---
kind: "section"
citation: "12 U.S.C. § 5215"
title: "12"
title_heading: "Banks and Banking"
number: "5215"
heading: "Reports"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5215"
units:
  - "Chapter 52 — Emergency Economic Stabilization"
  - "Subchapter I — Troubled Assets Relief Program"
---

# §5215. Reports

- (a) **In general—** Before the expiration of the 60-day period beginning on the date of the first exercise of the authority granted in [section 5211(a) of this title](/usc/12/5211.md?p=a), or of the first exercise of the authority granted in [section 5212 of this title](/usc/12/5212.md), whichever occurs first, and every 30-day period thereafter, the [Secretary](/usc/12/5202.md?p=7) shall report to the [appropriate committees of Congress](/usc/12/5202.md?p=1), with respect to each such period—
  - (1) an overview of actions taken by the [Secretary](/usc/12/5202.md?p=7), including the considerations required by [section 5213 of this title](/usc/12/5213.md) and the efforts under [section 5219 of this title](/usc/12/5219.md);
  - (2) the actual obligation and expenditure of the [funds](/usc/12/5202.md?p=6) provided for administrative expenses by [section 5228 of this title](/usc/12/5228.md) during such period and the expected expenditure of such [funds](/usc/12/5202.md?p=6) in the subsequent period; and
  - (3) a detailed financial statement with respect to the exercise of authority under this chapter, including—
    - (A) all agreements made or renewed;
    - (B) all insurance contracts entered into pursuant to [section 5212 of this title](/usc/12/5212.md);
    - (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.
- (b) **Tranche reports to Congress—**
  - (1) **Reports—** The [Secretary](/usc/12/5202.md?p=7) shall provide to the [appropriate committees of Congress](/usc/12/5202.md?p=1), at the times specified in [paragraph (2)](#b-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 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 chapter that may be necessary to address such challenges.
  - (2) **Timing—** The report required by this subsection shall be submitted not later than 7 days after the date on which commitments to purchase [troubled assets](/usc/12/5202.md?p=9) under the authorities provided in this chapter 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.
- (c) **Regulatory modernization report—** The [Secretary](/usc/12/5202.md?p=7) shall review the current [state](/usc/12/1707.md?p=d) of the financial markets and the regulatory system and submit a written report to the [appropriate committees of Congress](/usc/12/5202.md?p=1) not later than April 30, 2009, analyzing the current [state](/usc/12/1707.md?p=d) 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, and providing 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.
- (d) **Sharing of information—** Any report required under this section shall also be submitted to the Congressional Oversight Panel established under [section 5233 of this title](/usc/12/5233.md).
- (e) **Sunset—** The reporting requirements under this section shall terminate on the later of—
  - (1) the date that the last troubled asset acquired by the [Secretary](/usc/12/5202.md?p=7) under [section 5211 of this title](/usc/12/5211.md) 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](/usc/12/5212.md).

## Source credit

(Pub. L. 110–343, div. A, title I, § 105, Oct. 3, 2008, 122 Stat. 3771.)

## Notes

### Editorial Notes

### References in Text

This chapter, referred to in subsecs. (a)(3) and (b)(1)(F), (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.