. 
(a) TERMINATION.—The authorities provided under 
sections 101(a), excluding section 101(a)(3), and 102 shall 
terminate on December 31, 2009. 
(b) EXTENSION
UPON
CERTIFICATION.—The Sec-
retary, upon submission of a written certification to Con-
gress, may extend the authority provided under this Act to 
expire not later than 2 years from the date of enactment 
of this Act. Such certification shall include a justification 
of why the extension is necessary to assist American fami-
lies and stabilize financial markets, as well as the expected 
cost to the taxpayers for such an extension. 
SEC. 121. SPECIAL INSPECTOR GENERAL FOR THE TROU-
BLED ASSET RELIEF PROGRAM. 
(a) OFFICE OF INSPECTOR GENERAL.—There is hereby 
established the Office of the Special Inspector General for 
the Troubled Asset Relief Program. 
(b) APPOINTMENT
OF INSPECTOR GENERAL; RE-
MOVAL.—(1) The head of the Office of the Special Inspector 
General for the Troubled Asset Relief Program is the Spe-
cial Inspector General for the Troubled Asset Relief Pro-
gram (in this section referred to as the ‘‘Special Inspector 
General’’), who shall be appointed by the President, by and 
with the advice and consent of the Senate. 
(2) The appointment of the Special Inspector General 
shall be made on the basis of integrity and demonstrated 
ability in accounting, auditing, financial analysis, law, 
management analysis, public administration, or investiga-
tions. 
(3) The nomination of an individual as Special In-
spector General shall be made as soon as practicable after 
the establishment of any program under sections 101 and 
102. 
(4) The Special Inspector General shall be removable 
from office in accordance with the provisions of section 3(b) 
of the Inspector General Act of 1978 (5 U.S.C. App.). 
(5) For purposes of section 7324 of title 5, United 
States Code, the Special Inspector General shall not be con-
sidered an employee who determines policies to be pursued 
by the United States in the nationwide administration of 
Federal law. 
(6) The annual rate of basic pay of the Special Inspec-
tor General shall be the annual rate of basic pay for an 
Inspector General under section 3(e) of the Inspector Gen-
eral Act of 1978 (5 U.S.C. App.).
(c) DUTIES.—(1) It shall be the duty of the Special 
Inspector General to conduct, supervise, and coordinate au-
dits and investigations of the purchase, management, and 
sale of assets by the Secretary of the Treasury under any 
program established by the Secretary under section 101, 
and the management by the Secretary of any program es-
tablished under section 102, including by collecting and 
summarizing the following information: 
(A) A description of the categories of troubled as-
sets purchased or otherwise procured by the Secretary. 
(B) A listing of the troubled assets purchased in 
each such category described under subparagraph (A). 
(C) An explanation of the reasons the Secretary 
deemed it necessary to purchase each such troubled 
asset. 
(D) A listing of each financial institution that 
such troubled assets were purchased from. 
(E) A listing of and detailed biographical infor-
mation on each person or entity hired to manage such 
troubled assets. 
(F) A current estimate of the total amount of 
troubled assets purchased pursuant to any program 
established under section 101, the amount of troubled 
assets on the books of the Treasury, the amount of
troubled assets sold, and the profit and loss incurred 
on each sale or disposition of each such troubled asset. 
(G) A listing of the insurance contracts issued 
under section 102. 
(2) The Special Inspector General shall establish, 
maintain, and oversee such systems, procedures, and con-
trols as the Special Inspector General considers appropriate 
to discharge the duty under paragraph (1). 
(3) In addition to the duties specified in paragraphs 
(1) and (2), the Inspector General shall also have the duties 
and responsibilities of inspectors general under the Inspec-
tor General Act of 1978. 
(d) POWERS AND AUTHORITIES.—(1) In carrying out 
the duties specified in subsection (c), the Special Inspector 
General shall have the authorities provided in section 6 of 
the Inspector General Act of 1978. 
(2) The Special Inspector General shall carry out the 
duties specified in subsection (c)(1) in accordance with sec-
tion 4(b)(1) of the Inspector General Act of 1978. 
(e) PERSONNEL, FACILITIES, 
AND
OTHER
RE-
SOURCES.—(1) The Special Inspector General may select, 
appoint, and employ such officers and employees as may 
be necessary for carrying out the duties of the Special In-
spector General, subject to the provisions of title 5, United 
States Code, governing appointments in the competitive
service, and the provisions of chapter 51 and subchapter 
III of chapter 53 of such title, relating to classification and 
General Schedule pay rates. 
(2) The Special Inspector General may obtain services 
as authorized by section 3109 of title 5, United States Code, 
at daily rates not to exceed the equivalent rate prescribed 
for grade GS–15 of the General Schedule by section 5332 
of such title. 
(3) The Special Inspector General may enter into con-
tracts and other arrangements for audits, studies, analyses, 
and other services with public agencies and with private 
persons, and make such payments as may be necessary to 
carry out the duties of the Inspector General. 
(4)(A) Upon request of the Special Inspector General 
for information or assistance from any department, agency, 
or other entity of the Federal Government, the head of such 
entity shall, insofar as is practicable and not in contraven-
tion of any existing law, furnish such information or assist-
ance to the Special Inspector General, or an authorized des-
ignee. 
(B) Whenever information or assistance requested by 
the Special Inspector General is, in the judgment of the Spe-
cial Inspector General, unreasonably refused or not pro-
vided, the Special Inspector General shall report the cir-
cumstances to the appropriate committees of Congress with-
out delay. 
(f) REPORTS.—(1) Not later than 60 days after the 
confirmation of the Special Inspector General, and every 
calendar quarter thereafter, the Special Inspector General 
shall 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. Each report shall include, for the period cov-
ered by such 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). 
(2) Nothing in this subsection shall be construed to au-
thorize the public disclosure of information that is— 
(A) specifically prohibited from disclosure by 
any other provision of law; 
(B) specifically required by Executive order to be 
protected from disclosure in the interest of national 
defense or national security or in the conduct of for-
eign affairs; or 
(C) a part of an ongoing criminal investigation.
(3) Any reports required under this section shall also 
be submitted to the Congressional Oversight Panel estab-
lished under section 125. 
(g) FUNDING.—(1) Of the amounts made available to 
the Secretary of the Treasury under section 118, 
$50,000,000 shall be available to the Special Inspector Gen-
eral to carry out this section. 
(2) The amount available under paragraph (1) shall 
remain available until expended. 
(h) TERMINATION.—The Office of the Special Inspector 
General 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 Fed-
eral Government; or 
(2) the date of expiration of the last insurance 
contract issued under section 102. 
SEC. 122. INCREASE IN STATUTORY LIMIT ON THE PUBLIC 
DEBT. 
Subsection (b) of section 3101 of title 31, United States 
Code, is amended by striking out the dollar limitation con-
tained 
in 
such 
subsection 
and 
inserting 
‘‘$11,315,000,000,000’’.
SEC. 123. CREDIT REFORM. 
(a) IN GENERAL.—Subject to subsection (b), the costs 
of purchases of troubled assets made under section 101(a) 
and guarantees of troubled assets under section 102, and 
any cash flows associated with the activities authorized in 
section 102 and subsections (a), (b), and (c) of section 106 
shall be determined as provided under the Federal Credit 
Reform Act of 1990 (2 U.S.C. 661 et. seq.). 
(b) COSTS.—For the purposes of section 502(5) of the 
Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5))— 
(1) the cost of troubled assets and guarantees of 
troubled assets shall be calculated by adjusting the 
discount rate in section 502(5)(E) (2 U.S.C. 
661a(5)(E)) for market risks; and 
(2) the cost of a modification of a troubled asset 
or guarantee of a troubled asset shall be the difference 
between the current estimate consistent with para-
graph (1) under the terms of the troubled asset or 
guarantee of the troubled asset and the current esti-
mate consistent with paragraph (1) under the terms 
of the troubled asset or guarantee of the troubled asset, 
as modified. 
SEC. 124. HOPE FOR HOMEOWNERS AMENDMENTS. 
Section 257 of the National Housing Act (12 U.S.C. 
1715z–23) is amended— 
(1) in subsection (e)—
(A) in paragraph (1)(B), by inserting before 
‘‘a ratio’’ the following: ‘‘, or thereafter is likely 
to have, due to the terms of the mortgage being 
reset,’’; 
(B) in paragraph (2)(B), by inserting be-
fore the period at the end ‘‘(or such higher per-
centage as the Board determines, in the discre-
tion of the Board)’’; 
(C) in paragraph (4)(A)— 
(i) in the first sentence, by inserting 
after ‘‘insured loan’’ the following: ‘‘and 
any payments made under this para-
graph,’’; and 
(ii) by adding at the end the following: 
‘‘Such actions may include making pay-
ments, which shall be accepted as payment 
in full of all indebtedness under the eligible 
mortgage, to any holder of an existing sub-
ordinate mortgage, in lieu of any future ap-
preciation payments authorized under sub-
paragraph (B).’’; and 
(2) in subsection (w), by inserting after ‘‘admin-
istrative costs’’ the following: ‘‘and payments pursu-
ant to subsection (e)(4)(A)’’.
SEC. 125. CONGRESSIONAL OVERSIGHT PANEL. 
(a) ESTABLISHMENT.—There is hereby established the 
Congressional Oversight Panel (hereafter in this section re-
ferred to as the ‘‘Oversight Panel’’) as an establishment in 
the legislative branch. 
(b) DUTIES.—The Oversight Panel shall review the 
current state of the financial markets and the regulatory 
system and submit the following reports to Congress: 
(1) REGULAR REPORTS.— 
(A) IN GENERAL.—Regular reports of the 
Oversight Panel shall include the following: 
(i) The use by the Secretary of author-
ity under this Act, including with respect to 
the use of contracting authority and admin-
istration 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 informa-
tion made available on transactions under 
the program has contributed to market 
transparency. 
(iv) The effectiveness of foreclosure 
mitigation efforts, and the effectiveness of 
the program from the standpoint of mini-
mizing long-term costs to the taxpayers and 
maximizing the benefits for taxpayers. 
(B) TIMING.—The reports required under 
this paragraph shall be submitted not later than 
30 days after the first exercise by the Secretary 
of the authority under section 101(a) or 102, and 
every 30 days thereafter. 
(2) SPECIAL
REPORT
ON
REGULATORY
RE-
FORM.—The Oversight Panel shall submit 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 partici-
pants in the financial system and protecting con-
sumers, and providing recommendations for improve-
ment, 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 under-
lying such recommendation, and whether there are 
any gaps in existing consumer protections. 
(c) MEMBERSHIP.— 
(1) IN
GENERAL.—The Oversight Panel shall 
consist of 5 members, as follows: 
(A) 1 member appointed by the Speaker of 
the House of Representatives.