The Comptroller General of the United States shall, upon establishment of the troubled assets relief program  under this chapter (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 activities on behalf of or under the authority of the TARP), including vehicles established by the Secretary under this chapter. The subjects of such oversight shall include the following:
(A)The performance of the TARP in meeting the purposes of this chapter, particularly those involving—
(iii)whether it has provided stability or prevented disruption to the financial markets or the banking system;
(iv)whether it has protected taxpayers; and
(v)public accountability for the exercise of such authority, including with respect to actions taken by those entities participating in programs established under this chapter.
(B)The financial condition and internal controls of the TARP, its representatives and agents.
(C)Characteristics of transactions and commitments entered into, including transaction type, frequency, size, prices paid, and all other relevant terms and conditions, and the timing, duration and terms of any future commitments to purchase assets.
(D)Characteristics and disposition of acquired assets, including type, acquisition price, current market value, sale prices and terms, and use of proceeds from sales.
(E)Efficiency of the operations of the TARP in the use of appropriated funds.
(F)Compliance with all applicable laws and regulations by the TARP, its agents and representatives.
(G)The efforts of the TARP to prevent, identify, and minimize conflicts of interest involving any agent or representative performing activities on behalf of or under the authority of the TARP.
(H)The efficacy of contracting procedures pursuant to section
5217(b) of this title, including, as applicable, the efforts of the TARP in evaluating proposals for inclusion and contracting to the maximum extent possible of minorities (as such term is defined in 1204(c)  of the Financial Institutions Reform, Recovery, and Enhancement Act of 1989  (12 U.S.C. 1811 note), women, and minority- and women-owned businesses, including ascertaining and reporting the total amount of fees paid and other value delivered by the TARP to all of its agents and representatives, and such amounts paid or delivered to such firms that are minority- and women-owned businesses (as such terms are defined in section
1441a of this title).
(2) Conduct and administration of oversight
In this paragraph, the term “governmental unit” has the meaning given under section
101(27) of title
11, and does not include any insured depository institution as defined under section
1813 of this title.
(B) GAO presence
The Secretary shall provide the Comptroller General with appropriate space and facilities in the Department of the Treasury as necessary to facilitate oversight of the TARP until the termination date established in section
5230 of this title.
(C) Access to records
Notwithstanding any other provision of law, and for purposes of reviewing the performance of the TARP, the Comptroller General shall have access, upon request, to any information, data, schedules, books, accounts, financial records, reports, files, electronic communications, or other papers, things, or property belonging to or in use by the TARP, any entity established by the Secretary under this chapter, any entity that is established by a Federal reserve bank and receives funding from the TARP, or any entity (other than a governmental unit) participating in a program established under the authority of this chapter, and to the officers, employees, directors, independent public accountants, financial advisors and any and all other agents and representatives thereof, at such time as the Comptroller General may request.
The Comptroller General shall be afforded full facilities for verifying transactions with the balances or securities held by, among others, depositories, fiscal agents, and custodians.
The Comptroller General may make and retain copies of such books, accounts, and other records as the Comptroller General determines appropriate.
(D) Agreement by entities
Each contract, term sheet, or other agreement between the Secretary or the TARP (or any TARP vehicle, officer, director, employee, independent public accountant, financial advisor, or other TARP agent or representative) and an entity (other than a governmental unit) participating in a program established under this chapter shall provide for access by the Comptroller General in accordance with this section.
(E) Restriction on public disclosure
The Comptroller General may not publicly disclose proprietary or trade secret information obtained under this section.
(ii)Exception for congressional committees
This subparagraph does not limit disclosures to congressional committees or members thereof having jurisdiction over a private or public entity referred to under subparagraph (C).
(iii)Rule of construction
Nothing in this section shall be construed to alter or amend the prohibitions against the disclosure of trade secrets or other information prohibited by section 1905 oftitle
714(c) of title 31, or other applicable provisions of law.
(F) Reimbursement of costs
The Treasury shall reimburse the Government Accountability Office for the full cost of any such oversight activities as billed therefor by the Comptroller General of the United States. Such reimbursements shall be credited to the appropriation account “Salaries and Expenses, Government Accountability Office” current when the payment is received and remain available until expended.
The Comptroller General shall submit reports of findings under this section, regularly and no less frequently than once every 60 days, to the appropriate committees of Congress, and the Special Inspector General for the Troubled Asset Relief Program established under this chapter on the activities and performance of the TARP. The Comptroller may also submit special reports under this subsection as warranted by the findings of its oversight activities.
(b) Comptroller General audits
(1) Annual audit
The TARP shall annually prepare and issue to the appropriate committees of Congress and the public audited financial statements prepared in accordance with generally accepted accounting principles, and the Comptroller General shall annually audit such statements in accordance with generally accepted auditing standards. The Treasury shall reimburse the Government Accountability Office for the full cost of any such audit as billed therefor by the Comptroller General. Such reimbursements shall be credited to the appropriation account “Salaries and Expenses, Government Accountability Office” current when the payment is received and remain available until expended. The financial statements prepared under this paragraph shall be on the fiscal year basis prescribed under section
1102 of title
The Comptroller General may audit the programs, activities, receipts, expenditures, and financial transactions of the TARP and any agents and representatives of the TARP (as related to the agent or representative’s activities on behalf of or under the authority of the TARP), including vehicles established by the Secretary under this chapter.
(3) Corrective responses to audit problems
The TARP shall—
(A)take action to address deficiencies identified by the Comptroller General or other auditor engaged by the TARP; or
(B)certify to appropriate committees of Congress that no action is necessary or appropriate.
(c) Internal control
The TARP shall establish and maintain an effective system of internal control, consistent with the standards prescribed under section
3512(c) of title
31, that provides reasonable assurance of—
(A)the effectiveness and efficiency of operations, including the use of the resources of the TARP;
(B)the reliability of financial reporting, including financial statements and other reports for internal and external use; and
(C)compliance with applicable laws and regulations.
In conjunction with each annual financial statement issued under this section, the TARP shall—
(A)state the responsibility of management for establishing and maintaining adequate internal control over financial reporting; and
(B)state its assessment, as of the end of the most recent year covered by such financial statement of the TARP, of the effectiveness of the internal control over financial reporting.
(d) Sharing of information
Any report or audit required under this section shall also be submitted to the Congressional Oversight Panel established under section
5233 of this title.
Any oversight, reporting, or audit requirement under this section shall terminate on the later of—
(1)the date that the last troubled asset acquired by the Secretary under section
5211 of this title 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
5212 of this title.
 So in original. Probably should be “Troubled Asset Relief Program”.
 So in original. Probably should be preceded by “section”.
This chapter, referred to in subsecs. (a) and (b)(2), was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section
5201 of this title and Tables.
Section 1204 of the Financial Institutions Reform, Recovery, and Enhancement Act of 1989, referred to in subsec. (a)(1)(H), probably means section 1204 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Pub. L. 101–73, which is set out as a note under section
1811 of this title.
5230 of this title, referred to in subsec. (a)(2)(B), was so in the original, but probably should have been a reference to section 120 of title I of div. A of Pub. L. 110–343, which is classified to section
5230 of this title.
Subsec. (a)(2). Pub. L. 111–22, § 601(2), added subpars. (A) to (E), redesignated former subpar. (C) as (F), and struck out former subpars. (A) and (B) which related to GAO presence and access to records, respectively.
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The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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