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(a) Treasury Reports- Not later
than 30 days after the date of the enactment of this Act, the
Secretary of the Treasury, in coordination with the Chairperson
of the Board of Directors of the Federal Deposit Insurance
Corporation, shall issue a report to the Committee on Financial
Services of the House of Representatives, the Committee on
Banking of the Senate, and to the Comptroller General of the
United States containing the following:
(1) The authority under which the
Citigroup guarantee and purchases were made.
(2) A complete accounting of the
specific loans, securities, and any other financial instruments
in the asset pool covered by the Citigroup guarantee.
(b) GAO Report- Not later than 60 days
after the date the Secretary of the Treasury issues the report
required by subsection (a), the Comptroller General of the United
States shall issue a report to the Committee on Financial Services
of the House of Representatives and the Committee on Banking of the
Senate examining the probable long-term cost to the Federal
Government of the Citigroup guarantee.
(c) Citigroup Guarantee Defined- For
the purpose of this section, the term `Citigroup guarantee' means
the agreement announced November 23, 2008, between Citigroup and the
Treasury and the Federal Deposit Insurance Corporation to guarantee
or purchase, partly through the use of funds authorized under the
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et
seq.), an asset pool of approximately $306 billion of loans and
securities backed by residential and commercial real estate and
other such assets on Citigroup's balance sheet. |
