12 2 STA T .37 71 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 200 8(B)the e f fe c t o f su ch a ct i o n s in assistin gAm e r ican fami l ies in p reser v ing home o w nership , sta b ili z ing financial mar k ets, an d protecting ta x pa y ers
( 2 ) making recommendations, as appropriate, to the S ec - retary regarding use of the authority under this Act; and ( 3 ) reporting any suspected fraud, misrepresentation, or malfeasance to the Special I nspector G eneral for the T roubled Assets R elief P rogram or the Attorney General of the U nited States, consistent with section 5 35(b) of title 2 8 , United States C ode . (b) MEMB E RSHIP . — The F inancial Stability O versight Board shall be comprised of— ( 1 ) the Chairman of the Board of Governors of the Federal Reserve System; (2) the Secretary; (3) the D irector of the Federal H ousing Finance Agency; ( 4 ) the Chairman of the Securities E xchange Commission; and (5) the Secretary of Housing and Urban Development. (c) CH A IRPERS ON .—The chairperson of the Financial Stability Oversight Board shall be elected by the members of the Board from among the members other than the Secretary. (d) MEE T IN G S.—The Financial Stability Oversight Board shall meet 2 weeks after the first exercise of the purchase authority of the Secretary under this Act, and monthly thereafter. (e) A D DITIONA L A U THORITIES.—In addition to the responsibil- ities described in subsection (a), the Financial Stability Oversight Board shall have the authority to ensure that the policies imple- mented by the Secretary are— (1) in accordance with the purposes of this Act; (2) in the economic interests of the United States; and (3) consistent with protecting taxpayers, in accordance with section 113(a). (f) CREDIT RE V IE W COMMITTEE.—The Financial Stability Over- sight Board may appoint a credit review committee for the purpose of evaluating the exercise of the purchase authority provided under this Act and the assets ac q uired through the exercise of such authority, as the Financial Stability Oversight Board determines appropriate. (g) REPORTS.—The Financial Stability Oversight Board shall report to the appropriate committees of Congress and the Congres- sional Oversight Panel established under section 125, not less fre- quently than quarterly, on the matters described under subsection (a)(1). (h) TERMINATION.—The Financial Stability Oversight Board, and its authority under this section, shall terminate on the expira- tion of the 15-day period beginning upon the later of— (1) the date that the last troubled asset acquired by the Secretary under section 1 0 1 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.105 . R E PO R T S. (a) IN GENERAL.—Before the expiration of the 6 0-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 12USC5 215 .Reports . F r aud .
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