O:L4YOL4YO0 8 C0 4.xaxd 20 1 (F) an estimate of additional actions under 2 the authority provided under this Act that may 3 be necessary to address such challenges. 4 (2) TIMING.--The report required by this sub- 5 section shall be submitted not later than 7 days 6 after the date on which commitments to purchase 7 troubled assets under the authorities provided in this 8 Act first reach an aggregate of $50,000,000,000 and 9 not later than 7 days after each $50,000,000,000 in- 10 ter?al of such commitments is reached thereafter. 11 (c) REGULATORY MODERNIZATION REPORT.--The 12 Secretary shall review the current state of the financial 13 markets and the regulatory system and submit a written 14 report to the appropriate committees of Congress not later 15 than April 30, 2009, analyzing the current state of the 16 regulatory system and its effectiveness at overseeing the 17 participants in the financial markets, including the over- 18 the-counter swaps market and government-sponsored ert- l9 ter?rises, and providing recommendations for improve- 20 merit, including-- 21 (1) recommendations regarding-- 22 (A) whether any participants in the finan- 23 eial markets that are currently outside the reg- 24 ulatory system should become subject to the 25 regulatory system; and
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