12 2 STA T .37 72 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 200 8insect i o n 102,wh iche v e r occ u rs f irst, a n d ever y3 0 - day p eriod thereafter, the S ecretary sha l l report to the appropriate co m mittees of C on g ress, with respect to each such period —( 1 ) an overview of actions ta k en b y the Secretary, including the considerations re q uired by section 103 and the efforts under section 10 9; (2) the actual obligation and e x penditure of the funds pro- vided for administrative expenses by section 11 8 during such period and the expected expenditure of such funds in the subse- quent period; and (3) a detailed financial statement with respect to the exer- cise of authority under this A ct, 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 pro j ected costs and liabilities; ( F ) operating expenses, including compensation for financial agents; ( G ) the valuation or pricing method used for each trans- action; and ( H ) a description of the vehicles established to exercise such authority . (b) TRANCHER E PO R TS TO CON G RESS.— (1) REPORTS.—The Secretary shall provide to the appro- priate committees of Congress, at the times specified in para- graph (2), 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 finan- cial 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 finan- cial 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. (2) T IM ING.—The report required by this subsection shall 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 $5 0,000,000,000 and not later than 7 days after each $50,000,000,000 interval of such commitments is reached thereafter. (c) REG UL ATOR YM O D ERNI Z ATION REPORT.—The Secretary shall 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, analy z ing the current state of the regulatory system and its effectiveness at overseeing the participants in the financial markets, including the over-the- Deadlin e .
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