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. Some of the reporting requirements are assigned to newly established entities in the act, including the Financial Stability Oversight Board, the Congressional Oversight Panel (COP), and the Special Inspector General for the Troubled Asset Relief Program (SIG TARP). 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). 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 purposeâ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. 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." 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)." 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." On December 31, 2008, the Department of the Treasury filed the required Section 102(b) report. The report describes the Asset Guarantee Program that was established pursuant to Section 102(a) of EESA, including its objectives, how eligible institutions are determined, TARP accounting and Treasury's loss position, and other potential asset guarantee programs being considered. An appendix to the report described responses to an October 2008 Federal Register notice that asked for comments on programs consistent with Section 102. 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 Government; or (2) the date of expiration of the last insurance contract issued under section 102." On December 2, 2008, the Department of the Treasury filed its first Section 105(a) report, covering the period ending on November 30, 2008. The report describes the department's Capital Purchase Program, the Systemically Significant Failing Institutions Program, and other initiatives (e.g., the Citigroup financial assistance package). It also describes TARP administrative actions (e.g., recruitment of key staff, procurement actions, and compliance guidelines and 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." 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." As of mid-January 2009, the Department of the Treasury had issued four of these tranche reports. 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 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." 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." The Department of the Treasury's website contains links to reports on these transactions. 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." EESA requires the COP to submit both "regular" reports and a "special" report on regulatory reform to Congress.