MARGIN AUTHORITY.

1. STUDY.The Comptroller General shall undertake a study to determine the extent to which leverage and sudden deleveraging of financial institutions was a factor behind the current financial crisis.

2. CONTENT.The study required by this section shall include

   1. an analysis of the roles and responsibilities of the Board, the Securities and Exchange Commission, the Secretary of the Treasury, and banking regulators with respect to monitoring leverage and acting to curtail excessive leveraging;

   2. an analysis of the authority of the Board to regulate leverage, including by setting margin requirements, and what process the Board used to decide whether or not use its authority; and

   3. recommendations for the Board and Congress with respect to the existing authority of the Board.

3. REPORT.Not later than June 1, 2009, the Comptroller General shall complete and submit to Congress a report on the study required by this subsection.

IMPACT ASSESSMENT.

1. STUDY.The Comptroller General shall conduct a study to assess the impact of the program authorized by this Act, including

   1. whether it has

      1. provided stability or prevented disruption to the financial markets or the banking system; and

      2. protected taxpayers;

   2. with respect to the processes for purchasing, pricing, and disposing of troubled assets.

2. SUBMISSIONS TO CONGRESS.Not later than 15 days after the date of enactment of this Act and each 3 months thereafter, the Comptroller General shall submit a report on the study required by this subsection to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.