H. R. 1424—16 
SEC. 114. MARKET TRANSPARENCY. 
(a) PRICING.—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. 
(b) DISCLOSURE.—For each type of financial institutions that 
sells troubled assets to the Secretary under this Act, the Secretary 
shall determine whether the 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 sufficient 
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 regulators. 
SEC. 115. GRADUATED AUTHORIZATION TO PURCHASE. 
(a) AUTHORITY.—The authority of the Secretary to purchase 
troubled assets under this Act shall be limited as follows: 
(1) Effective upon the date of enactment of this Act, such 
authority shall be limited to $250,000,000,000 outstanding at 
any one time. 
(2) If at any time, the President submits to the Congress 
a written certification that the Secretary needs to exercise 
the authority under this paragraph, effective upon such submis-
sion, such authority shall be limited to $350,000,000,000 out-
standing at any one time. 
(3) If, at any time after the certification in paragraph 
(2) has been made, the President transmits to the Congress 
a written report detailing the plan of the Secretary to exercise 
the authority under this paragraph, unless there is enacted, 
within 15 calendar days of such transmission, a joint resolution 
described in subsection (c), effective upon the expiration of 
such 15-day period, such authority shall be limited to 
$700,000,000,000 outstanding at any one time. 
(b) AGGREGATION OF PURCHASE PRICES.—The amount of trou-
bled assets purchased by the Secretary outstanding at any one 
time shall be determined for purposes of the dollar amount limita-
tions under subsection (a) by aggregating the purchase prices of 
all troubled assets held. 
(c) JOINT RESOLUTION OF DISAPPROVAL.— 
(1) IN GENERAL.—Notwithstanding any other provision of 
this section, the Secretary may not exercise any authority to 
make purchases under this Act with regard to any amount 
in excess of $350,000,000,000 previously obligated, as described 
in this section if, within 15 calendar days after the date on 
which Congress receives a report of the plan of the Secretary 
described in subsection (a)(3), there is enacted into law a joint 
resolution disapproving the plan of the Secretary with respect 
to such additional amount. 
(2) CONTENTS OF JOINT RESOLUTION.—For the purpose of 
this section, the term ‘‘joint resolution’’ means only a joint 
resolution— 
(A) that is introduced not later than 3 calendar days 
after the date on which the report of the plan of the 
Secretary referred to in subsection (a)(3) is received by 
Congress;
H. R. 1424—17 
(B) which does not have a preamble; 
(C) the title of which is as follows: ‘‘Joint resolution 
relating to the disapproval of obligations under the Emer-
gency Economic Stabilization Act of 2008’’; and 
(D) the matter after the resolving clause of which 
is as follows: ‘‘That Congress disapproves the obligation 
of any amount exceeding the amounts obligated as 
described in paragraphs (1) and (2) of section 115(a) of 
the Emergency Economic Stabilization Act of 2008.’’. 
(d) FAST TRACK CONSIDERATION
IN HOUSE
OF REPRESENTA-
TIVES.— 
(1) RECONVENING.—Upon receipt of a report under sub-
section (a)(3), the Speaker, if the House would otherwise be 
adjourned, shall notify the Members of the House that, pursu-
ant to this section, the House shall convene not later than 
the second calendar day after receipt of such report; 
(2) REPORTING
AND
DISCHARGE.—Any committee of the 
House of Representatives to which a joint resolution is referred 
shall report it to the House not later than 5 calendar days 
after the date of receipt of the report described in subsection 
(a)(3). If a committee fails to report the joint resolution within 
that period, the committee shall be discharged from further 
consideration of the joint resolution and the joint resolution 
shall be referred to the appropriate calendar. 
(3) PROCEEDING TO CONSIDERATION.—After each committee 
authorized to consider a joint resolution reports it to the House 
or has been discharged from its consideration, it shall be in 
order, not later than the sixth day after Congress receives 
the report described in subsection (a)(3), to move to proceed 
to consider the joint resolution in the House. All points of 
order against the motion are waived. Such a motion shall 
not be in order after the House has disposed of a motion 
to proceed on the joint resolution. The previous question shall 
be considered as ordered on the motion to its adoption without 
intervening motion. The motion shall not be debatable. A 
motion to reconsider the vote by which the motion is disposed 
of shall not be in order. 
(4) CONSIDERATION.—The joint resolution shall be consid-
ered as read. All points of order against the joint resolution 
and against its consideration are waived. The previous question 
shall be considered as ordered on the joint resolution to its 
passage without intervening motion except two hours of debate 
equally divided and controlled by the proponent and an oppo-
nent. A motion to reconsider the vote on passage of the joint 
resolution shall not be in order. 
(e) FAST TRACK CONSIDERATION IN SENATE.— 
(1) RECONVENING.—Upon receipt of a report under sub-
section (a)(3), if the Senate has adjourned or recessed for more 
than 2 days, the majority leader of the Senate, after consulta-
tion with the minority leader of the Senate, shall notify the 
Members of the Senate that, pursuant to this section, the 
Senate shall convene not later than the second calendar day 
after receipt of such message. 
(2) PLACEMENT ON CALENDAR.—Upon introduction in the 
Senate, the joint resolution shall be placed immediately on 
the calendar. 
(3) FLOOR CONSIDERATION.—
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(A) IN GENERAL.—Notwithstanding Rule XXII of the 
Standing Rules of the Senate, it is in order at any time 
during the period beginning on the 4th day after the date 
on which Congress receives a report of the plan of the 
Secretary described in subsection (a)(3) and ending on the 
6th day after the date on which Congress receives a report 
of the plan of the Secretary described in subsection (a)(3) 
(even though a previous motion to the same effect has 
been disagreed to) to move to proceed to the consideration 
of the joint resolution, and all points of order against 
the joint resolution (and against consideration of the joint 
resolution) are waived. The motion to proceed is not debat-
able. The motion is not subject to a motion to postpone. 
A motion to reconsider the vote by which the motion is 
agreed to or disagreed to shall not be in order. If a motion 
to proceed to the consideration of the resolution is agreed 
to, the joint resolution shall remain the unfinished business 
until disposed of. 
(B) DEBATE.—Debate on the joint resolution, and on 
all debatable motions and appeals in connection therewith, 
shall be limited to not more than 10 hours, which shall 
be divided equally between the majority and minority 
leaders or their designees. A motion further to limit debate 
is in order and not debatable. An amendment to, or a 
motion to postpone, or a motion to proceed to the consider-
ation of other business, or a motion to recommit the joint 
resolution is not in order. 
(C) VOTE ON PASSAGE.—The vote on passage shall occur 
immediately following the conclusion of the debate on a 
joint resolution, and a single quorum call at the conclusion 
of the debate if requested in accordance with the rules 
of the Senate. 
(D) RULINGS OF THE CHAIR ON PROCEDURE.—Appeals 
from the decisions of the Chair relating to the application 
of the rules of the Senate, as the case may be, to the 
procedure relating to a joint resolution shall be decided 
without debate. 
(f) RULES RELATING TO SENATE AND HOUSE OF REPRESENTA-
TIVES.— 
(1) COORDINATION
WITH
ACTION
BY
OTHER
HOUSE.—If, 
before the passage by one House of a joint resolution of that 
House, that House receives from the other House a joint resolu-
tion, then the following procedures shall apply: 
(A) The joint resolution of the other House shall not 
be referred to a committee. 
(B) With respect to a joint resolution of the House 
receiving the resolution— 
(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 resolu-
tion 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 expedited floor procedures under this sec-
tion.
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(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 Representa-
tives, 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 resolution and ending on the date the Presi-
dent 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 resolu-
tion— 
(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 resolution shall be disregarded in com-
puting 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, respectively, and 
as such it is deemed a part of the rules of each House, 
respectively, but applicable only with respect to the proce-
dure 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 constitutional 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 activi-
ties on behalf of or under the authority of the TARP), including 
vehicles established by the Secretary under this Act. The sub-
jects of such oversight shall include the following: 
(A) The performance of the TARP in meeting the pur-
poses 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.