H. R. 1424—20 
(B) The financial condition and internal controls of 
the TARP, its representatives and agents. 
(C) Characteristics of transactions and commitments 
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 commit-
ments to purchase assets. 
(D) Characteristics and disposition of acquired 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 involving any agent or rep-
resentative 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 applicable, the efforts of 
the TARP in evaluating proposals for inclusion and con-
tracting to the maximum extent possible of minorities (as 
such term is defined in 1204(c) of the Financial Institutions 
Reform, Recovery, and Enhancement Act of 1989 (12 U.S.C. 
1811 note), women, and minority- and women-owned 
businesses, including 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 businesses (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 OVERSIGHT.— 
(A) GAO PRESENCE.—The Secretary shall provide the 
Comptroller General with appropriate 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 con-
sistent with law, the Comptroller General shall have access, 
upon request, to any information, data, schedules, books, 
accounts, financial records, reports, files, electronic commu-
nications, or other papers, things, or property belonging 
to or in use by the TARP, or any vehicles established 
by the Secretary under this Act, and to the officers, direc-
tors, employees, independent 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 reasonable time as the Comptroller 
General may request. 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, accounts, and other records 
as the Comptroller General deems appropriate.
H. R. 1424—21 
(C) REIMBURSEMENT
OF
COSTS.—The Treasury shall 
reimburse the Government Accountability 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 appropriation 
account ‘‘Salaries and Expenses, Government Account-
ability 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, regularly and no less 
frequently than once every 60 days, to the appropriate commit-
tees of Congress, and the Special Inspector General for the 
Troubled Asset Relief Program established under this Act on 
the activities and performance of the TARP. The Comptroller 
may also submit special reports under this subsection as war-
ranted by the findings of its oversight activities. 
(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 gen-
erally accepted accounting principles, and the Comptroller Gen-
eral shall annually audit such statements in accordance with 
generally accepted auditing standards. The Treasury shall 
reimburse the Government Accountability Office for the full 
cost of any such audit as billed therefor by the Comptroller 
General. Such reimbursements shall be credited to the appro-
priation account ‘‘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 trans-
actions 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
PROBLEMS.—The 
TARP shall— 
(A) take action to address deficiencies identified by 
the Comptroller General or other auditor engaged by the 
TARP; or 
(B) certify to appropriate committees of Congress that 
no action is necessary or appropriate. 
(c) INTERNAL CONTROL.— 
(1) ESTABLISHMENT.—The TARP shall establish and main-
tain 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 operations, 
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 annual financial 
statement issued under this section, the TARP shall—
H. R. 1424—22 
(A) state the responsibility of management for estab-
lishing 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. 
(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 require-
ment 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 Federal 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 sudden deleveraging 
of financial institutions was a factor behind 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 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 Board; and 
(4) recommendations for the Board and appropriate 
committees of Congress with respect to the existing authority 
of the Board. 
(c) REPORT.—Not later than June 1, 2009, the Comptroller 
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 Committee on Financial Services 
of the House of Representatives. 
(d) SHARING
OF INFORMATION.—Any reports required under 
this section shall also be submitted to the Congressional 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 Secretary 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 chapter 31 of title 31, United States 
Code, are extended to include 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, including the payment of administrative expenses, shall
H. R. 1424—23 
be deemed appropriated at the time of such expenditure or obliga-
tion. 
SEC. 119. JUDICIAL REVIEW AND RELATED MATTERS. 
(a) JUDICIAL REVIEW.— 
(1) STANDARD.—Actions by the Secretary pursuant 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, capri-
cious, an abuse of discretion, or not in accordance with law. 
(2) LIMITATIONS ON EQUITABLE RELIEF.— 
(A) INJUNCTION.—No injunction or other form of equi-
table relief shall be issued against the Secretary for actions 
pursuant to section 101, 102, 106, and 109, other than 
to remedy a violation 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 denied by the court within 3 days of the date 
of the request. 
(C) PRELIMINARY
INJUNCTION.—Any request 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 provisions 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 considered and granted or 
denied by the court on an expedited basis. Whenever pos-
sible, the court shall consolidate trial on the merits with 
any hearing on a request for a preliminary injunction, 
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 partici-
pation 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 equitable 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, notwith-
standing the exercise of authority by the Secretary under this 
Act. 
(2) SAVINGS CLAUSE.—Any exercise of the authority 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 Secretary. Except as established in any contract,