§ 5226. Oversight and audits
(a)
Comptroller General oversight
(1)
Scope of oversight
The Comptroller General of the United States shall, upon establishment of the troubled assets relief program [1] 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—
(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.
(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) [2] of the Financial Institutions Reform, Recovery, and Enhancement Act of 1989 [3] (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
(C)
Access to records
(i)
In general
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.
(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
(i)
In general
The Comptroller General may not publicly disclose proprietary or trade secret information obtained under this section.
(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.
(3)
Reporting
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
31.
(2)
Authority
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.
(c)
Internal control
(1)
Establishment
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—
(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.
(e)
Termination
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
[1] So in original. Probably should be “Troubled Asset Relief Program”.
[2] So in original. Probably should be preceded by “section”.
[3] See References in Text note below.