Instructs the Secretary of the Treasury to dedicate at least $30 billion out of amounts made available to implement the Troubled Asset Relief Program (TARP) in order to purchase troubled assets from community depository institutions under the Public-Private Investment Program.
Directs the Comptroller General, the Special Inspector General for TARP, and the Congressional Oversight Panel to report to Congress their evaluations and findings on the status and performance of such assistance.
Directs the chairperson of the board of directors of the Federal Deposit Insurance Corporation (FDIC) and the Secretary to report to Congress on the status of the Legacy Loans program, including: (1) barriers to attracting greater numbers of banks and investors to participate; (2) a detailed summary of all proposals being considered to address existing barriers and expand participation in the program; and (3) specific proposals to attract greater participation of community depository institutions.