The Oversight Board was established by section 104 of the EESA to help oversee the Troubled Asset Relief Program (TARP) and other emergency authorities and facilities granted to the Secretary of the Treasury (Secretary) under the EESA. The Oversight Board is composed of the Secretary, the Chairman of the Board of Governors of the Federal Reserve System (Federal Reserve Board), the Director of the Federal Housing Finance Agency (FHFA), the Chairman of the Securities and Exchange Commission (SEC), and the Secretary of the Department of Housing and Urban Development (HUD). In accordance with the bylaws of the Oversight Board, each Member has designated an official of the same agency to serve as that Member's Representative on the Oversight Board (Representative).
The Oversight Board meets monthly to consider, review and discuss the significant programs, policies and financial commitments of the TARP to help restore financial stability and achieve the other important objectives of the EESA.
The FSOB issues quarterly reports to Congress pursuant to Section 104(g) of the EESA regarding the Oversight Board’s review of the Secretary’s exercise of authority under the TARP, including:
- The policies implemented by the Secretary and the Office of Financial Stability established within the Department of the Treasury under the TARP, including the appointment of financial agents, the designation of asset classes to be purchased under the EESA, and plans for the structure of vehicles used to purchase troubled assets and;
- The effect of the actions taken by the Treasury in assisting American families in preserving home ownership, stabilizing financial markets and protecting taxpayers.