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Reporting Requirements in the Emergency Economic Stabilization Act of 2008
Reporting Requirements in the Emergency Economic S

Our Price: $15.00
By Curtis W. Copeland (au)
Year: 2009
Pages: 17
Binding Paperback

Product Code: 1437922805

The Emergency Economic Stabilization Act of 2008 (EESA, Div. A of H.R. 1424, P.L. 110-343) established numerous reporting requirements regarding a variety of issues. The entities charged with preparation of these reports include both new entities established by the act (e.g., the Financial Stability Oversight Board and the Congressional Oversight Panel) as well as agencies and officials who existed before the enactment of EESA (e.g., the Sec. of the Treasury and the Comptroller Gen. of the U.S.). The recipients of these reports also vary, as well as their timing, frequency, and factors that trigger their development. These differences notwithstanding, all of the EESA reports appear to share a common purpose — to provide information to Congress and other entities on the implementation of the act’s provisions. No single entity receives all of the EESA-required reports. It is not readily apparent why some of the reports are to be filed with a particular set of eight “appropriate committees,” some to a subset of those committees, and some to Congress as a whole. Some of the entities designated to prepare or receive the reports have not been formally established (e.g., the Congressional Oversight Panel and the Special Inspector Gen.). Although one of the purposes of the legislation is to provide “public accountability” for the use of EESA authorities, only one of the reports is required to be made to the public, and it is unclear whether the other reports will ultimately be provided to the public. Some of the reports are required to be submitted very quickly, but other reports are not required for years. Some of the reporting requirements are recurring (e.g., every 30 days, or quarterly), while others are one-time requirements. Most of the requirements include clear starting points for the submission of the reports, but in some cases, the starting points are unclear. Many of the act’s reporting requirements seem to address the same or similar issues. The number and variety of the required reports may have been intended to provide a variety of perspectives on the implementation of EESA, but the lack of integration of those requirements may make understanding the implementation of the act difficult. Also, given the nature of the “troubled assets” currently being purchased under the act (i.e., bank stock instead of mortgages or other instruments related to mortgages), it is unclear whether some of the specific requirements are still relevant. Other information that is not specifically required by the act (e.g., how the federal funds are being used by the recipients) may be more helpful to Congress and others as they conduct oversight of the program. Finally, some of the reporting requirements expire on the date that the last troubled asset is sold or transferred, or the date that the last insurance contract expires. Without some kind of a lag period for these requirements, a complete history of the transactions may not be provided. Figures.

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