IN GENERAL.Before the expiration of the 60day period beginning on the date of the first exercise of the authority granted in section 101(a), or of the first exercise of the authority granted in section 102, whichever occurs first, and every 30-day period thereafter, the Secretary shall report to the appropriate committees of Congress, with respect to each such period

1. an overview of actions taken by the Secretary, including the considerations required by section 103 and the efforts under section 109;

2. the actual obligation and expenditure of the funds provided for administrative expenses by section 118 during such period and the expected expenditure of such funds in the subsequent period; and

3. a detailed financial statement with respect to the exercise of authority under this Act, including

   1. all agreements made or renewed;

   2. all insurance contracts entered into pursuant to section 102;

   3. all transactions occurring during such period, including the types of parties involved;

   4. the nature of the assets purchased;

   5. all projected costs and liabilities;

   6. operating expenses, including compensation for financial agents;

   7. the valuation or pricing method used for each transaction; and

   8. a description of the vehicles established to exercise such authority.

TRANCHE REPORTS TO CONGRESS.

1. REPORTS.The Secretary shall provide to the appropriate committees of Congress, at the times specified in paragraph (2), a written report, including

   1. a description of all of the transactions made during the reporting period;

   2. a description of the pricing mechanism for the transactions;

   3. a justification of the price paid for and other financial terms associated with the transactions;

   4. a description of the impact of the exercise of such authority on the financial system, supported, to the extent possible, by specific data;

   5. a description of challenges that remain in the financial system, including any benchmarks yet to be achieved; and

   6. an estimate of additional actions under the authority provided under this Act 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 under the authorities provided in this Act 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.

REGULATORY MODERNIZATION REPORT.The Secretary shall review the current state of the financial markets and the regulatory system and submit a written report to the appropriate committees of Congress not later than April 30, 2009, analyzing the current state of the regulatory system and its effectiveness at overseeing the participants in the financial markets, including the overthe-counter swaps market and government-sponsored en terprises, and providing recommendations for improvement, including

1. recommendations regarding

   1. whether any participants in the financial markets that are currently outside the regulatory system should become subject to the regulatory system; and

   2. enhancement of the clearing and settlement of over-the-counter swaps; and

2. the rationale underlying such recommendations.

SHARING OF INFORMATION.Any report required under this section shall also be submitted to the Congressional Oversight Panel established under section 125.

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 under section 101 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 102.