[House Report 111-3]
[From the U.S. Government Publishing Office]



111th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 1st Session                                                      111-3

======================================================================

 
 PROVIDING FOR FURTHER CONSIDERATION OF THE BILL (H.R. 384) TO REFORM 
THE TROUBLED ASSETS RELIEF PROGRAM OF THE SECRETARY OF THE TREASURY AND 
    ENSURE ACCOUNTABILITY UNDER SUCH PROGRAM, AND FOR OTHER PURPOSES

                                _______
                                

  January 14, 2009.--Referred to the House Calendar and ordered to be 
                                printed

                                _______
                                

   Mr. McGovern, from the Committee on Rules, submitted the following

                              R E P O R T

                       [To accompany H. Res. 62]

    The Committee on Rules, having had under consideration 
House Resolution 62, by a non-record vote, report the same to 
the House with the recommendation that the resolution be 
adopted.

                SUMMARY OF PROVISIONS OF THE RESOLUTION

    The resolution provides for further consideration of H.R. 
384, the TARP Reform and Accountability Act of 2009, under a 
structured rule. No further general debate shall be in order. 
The resolution provides that the bill shall be considered as 
read. The resolution waives all points of order against 
provisions in the bill. This waiver does not affect the point 
of order available under clause 9 of rule XXI (regarding 
earmark disclosure).
    The resolution makes in order only those amendments printed 
in this report. The amendments made in order may be offered 
only in the order printed in this report, may be offered only 
by a Member designated in this report, shall be considered as 
read, shall be debatable for the time specified in this report 
equally divided and controlled by the proponent and an 
opponent, shall not be subject to amendment, and shall not be 
subject to a demand for a division of the question in the House 
or in the Committee of the Whole. All points of order against 
the amendments except for clauses 9 and 10 of rule XXI are 
waived. The rule provides one motion to recommit with or 
without instructions. The resolution provides a motion to 
proceed under section 115 of the Emergency Economic 
Stabilization Act if offered by the Majority Leader or his 
designee which may be offered not later than the legislative 
day of January 22, 2009.

                         EXPLANATION OF WAIVERS

    Although the rule waives all points of order against 
provisions in the bill, the committee is not aware of any 
waivers. The waiver of all points of order is prophylactic.

                            COMMITTEE VOTES

    The results of each record vote on an amendment or motion 
to report, together with the names of those voting for and 
against, are printed below:

Rules Committee record vote No. 2

    Date: January 14, 2009.
    Measure: H.R. 384.
    Motion by: Mr. Dreier.
    Summary of motion: To make in order and provide the 
appropriate waivers for amendment #29 by Rep. Dent that would 
require Congressional approval for release of the remaining 
TARP funds after the President submits a request.
    Results: Defeated 2-9.
    Vote by Members: McGovern--Nay; Hastings--Nay; Matsui--Nay; 
Cardoza--Nay; Arcuri--Nay; Perlmutter--Nay; Pingree--Nay; 
Polis--Nay; Dreier--Yea; Foxx--Yea; Slaughter--Nay.

Rules Committee record vote No. 3

    Date: January 14, 2009.
    Measure: H.R. 384.
    Motion by: Mr. Dreier
    Summary of motion: To make in order and provide the 
appropriate waivers for amendment #6 by Rep. Price (GA) that 
would permanently suspend the HOPE for Homeowners program if, 
after a 30-day period, the Comptroller General of the United 
States determines the number of successfully modified mortgages 
within the period was less than 140,000.
    Results: Defeated 2-9.
    Vote by Members: McGovern--Nay; Hastings--Nay; Matsui--Nay; 
Cardoza--Nay; Arcuri--Nay; Perlmutter--Nay; Pingree--Nay; 
Polis--Nay; Dreier--Yea; Foxx--Yea; Slaughter--Nay.

Rules Committee record vote No. 4

    Date: January 14, 2009.
    Measure: H.R. 384.
    Motion by: Mr. Dreier.
    Summary of motion: To make in order en bloc and provide the 
appropriate waivers for an amendment in the nature of a 
substitute #15 by Rep. Gohmert that would establish a two-month 
period suspending federal income tax based on wages earned for 
services performed and FICA withholding, and the amendment #23 
by Rep. Gingrey that would require that 30% of the remaining 
TARP funds be dedicated to assisting smaller, local community 
financial institutions, or otherwise would prevent the release 
of the remaining funds.
    Results: Defeated 2-9
    Vote by Members: McGovern--Nay; Hastings--Nay; Matsui--Nay; 
Cardoza--Nay; Arcuri--Nay; Perlmutter--Nay; Pingree--Nay; 
Polis--Nay; Dreier--Yea; Foxx--Yea; Slaughter--Nay.

Rules Committee record vote No. 5

    Date: January 14, 2009.
    Measure: H.R. 384.
    Motion by: Ms. Foxx.
    Summary of motion: To make in order and provide the 
appropriate waivers for amendment #44 by Rep. DeFazio that 
would revise the release of the remaining $350 billion in TARP 
funds in three tranches: $125 billion immediately, $50 billion 
with Presidential request to Congress, and $175 billion with a 
Presidential report sent to Congress unless within 15 days a 
joint resolution of disapproval is enacted.
    Results: Defeated 2-9
    Vote by Members: McGovern--Nay; Hastings--Nay; Matsui--Nay; 
Cardoza--Nay; Arcuri--Nay; Perlmutter--Nay; Pingree--Nay; 
Polis--Nay; Dreier--Yea; Foxx--Yea; Slaughter--Nay.

Rules Committee record vote No. 6

    Date: January 14, 2009.
    Measure: H.R. 384.
    Motion by: Mrs. Foxx.
    Summary of motion: To make in order and provide the 
appropriate waivers for amendment #70 by Rep. Inslee that would 
designate $5 billion of TARP funds for renewable energy 
companies that have been heavily impacted by the economic 
downturn.
    Results: Defeated 2-9.
    Vote by Members: McGovern--Nay; Hastings--Nay; Matsui--Nay; 
Cardoza--Nay; Arcuri--Nay; Perlmutter--Nay; Pingree--Nay; 
Polis--Nay; Dreier--Yea; Foxx--Yea; Slaughter--Nay.

Rules Committee record vote No. 7

    Date: January 14, 2009.
    Measure: H.R. 384.
    Motion by: Mrs. Foxx.
    Summary of motion: To make in order and provide the 
appropriate waivers for amendment #57 by Rep. Hinchey that 
would require that GAO conduct a study that determines the 
causes of the financial crisis, require that no TARP funds be 
used by Treasury until the report has been issued and Treasury 
issues an overall strategy and timeline for implementing 
recommendations by GAO with the goal of financial stability and 
the well-being of taxpayers.
    Results: Defeated 2-9.
    Vote by Members: McGovern--Nay; Hastings--Nay; Matsui--Nay; 
Cardoza--Nay; Arcuri--Nay; Perlmutter--Nay; Pingree--Nay; 
Polis--Nay; Dreier--Yea; Foxx--Yea; Slaughter--Nay.

Rules Committee record vote No. 8

    Date: January 14, 2009.
    Measure: H.R. 384.
    Motion by: Mrs. Foxx.
    Summary of motion: To make in order and provide appropriate 
waivers for amendment #67 by Rep. Kaptur that would suspend the 
expenditure current remaining funds and the release of the 
final $350 billion of TARP funds until the Congressional 
Oversight Panel has forensically accounted for each dollar of 
the initial $350 billion, and has examined the effect of TARP 
and Federal Reserve policies on the economy.
    Results: Defeated 2-9.
    Vote by Members: McGovern--Nay; Hastings--Nay; Matsui--Nay; 
Cardoza--Nay; Arcuri--Nay; Perlmutter--Nay; Pingree--Nay; 
Polis--Nay; Dreier--Yea; Foxx--Yea; Slaughter--Nay.

                  SUMMARY OF AMENDMENTS MADE IN ORDER

    (Summaries derived from information provided by sponsors.)
    1. Frank (MA): Clarifies that the agreements on use of TARP 
funds do not apply to the small community institutions 
designated in Section 105; clarifies that the agreements on use 
of TARP assistance apply after date of enactment; requires 
protection of renters living in properties for which 
foreclosure proceedings have begun; clarifies that Treasury 
must permit insured depositories that are TARP recipients to 
repay any assistance provided without regard to replacement of 
the funds; strikes provision requiring divestiture of private 
passenger aircraft and leases; clarifies that the Secretary may 
apply new executive compensation restrictions retroactively to 
institutions that have already received TARP assistance; 
clarifies that the warrant requirements for new TARP assistance 
shall be in an amount at least equal to 15% of the aggregate 
amount of the assistance; clarifies that the Secretary shall 
take actions to make TARP available to smaller community 
financial institutions, including those that are privately 
held; requires reporting, data collection, and analysis of use 
of TARP funds by participants and establishment of an online 
publicly available database; requires the OCC and the OTS to 
collect and report to Congress mortgage modification data; 
requires the Secretary to facilitate auctions of troubled 
assets by institutions to third-party purchasers; requires that 
the Secretary, within 7 days of enactment, commit at least $100 
billion, but in no case less than $40 billion, to foreclosure 
mitigation efforts. At least $20 billion must be dedicated to 
the systematic foreclosure mitigation plan described in section 
205; clarifies authority of Treasury Secretary to assist 
consumer, automobile fleet, commercial real estate, commercial, 
small business, farm, minority and disadvantaged businesses, 
and debtor-in-possession financing loans; adds term ``below 
market'' to describe the interest rates to be achieved under 
the home buyer stimulus program, including for the Hope for 
Homeowners program; imposes new requirements and reporting on 
Treasury and recipients of TARP assistance regarding inclusion 
of minorities and women; adds a new Title VIII requiring new 
reporting on guarantees made to Citigroup; and adds a new Title 
IX requiring a GAO study of the financial crisis and Treasury 
strategy for implementing GAO recommendations. (40 Minutes)
    2. Matsui (CA): Would provide a sense of Congress stating 
that TARP participants, who receive from future TARP funds, 
should not initiate a foreclosure proceeding or foreclosure 
sale on any principal homeowner until the new systematic loan 
modification plan is implemented and deemed fully operational 
by the Secretary and Chair of FDIC. (10 Minutes)
    3. Hensarling (TX): Would remove the Secretary's authority 
to delegate an observer to attend meetings of the board of 
directors of any assisted institution. (10 Minutes)
    4. Holt (NJ): Would amend the EESA to require that, 
provided TARP funds are not used for their purchase, the 
Secretary shall facilitate an auction of troubled assets by 
third party purchases and, if such auction does not take place 
within 3 months from enactment, the Secretary must report to 
Congress on the mechanism the Secretary deems best to use to 
value and liquidate such assets. (10 Minutes)
    5. Bachmann (MN): Would remove the authority of the 
Secretary, under TARP, to assist in financing and restructuring 
the domestic vehicle manufacturers in the United States. (10 
Minutes)
    6. Bachmann (MN): Would eliminate changes and additional 
funding for the HOPE for Homeowners program. (10 Minutes)
    7. Murphy, Patrick (PA): Would require the Federal Reserve 
to disclose detailed information regarding the Federal 
Reserve's Mortgage-Backed Securities purchase program. (10 
Minutes)
    8. Myrick (NC): Would prohibit TARP fund recipients from 
outsourcing new customer service or call center jobs to foreign 
companies. (10 Minutes)
    9. Walz (MN): Would require that any assisted institution 
publicly report, not less than quarterly, on the institution's 
use of the assistance, and would require the Treasury to make 
those reports readily available online. (10 Minutes)
    10. Flake (AZ): Would clarify that the TARP Special 
Inspector General has oversight power over any actions taken by 
Treasury under this legislation that he deems appropriate, with 
certain exceptions. (10 Minutes)
    11. Hinchey (NY): Would require Treasury to immediately 
obtain information from recipients of TARP funds and their 
precise use of funds allocated prior to January 1, 2009, and 
require the Treasury to conduct an analysis of the use of those 
funds within 30 days of enactment. (10 Minutes)

                    TEXT OF AMENDMENTS MADE IN ORDER

1. An Amendment To Be Offered by Representative Frank of Massachusetts, 
               or His Designee, Debatable for 40 minutes

  Page 3, line 16, after the period insert the following: 
``Such reporting may be required directly for nondepository 
institutions or through the appropriate Federal banking agency, 
as provided in section 103.''.

  Page 4, line 15, strike ``As'' and insert ``Except as 
provided in section 105, as''.

  Page 4, line 18, before the second comma insert ``made after 
the date of the enactment of the TARP Reform and Accountability 
Act of 2009''.

  Page 5, line 1, strike ``funding'' and insert ``assistance''.

  Page 5, line 10, strike ``funds'' and insert ``assistance''.

  Page 6, line 23, strike ``funds'' and insert ``assistance''.

  Page 7, after line 11, insert the following:

          (4) Renter protection.--In the case of any 
        foreclosure on any dwelling or residential real 
        property securing an extension of credit made under a 
        contract entered into after the date of the enactment 
        of this Act, any successor in interest in such property 
        pursuant to the foreclosure shall assume such interest 
        subject to--
                  (A) the provision, by the successor in 
                interest, of a notice to vacate to any bona 
                fide tenant at least 90 days before the 
                effective date of the notice to vacate; and
                  (B) the rights of any bona fide tenant, as of 
                the date of such notice of foreclosure--
                          (i) under any bona fide lease entered 
                        into before the notice of foreclosure 
                        to occupy the premises until the end of 
                        the remaining term of the lease or the 
                        end of the 6-month period beginning on 
                        the date of the notice of foreclosure, 
                        whichever occurs first, subject to the 
                        receipt by the tenant of the 90-day 
                        notice under subparagraph (A); or
                          (ii) without a lease or with a lease 
                        terminable at will under State law, 
                        subject to the receipt by the tenant of 
                        the 90-day notice under subparagraph 
                        (A).
          (5) Bona fide lease or tenancy.--For purposes of this 
        paragraph (1), a lease or tenancy shall be considered 
        bona fide only if--
                  (A) the mortgagor under the contract is not 
                the tenant;
                  (B) the lease or tenancy was the result of an 
                arms-length transaction; or
                  (C) the lease or tenancy requires the receipt 
                of rent that is not substantially less than 
                fair market rent for the property.

  Page 7, line 14, strike ``may permit an'' and insert ``shall 
permit an assisted''.

  Page 7, line 18, before the first period insert the 
following: ``, and when such assistance is repaid, the 
Secretary shall liquidate warrants associated with such 
assistance at the current market price''.

  Page 8, line 6, strike ``means'' and insert ``mean''.

  Page 8, strike lines 19 through 21 and insert the following:

          ``(1) Standards required.--Notwithstanding any''.

  Page 8, line 25, strike ``assisted institution'' and insert 
``institution that became an assisted institution after the 
date of the enactment of the TARP Reform and Accountability Act 
of 2009''.

  Page 9, lines 6 through 8, strike ``an assisted institution 
which received assistance under this title'' and insert ``such 
institution''.

  Page 10, strike lines 5 through 16.

  Page 10, line 17, strike ``(4)'' and insert ``(3)''.

  Page 10, line 23, strike ``on or after'' and insert 
``before''.

  Page 12, line 24, before the first period, insert ``, and 
shall require such reports to be provided to the appropriate 
State bank supervisor (as defined in section 3 of the Federal 
Deposit Insurance Act)''.

  Page 13, line 4 and 5, strike ``striking paragraph (1) and 
inserting'' and inserting ``adding at the end''.

  Strike line 6 on page 13 and all that follows through page 
16, line 18, and insert the following:

          ``(4) Amount.--For assistance provided after the date 
        of the enactment of the TARP Reform and Accountability 
        Act of 2009, and except as provided in title III of 
        such Act, the warrants or instruments described in this 
        section shall have a value at least equal to 15 percent 
        of the aggregate amount of such assistance.''.

  Strike line 23 on page 16 and all that follows through page 
17, line 2.

  Page 17, line 6, strike ``make available funds'' and insert 
``provide assistance''.

  Page 17, line 8, before the period insert ``, including such 
institutions that are privately held''.

  Page 17, strike lines 9 through 12 and insert the following:

  (b) Comparable Terms.--An institution that receives 
assistance after the date of the enactment of the TARP Reform 
and Accountability Act of 2009, shall do so on terms comparable 
to the terms applicable to institutions that received 
assistance prior to the date of the enactment of such Act of 
2009: Provided, That the institution--

  Page 17, line 13, strike ``have submitted applications'' and 
inserting ``has submitted an application''.

  Page 17, line 18, strike ``are'' and insert ``is''.

  Page 17, line 25, strike the comma and insert a period.

  Page 18, strike lines 1 through 3.

  Page 19, after line 12, insert the following:

SEC. 107. INCLUSION OF WOMEN AND MINORITIES.

  (a) Office of Minority and Women Inclusion.--The Secretary of 
the Treasury shall establish an Office of Minority and Women 
Inclusion, or designate an office of the entity, that shall be 
responsible for carrying out this section and ensuring 
compliance by the Secretary and each assisted institution (as 
such term is defined in section 3 of the Emergency Economic 
Stabilization Act of 2008) with the requirements of this 
section. The Office shall be responsible for all matters of the 
entity relating to diversity in management, employment, and 
business activities in accordance with such standards and 
requirements as the Secretary shall establish regarding the use 
of assistance provided under title I of such Act.
  (b) Inclusion in All Levels of Business Activities.--The 
Secretary and each assisted institution shall develop and 
implement standards and procedures to ensure, to the maximum 
extent possible, the inclusion and utilization of minorities 
(as such term is defined in section 1204(c) of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
U.S.C. 1811 note)) and women, and minority-and women-owned 
businesses (as such terms are defined in section 21A(r)(4) of 
the Federal Home Loan Bank Act (12 U.S.C. 1441a(r)(4)) 
(including financial institutions, investment banking firms, 
mortgage banking firms, asset management firms, broker-dealers, 
financial services firms, underwriters, accountants, brokers, 
investment consultants, and providers of legal services) in all 
business and activities of the Secretary and each assisted 
institution at all levels, including in procurement, insurance, 
and all types of contracts (including contracts for the 
issuance or guarantee of any debt, equity, or mortgage-related 
securities, the management of its mortgage and securities 
portfolios, the making of its equity investments, the purchase, 
sale and servicing of single- and multi-family mortgage loans, 
and the implementation of its affordable housing program and 
initiatives). The processes established by the Secretary and 
each assisted institution for review and evaluation for 
contract proposals and to hire service providers shall include 
a component that gives consideration to the diversity of the 
applicant.
  (c) Applicability.--This section shall apply to all contracts 
of the Secretary of the Treasury and assisted institutions for 
services of any kind, including services that require the 
services of investment banking, asset management entities, 
broker-dealers, financial services entities, underwriters, 
accountants, investment consultants, and providers of legal 
services.
  (d) Reports to Congress.--Not later than 180 days after the 
date of the enactment of this Act, the Secretary shall report 
to the Congress detailed information describing the actions 
taken by the Office and assisted institutions pursuant to this 
section, which shall include a statement of the total amounts 
provided by the Secretary and assisted institutions under title 
I of the Emergency Economic Stabilization Act of 2008 to third 
party contractors since the last such report and the percentage 
of such amounts paid to businesses described in subsection (b) 
of this section.

SEC. 108. ANALYSIS OF USE OF ASSISTANCE.

  (a) Requirement.--The Secretary of the Treasury shall 
regularly analyze timely and detailed information concerning 
the use of assistance provided under title I of the Emergency 
Economic Stabilization Act of 2008 by assisted institutions to 
ensure that the program established under title I of such Act 
is meeting the goals of the program.
  (b) Agency Collection.--The Secretary of the Treasury shall 
require the Federal banking agencies (as defined in section 3 
of the Federal Deposit Insurance Act) and any other Federal 
agency the Secretary chooses to report detailed information to 
the Secretary on the use of assistance provided by the 
Secretary under the Emergency Economic Stabilization Act of 
2008 in a standard electronic form on no less than a quarterly 
basis.
  (c) Source of Information.--The data collected and analyzed 
under subsections (a) and (b)--
          (1) shall come from existing reports filed by all 
        assisted institutions where possible, including 
        depository institutions and nondepository institutions, 
        with the principal Federal regulator of each such 
        institution, if any; and
          (2) and should be sufficiently detailed and timely to 
        enable the Secretary to determine the effectiveness of 
        the program established under title I of the Emergency 
        Economic Stabilization Act of 2008 in stimulating 
        prudent lending and strengthening bank capital.
  (d) Adjustments and Recommendations.--If the Secretary of the 
Treasury determines that--
          (1) the goals of the program established under title 
        I of the Emergency Economic Stabilization Act of 2008 
        are not being met, the Secretary shall work with the 
        Federal agencies supplying the information under 
        subsection (b) to encourage such agencies to provide 
        the recipients of assistance under such title with 
        recommendations for better meeting the goals of the 
        program; and
          (2) the goals of the program are not being met 
        following the recommendations and adjustments made in 
        accordance with paragraph (1), the Secretary shall 
        adjust the future uses of assistance provided under 
        such title.

SEC. 109. DATABASE OF USE OF TARP FUNDS.

  The Secretary of the Treasury shall create and maintain a 
fully searchable database, accessible on the Internet at no 
cost to the public, that contains the name of each entity 
receiving funds made available under section 115(a) of the 
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 
5225(a)) and the purpose for which such entity is receiving 
such funds.

  Page 19, line 13, strike ``107'' and insert 
``110''.

  Page 19, line 16, strike ``subsection'' and insert 
``subsections''.

  Page 19, line 20, strike the quotation marks and the last 
period.

  Page 19, line after line 20, insert the following:

  ``(g) Qualified Property.--
          ``(1) Guarantee.--Upon the request of a lessee of 
        qualified property in leases where the lessee 
        economically defeased its rent and purchase option 
        payments, the Secretary may serve as a guarantor with 
        respect to all payment obligations of such lessee with 
        respect to any defeased lease transaction that is in 
        technical default because of a downgrade of a financial 
        guarantor. Such guarantee shall be on such terms and 
        conditions as are determined by the Secretary.
          ``(2) Definitions.--For purposes of this subsection, 
        the following definitions shall apply:
                  ``(A) Qualified property.--The term 
                `qualified property' means domestic property 
                subject to a lease entered into prior to 
                November 1, 2007, in which a State or local 
                government authority (as defined in section 
                5302(a) of title 49, United States Code) is the 
                lessee.
                  ``(B) Guarantor.--The term `guarantor' 
                includes any guarantor, surety, and payment 
                undertaker.''.

  Page 20, before line 1 insert the following new section:

SEC. 111. INVESTMENT OF TARP FUNDS IN CREDIT UNIONS TAKEN INTO ACCOUNT 
                    IN DETERMINATION OF NET WORTH.

  (a) In General.--Section 216(o)(2) of the Federal Credit 
Union Act (12 U.S.C. 1790d(o)(2)) is amended by striking 
subparagraph (A) and inserting the following new subparagraph:
                  ``(A) with respect to any insured credit 
                union, means--
                          ``(i) the retained earnings balance 
                        of the credit union, as determined 
                        under generally accepted accounting 
                        principles, together with any amounts 
                        that were previously the retained 
                        earnings of any other credit union with 
                        which the credit union has combined; 
                        and
                          ``(ii) any donated equity, permanent, 
                        and perpetual capital deposits, or 
                        other primary capital made available 
                        under Title I of the Emergency Economic 
                        Stabilization Act of 2008, as 
                        determined by regulation or order of 
                        the Board with due regard for the 
                        accepted capital standards for United 
                        States depository institutions 
                        generally; and''.
  (b) Effective Date.--The amendment made by subsection (a) 
shall take effect at the end of the 30-day period beginning on 
the date of the enactment of this Act.

SEC. 112. TREASURY FACILITATED AUCTION.

  Section 113(b) of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5223(b)) is amended to read as follows:
  ``(b) Use of Market Mechanisms.--
          ``(1) In general.--In making purchases under this 
        Act, the Secretary shall--
                  ``(A) make such purchases at the lowest price 
                that the Secretary determines to be consistent 
                with the purposes of this Act; and
                  ``(B) maximize the efficiency of the use of 
                taxpayer resources by using market mechanisms, 
                including auctions or reverse auctions, where 
                appropriate.
          ``(2) Auction facilitation.--
                  ``(A) In general.--The Secretary shall, in 
                coordination with institutions that volunteer 
                to participate, and not using any funds under 
                this title for purchases, facilitate an auction 
                of troubled assets owned by such institutions 
                to third party purchasers.
                  ``(B) Report.--If the auction described in 
                subparagraph (A) does not take place within the 
                3 month period following the date of the 
                enactment of the TARP Reform and Accountability 
                Act of 2009, the Secretary shall issue a report 
                to the Congress stating--
                          ``(i) why such auction has not taken 
                        place; and
                          ``(ii) by what mechanism the 
                        Secretary feels that troubled assets 
                        could most expeditiously be valued and 
                        liquidated.''.

  Page 20, after line 4, insert the following:

  (a) Commitment of Resources.--Notwithstanding any provision 
of title I of the Emergency Economic Stabilization Act of 2008, 
not later than seven days after the date of the enactment of 
the TARP Reform and Accountability Act of 2009, the Secretary 
of the Treasury (in this title referred to as the 
``Secretary'') shall commit funds made available to the 
Secretary under title I of the Emergency Economic Stabilization 
Act of 2008 in an amount of at least $100,000,000,000, unless 
the Secretary certifies otherwise under subsection (d), but in 
no case less than $40,000,000,000, for the purposes of 
foreclosure mitigation. Not less than $20,000,000,000 of this 
amount shall be dedicated to the program described under 
section 204 of this Act. The Secretary shall consult with the 
Chairperson of the Board of Directors of the Federal Deposit 
Insurance Corporation regarding the administration of the 
program.

  Page 20, line 5, strike ``(a)'' and insert ``(b)''.

  Page 20, strike ``of the Treasury'' in line 8 and all that 
follows through ```Secretary')'' in line 9.

  Page 20, line 11, after ``to'' insert ``use the funds 
committed under subparagraph (a) to''.

  Page 20, strike lines 16 through 21.

  Strike ``committing funds'' in line 23 of page 20 and all 
that follows through ``of 2008'' on page 21, line 1.

  Page 21, line 2, strike ``(a)'' and insert ``(b)''.

  Page 21, line 3, strike ``by May 1, 2009,''.

  Page 21, lines 4 and 5, strike ``more than the minimum of 
$40,000,000,000 as required'' and insert ``at least 
$100,000,000,000 in the plan established''.

  Page 21, lines 6 and 7, strike ``, no later than May 15, 
2009,'' and insert ``in the plan''.

  Page 21, line 7, strike ``additional funds'' and insert 
``amounts''.

  Page 21, after line 8, insert the following:

  (e) Clarification.--For purposes of this title, the term 
``residential properties'' shall include 1- to 4-family 
residential properties.

  Page 21, line 11, strike ``201(a)'' and insert ``201(b)''.

   Page 21, lines 23 and 24, strike ``one, or a combination of 
more than one,'' and insert ``the systematic foreclosure 
prevention and mortgage modification program under section 204 
and a combination''.

  Page 21, after line 25, insert the following:

          (4) Workforce and outreach.--The plan shall set forth 
        how the Secretary intends to develop, second, or 
        contract for appropriate staffing to carry out the plan 
        and the component programs and to ensure that private 
        mortgage servicers utilizing the programs established 
        by the Secretary will provide sufficient staffing and 
        resources to engage in the outreach, loss mitigation 
        activities, and homeowner education necessary for 
        successful foreclosure mitigation.

  Page 22, line 2, strike ``201(a)'' and insert ``201(b)''.

   Page 22, strike lines 9 through 11.

  Page 22, line 12, strike ``(2)'' and insert ``(1)''.

  Page 22, line 23, strike ``(3)'' and insert ``(2)''.

  Page 23, line 8, strike ``(4)'' and insert ``(3)''.

  Page 23, line 13, strike ``(5)'' and insert ``(4)''.

  Page 23, line 10, after ``servicers'' insert the following: 
````, including servicers that are not affiliated with a 
depository institution,''.

  Page 23, line 19, after ``Corporation'' insert ``, regional 
public-private partnerships,''.

  Page 23, after line 22, insert the following:

          (5) Substitution of trust.--A program under which 
        modifications are allowed to the securitization trust 
        agreements with respect to securities secured by pools 
        of mortgages to allow a new qualified buyer to be 
        substituted on a foreclosed property or a delinquent 
        mortgage without seeking new financing.

  Page 24, line 18, after ``with'' insert ``the Chairperson of 
the Federal Deposit Insurance Corporation and''.

  Page 27, line 19, strike ``201(a)'' and insert ``201(b)''.

  Page 28, line 3, strike ``118'' and insert ``title I''.

  Page 28, line 12, strike ``204'' and insert ``205''.

  Page 28, line 18, strike ``201(a)'' and insert ``201(b)''.

  Page 29, line 1, strike ``205'' and insert ``206''.

  Strike line 21 on page 31 and all that follows through page 
32, line 2.

  Page 32, line 3, strike ``(c)'' and insert ``(b)''.

  Page 32, line 10, strike ``(d)'' and insert ``(c)''.

  Page 32, after line 19, insert the following:

SEC. 207. FORECLOSURE PREVENTION FOR AFFORDABLE HOUSING.

  Section 109 of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5219) is amended to read as follows:

``SEC. 109. FORECLOSURE MITIGATION EFFORTS.

  ``(a) Residential Mortgage Servicing Standards.--To the 
extent that the Secretary acquires mortgages, mortgage backed 
securities, and other assets secured by residential real 
estate, including multifamily housing, the Secretary shall 
implement a plan that seeks to maximize assistance for 
homeowners and renters and use the authority of the Secretary 
to encourage the servicers of the underlying mortgages, 
considering net present value to the taxpayer, to take 
advantage of the HOPE for Homeowners Program under section 257 
of the National Housing Act or other available programs to 
minimize foreclosures. In addition, the Secretary may use loan 
guarantees and credit enhancements to facilitate loan 
modifications to prevent avoidable foreclosures on single-
family and multifamily housing.
  ``(b) Coordination.--The Secretary shall coordinate with the 
Corporation, the Board (with respect to any mortgage or 
mortgage-backed securities or pool of securities held, owned, 
or controlled by or on behalf of a Federal reserve bank, as 
provided in section 110(a)(1)(C)), the Federal Housing Finance 
Agency, the Secretary of Housing and Urban Development, and 
other Federal Government entities that hold troubled assets to 
attempt to identify opportunities for the acquisition of 
classes of troubled assets that will improve the ability of the 
Secretary to improve the loan modification and restructuring 
process and, where permissible, to permit bona fide tenants who 
are current on their rent to remain in their homes under the 
terms of the lease. In the case of a mortgage on a residential 
rental property, including a qualified low-income building 
under section 42 of the Internal Revenue Code of 1986, the plan 
required under this section shall include protecting Federal, 
State, and local rental subsidies and protections, and ensuring 
any modification takes into account the need for operating 
funds to maintain decent and safe conditions at the property.
  ``(c) Consent to Reasonable Loan Modification Requests.--Upon 
any request arising under existing investment contracts, the 
Secretary shall consent, where appropriate and considering net 
present value to the taxpayer, to reasonable requests by 
homeowners and owners of multifamily housing, including 
qualified low-income buildings under section 42 of the Internal 
Revenue Code of 1986, for loss mitigation measures, including 
term extensions, rate reductions, principal write downs, 
increases in the proportion of loans within a trust or other 
structure allowed to be modified, or removal of other 
limitation on modifications.''.

  Page 32, line 20, strike ``206'' and insert ``208''.

  Page 33, after line 6, insert the following (and conform the 
Table of Contents accordingly):

SEC. 209. MORTGAGE MODIFICATION DATA COLLECTING AND REPORTING.

  (a) Reporting Requirements.--Not later than 120 days after 
the date of the enactment of this Act, and quarterly 
thereafter, the Comptroller of the Currency, in coordination 
with the Director of the Office of Thrift Supervision, shall 
submit a report to the Committee on Banking, Housing, and Urban 
Affairs of the Senate, the Committee on Financial Services of 
the House of Representatives, and the Joint Economic Committee 
on the volume of mortgage modifications reported to the Office 
of the Comptroller of the Currency and the Office of Thrift 
Supervision, under the mortgage metrics program of each such 
Office, during the previous quarter, including the following:
          (1) The total number of mortgage modifications 
        resulting in each of the following:
                  (A) Additions of delinquent payments and fees 
                to loan balances.
                  (B) Interest rate reductions and freezes.
                  (C) Term extensions.
                  (D) Reductions of principal.
                  (E) Deferrals of principal.
                  (F) Combinations of modifications described 
                in subparagraph (A), (B), (C), (D), or (E).
          (2) The total number of mortgage modifications in 
        which the total monthly principal and interest payment 
        resulted in the following:
                  (A) An increase.
                  (B) Remained the same.
                  (C) Decreased less than 10 percent.
                  (D) Decreased 10 percent or more.
  (b) Data Collection.--
          (1) Required.--
                  (A) In general.--Not later than 60 days after 
                the date of the enactment of this Act, the 
                Comptroller of the Currency and the Director of 
                the Office of Thrift Supervision, shall issue 
                mortgage modification data collection and 
                reporting requirements to institutions covered 
                under the reporting requirement of the mortgage 
                metrics program of the Comptroller or the 
                Director.
                  (B) Inclusiveness of collections.--The 
                requirements under subparagraph (A) shall 
                provide for the collection of all mortgage 
                modification data needed by the Comptroller of 
                the Currency and the Director of the Office of 
                Thrift Supervision to fulfill the reporting 
                requirements under subsection (a).
          (2) Report.--The Comptroller of the Currency shall 
        report all requirements established under paragraph (1) 
        to each committee receiving the report required under 
        subsection (a).

  Page 52, strike ``obligation'' in line 19 and all that 
follows through ``2008'' in line 21 and insert ``existing 
vested legal rights and the Constitution''.

  Page 63, line 9, after the first period insert the following: 
``In determining which classes of consumer loans to support, 
the Secretary may consider the applicable regulatory structure 
and level of consumer protection afforded to such loans.''.

  Page 63, line 11, strike ``103'' and insert ``101''.

  Page 63, line 13, strike ``(f)'' and insert ``(g)''.

  Page 63, line 13, strike ``401'' and insert ``110''.

  Page 63, line 15, strike ``(g)'' and insert ``(h)''.

  Page 64, line 8, before the first period insert the 
following: ``or any other entity eligible to issue bonds the 
interest on which is excludable from gross income for Federal 
income tax purposes.''.

  Page 64, line 19, after ``estate loans,'' insert ``including 
loans for multifamily housing,''.

  Page 64, after line 22, insert the following new sections:

SEC. 404. SMALL BUSINESS LOANS.

  Title I of the Emergency Economic Stabilization Act of 2008 
(12 U.S.C. 5211 et seq.) is amended by adding after section 138 
(as added by section 403 of this title) the following new 
section:

``SEC. 139. CLARIFICATION OF AUTHORITY REGARDING SMALL BUSINESS LOANS.

  ``The authority of the Secretary to take any action under 
this title includes the authority to establish or support 
facilities to support the availability of small business loans, 
including farm loans, loans to minority and disadvantaged 
businesses, debtor-in-possession financing, dealer floor plan 
financing, and any other small business loans, including 
through purchase of asset-backed securities, directly or 
through the Board or any Federal reserve bank.''.

SEC. 405. COMMERCIAL LOANS.

  Title I of the Emergency Economic Stabilization Act of 2008 
(12 U.S.C. 5211 et seq.) is amended by adding after section 139 
(as added by section 404 of this title) the following new 
section:

``SEC. 140. CLARIFICATION OF AUTHORITY REGARDING COMMERCIAL LOANS.

  ``The authority of the Secretary to take any action under 
this title includes the authority to establish or support 
facilities to support the availability of commercial loans, 
including through purchase of asset-backed securities, directly 
or through the Board or any Federal reserve bank.''.

SEC. 406. AUTOMOBILE FLEET PURCHASE LOANS.

  Title I of the Emergency Economic Stabilization Act of 2008 
(12 U.S.C. 5211 et seq.) is amended by adding after section 140 
(as added by section 405 of this title) the following new 
section:

``SEC. 140. CLARIFICATION OF AUTHORITY REGARDING AUTOMOBILE FLEET 
                    PURCHASE LOANS.

  ``The authority of the Secretary to take any action under 
this title includes the authority to establish or support 
facilities to support the availability of automobile fleet 
purchase loans, including loans for the automobile rental 
industry and other fleet purchasers, including through purchase 
of asset-backed securities, directly or through the Board or 
any Federal reserve bank.''.

SEC. 407. CERTIFICATION.

  Subsection (a) of section 105 of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5215(a)) is amended--
          (1) in paragraph (2), by striking ``and'' at the end;
          (2) in paragraph (3), by striking the period at the 
        end and inserting ``; and''; and
          (3) by adding at the end the following new paragraph:
          ``(4) the use of the authority for the purposes 
        specified in the amendments made by title IV of the 
        TARP Reform and Accountability Act of 2009.''.

  Strike line 1 on page 68 and all that follows through page 
69, line 2.

  Page 69, line 7, strike ``carry out'' and insert ``establish 
and implement, within 60 days of the date of the enactment of 
the TARP Reform and Accountability Act of 2009,''.

  Page 69, lines 8 and 9, strike ``using the authority made 
available by section 1117 of the Housing and Economic Recovery 
Act of 2008''.

  Page 69, lines 11 and 12, strike ``which shall include 
ensuring'' and insert ``by providing mechanisms to ensure''.

  Page 69, line 12, after ``affordable'' insert ``, below-
market''.

  Strike line 15 on page 69 and all that follows through page 
70, line 13, and insert the following:

  (b) Implementation.--The Secretary shall execute the program 
under this section using the authority to purchase obligations 
and other securities issued by the Federal National Mortgage 
Association, the Federal Home Loan Mortgage Corporation, and 
the Federal Home Loan Banks made available by the Housing and 
Economic Recovery Act of 2008 and such other authority as the 
Secretary may have (other than that provided by title I of the 
Emergency Economic Stabilization Act of 2008) to make 
affordable, below-market interest rates available directly 
through portfolio lenders.

  Page 70, line 14, strike ``(d)'' and insert ``(c)''.

  Page 70, line 17, after ``affordable'' insert ``, below-
market''.

  Strike line 24 on page 70 and all that follows through page 
71, line 3, and insert the following:

  (e) Targeting for Housing Disaster Areas.--
          (1) In general.--In carrying out the program under 
        this section, the Secretary shall take into 
        consideration impact of activities under the program on 
        housing disaster areas.
          (2) Report.--Not later than 60 days after the 
        Secretary first has authority to purchase troubled 
        assets pursuant to section 115(a)(3) of the Emergency 
        Economic Stabilization Act of 2008 (12 U.S.C. 
        5225(a)(3)), the Secretary shall--
                  (A) evaluate the impact of existing Federal 
                foreclosure prevention activities on housing 
                disaster areas;
                  (B) make a determination of whether the 
                foreclosure rates and anticipated default rates 
                in such areas have been adequately reduced; and
                  (C) submit a report to the Congress that 
                describes the impact of such activities and the 
                determination of the Secretary under 
                subparagraph (B).
          (3) Alternative proposals.--If the Secretary 
        determines that the foreclosure rates and anticipated 
        default rates in housing disaster areas have not been 
        adequately reduced, the Secretary shall--
                  (A) consider carrying out alternative 
                proposals, including a proposal under which the 
                Federal Government makes available affordable 
                mortgages, including refinancings, through 
                subsidized financing or mortgage purchases; and
                  (B) establish and carry out alternative 
                programs as the Secretary considers necessary 
                to ensure that foreclosure prevention efforts 
                are most effective in the areas of greatest 
                need, including housing disaster areas.
          (4) Housing disaster areas.--For purposes of this 
        section, the term ``housing disaster area'' means a 
        geographic area having both--
                  (A) a high foreclosure rate during the 12 
                months preceding the date of the enactment of 
                this Act, as measured by percentages of homes 
                in or having gone through foreclosure during 
                such period and compared to other areas; and
                  (B) a substantial decline in home prices 
                during the 12 months preceding the date of the 
                enactment of this Act, as measured by the 
                Office of Federal Housing Enterprise and 
                Oversight and compared to other areas.

  Page 72, line 20, strike ``1814(a)'' and insert ``1824(a)''.

  At the end of the bill, add the following new title:

    TITLE VIII--REPORTS ON THE GUARANTEE OF CERTAIN CITIGROUP ASSETS

SEC. 801. REPORTS REQUIRED.

  (a) Treasury Reports.--Not later than 30 days after the date 
of the enactment of this Act, the Secretary of the Treasury, in 
coordination with the Chairperson of the Board of Directors of 
the Federal Deposit Insurance Corporation, shall issue a report 
to the Committee on Financial Services of the House of 
Representatives, the Committee on Banking of the Senate, and to 
the Comptroller General of the United States containing the 
following:
          (1) The authority under which the Citigroup guarantee 
        and purchases were made.
          (2) A complete accounting of the specific loans, 
        securities, and any other financial instruments in the 
        asset pool covered by the Citigroup guarantee.
  (b) GAO Report.--Not later than 60 days after the date the 
Secretary of the Treasury issues the report required by 
subsection (a), the Comptroller General of the United States 
shall issue a report to the Committee on Financial Services of 
the House of Representatives and the Committee on Banking of 
the Senate examining the probable long-term cost to the Federal 
Government of the Citigroup guarantee.
  (c) Citigroup Guarantee Defined.--For the purpose of this 
section, the term ``Citigroup guarantee'' means the agreement 
announced November 23, 2008, between Citigroup and the Treasury 
and the Federal Deposit Insurance Corporation to guarantee or 
purchase, partly through the use of funds authorized under the 
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et 
seq.), an asset pool of approximately $306 billion of loans and 
securities backed by residential and commercial real estate and 
other such assets on Citigroup's balance sheet.

                TITLE IX--GAO STUDY OF FINANCIAL CRISIS

SEC. 901. STUDY REQUIRED.

  The Comptroller General of the United States shall--
          (1) conduct an in-depth study of the root causes of 
        the financial crisis; and
          (2) submit a report to the Congress and the 
        President, and transmit a copy to the Secretary of the 
        Treasury, containing the findings and conclusions of 
        the Comptroller General with respect to the study under 
        paragraph (1), together with such recommendations for 
        legislative and administrative action as the 
        Comptroller General may determine to be appropriate 
        before the end of the 6-month period beginning on the 
        date of the enactment of this Act.

SEC. 902. TREASURY STRATEGY AND TIMELINE.

  Using the findings and conclusions of the Comptroller General 
in the report under section 901(2), within 30 days, the 
Secretary of the Treasury shall issue an overall strategy and 
timeline for implementing the recommendations contained in the 
report with the goal of financial stability and the well-being 
of taxpayers.
                              ----------                              


 2. An Amendment To Be Offered by Representative Matsui of California, 
               or Her Designee, Debatable for 10 Minutes

  Page 32, after line 19 insert the following new section (and 
redesignate the subsequent section and conform the table of 
contents accordingly):

SEC. 206. FORECLOSURE MORATORIUM RECOMMENDATION.

  (a) Foreclosure Deferment.--It is the sense of the Congress 
that any institution which becomes an assisted institution on 
or after the date of the enactment of this Act should not 
initiate, or allow to continue, a foreclosure proceeding or a 
foreclosure sale on any with respect to any principal homeowner 
mortgage, until the earliest of the following:
          (1) The date by which the comprehensive plan to 
        prevent and mitigate foreclosures has been developed by 
        the Secretary and the Federal Deposit Insurance 
        Corporation and approved by the Financial Stability 
        Oversight Board under section 201 and become fully 
        operational.
          (2) The date by which the systematic foreclosure 
        prevention and mortgage modification plan has been 
        established by the Secretary in accordance with section 
        204 and become fully operational.
          (3) The end of the 9-month period beginning on the 
        date of the enactment of this Act.
  (b) FHA-Regulated Loan Modification Agreements.--If an 
assisted institution to which subsection (a) applies reaches a 
loan modification agreement with a homeowner under the auspices 
of the Federal Housing Administration before any plan referred 
to in paragraph (1) or (2) of such subsection takes effect, 
subsection (a) shall cease to apply to such institution as of 
the effective date of the loan modification agreement.
  (c) Duty of Consumer To Maintain Property.--Any homeowner for 
whose benefit any foreclosure proceeding or sale is barred 
under subsection (a) from being instituted, continued, or 
consummated with respect to any homeowner mortgage may not, 
with respect to any property securing such mortgage, destroy, 
damage, or impair such property, allow the property to 
deteriorate, or commit waste on the property.
  (d) Duty of Consumer To Respond to Reasonable Inquiries.--Any 
homeowner for whose benefit any foreclosure proceeding or sale 
is barred under subsection (a) from being instituted, 
continued, or consummated with respect to any homeowner 
mortgage shall respond to reasonable inquiries from a creditor 
or servicer during the period during which such foreclosure 
proceeding or sale is barred.
                              ----------                              


3. An Amendment To Be Offered by Representative Hensarling of Texas, or 
                 His Designee, Debatable for 10 Minutes

  Page 11, strike lines 1 through 7.
                              ----------                              


4. An Amendment To Be Offered by Representative Holt of New Jersey, or 
                 His Designee, Debatable for 10 Minutes

  Page 19, after line 20, insert the following:

SEC. 108. TREASURY FACILITATED AUCTION.

  Section 113(b) of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5223(b)) is amended to read as follows:
  ``(b) Use of Market Mechanisms.--
          ``(1) In general.--In making purchases under this 
        Act, the Secretary shall--
                  ``(A) make such purchases at the lowest price 
                that the Secretary determines to be consistent 
                with the purposes of this Act; and
                  ``(B) maximize the efficiency of the use of 
                taxpayer resources by using market mechanisms, 
                including auctions or reverse auctions, where 
                appropriate.
          ``(2) Auction facilitation.--
                  ``(A) In general.--The Secretary shall, in 
                coordination with institutions that volunteer 
                to participate, and not using any funds under 
                this title for purchases, facilitate an auction 
                of troubled assets owned by such institutions 
                to third party purchasers.
                  ``(B) Report.--If the auction described in 
                subparagraph (A) does not take place within the 
                3 month period following the date of the 
                enactment of the TARP Reform and Accountability 
                Act of 2009, the Secretary shall issue a report 
                to the Congress stating--
                          ``(i) why such auction has not taken 
                        place; and
                          ``(ii) by what mechanism the 
                        Secretary feels that troubled assets 
                        could most expeditiously be valued and 
                        liquidated.''.
                              ----------                              


5. An Amendment To Be Offered by Representative Bachmann of Minnesota, 
               or Her Designee, Debatable for 10 Minutes

  Strike line 1 on page 65 and all that follows through page 
69, line 2.
                              ----------                              


6. An Amendment To Be Offered by Representative Bachmann of Minnesota, 
               or Her Designee, Debatable for 10 Minutes

  Strike title III (and conform the Table of Contents 
accordingly).
                              ----------                              


   7. An Amendment To Be Offered by Representative Patrick Murphy of 
        Pennsylvania, or His Designee, Debatable for 10 Minutes

  Page 74, after line 17, add the following new title (and 
conform the Table of Contents accordingly):

           TITLE VIII--AGENCY MBS PURCHASE PROGRAM DISCLOSURE

SEC. 801. DISCLOSURE REQUIRED.

  Not later than 1 month after the date of the enactment of 
this Act, the Chairman of the Board of Governors of the Federal 
Reserve System shall issue to the Congress a report 
disclosing--
          (1) the details of the competitive request for 
        proposal process that was used to select the investment 
        managers of the Federal Reserve System's Agency 
        Mortgage-Backed Security Purchase Program announced by 
        the Federal Reserve System on November 25, 2008;
          (2) all details of the contracts, including contract 
        price, made between the Federal Reserve System and such 
        investment managers; and
          (3) steps that each such investment manager has taken 
        to ensure that the investment manager has appropriately 
        segregated the investment management team that 
        implements the Agency Mortgage-Backed Security Purchase 
        Program from other advisory and propriety trading 
        activities undertaken by the investment manager and the 
        members of the investment management team.
                              ----------                              


    8. An Amendment To Be Offered by Representative Myrick of North 
          Carolina, or Her Designee, Debatable for 10 Minutes

  Page 7, after line 11, insert the following:

          ``(4) Prohibition on use of tarp funds for foreign 
        customer service positions.--Effective as of the date 
        of the enactment of the TARP Reform and Accountability 
        Act of 2009, no assisted institution that became an 
        assisted institution on or after October 3, 2008, may 
        enter into a new agreement, or expand a current 
        agreement, with any foreign company for provision of 
        customer service functions, including call-center 
        services, while any of such assistance is 
        outstanding.''.
                              ----------                              


 9. An Amendment To Be Offered by Representative Walz of Minnesota, or 
                 His Designee, Debatable for 10 Minutes

  In subsection (e) of section 113 of the Emergency Economic 
Stabilization Act of 2008, as proposed to be added by section 
101(a) of the bill, add at the end the following new paragraph:

          ``(4) Online publication of periodic reports.--The 
        Secretary shall make publicly available on the Internet 
        each report made in accordance with paragraph (1).''.
                              ----------                              


 10. An Amendment To Be Offered by Representative Flake of Arizona, or 
                 His Designee, Debatable for 10 Minutes

  At the end of title I, insert the following:

SEC. 108. BROADENED INSPECTOR GENERAL AUTHORITY.

  Section 121(c) of the Emergency Economic Stabilization Act 
(12 U.S.C. 5231(c)) is amended by striking ``the purchase, 
management, and sale of assets'' and all that follows through 
``under section 102'' and inserting ``any action taken by the 
Secretary of the Treasury under this title (except sections 
115, 116, 117, and 125), as the Special Inspector General 
determines appropriate''.

  In the table of contents in section 1(b), insert after the 
item relating to section 107 the following new item:


Sec. 108. Broadened Inspector General Authority.
                    ____________________________________________________

 11. An Amendment To Be Offered by Representative Hinchey of New York, 
               or His Designee, Debatable for 10 Minutes

  Page 4, after line 9, insert the following new paragraph:

          ``(4) Use of 2008 assistance.--
                  ``(A) Collection of information.--Effective 
                upon enactment of this paragraph, the Secretary 
                shall require any assisted institution which 
                received assistance under this title before 
                January 1, 2009, to provide sufficient 
                information with regard to such assistance as 
                to inform the Secretary of the precise use of 
                such assistance by the institution and the 
                purpose for the use.
                  ``(B) Analysis.--The Secretary shall conduct 
                an analysis of the use of the assistance for 
                which information was received under 
                subparagraph (A).
                  ``(C) Report to the congress.--Within 30 days 
                after the enactment of this paragraph, the 
                Secretary shall promptly submit a report 
                containing the findings and conclusion of the 
                Secretary on the use of the assistance referred 
                to in subparagraph (A), together with such 
                recommendations for legislative or 
                administrative action as the Secretary may 
                determine to be appropriate, to the Committee 
                on Financial Services of the House of 
                Representatives, the Committee on Banking, 
                Housing, and Urban Affairs of the Senate, and 
                the Committees on Appropriations of the House 
                of Representatives and the Senate.''.

                                  
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