Sec. 12. Reporting
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Not later than 1 year after the date of enactment of this Act, and each year thereafter, the Secretary shall submit to Congress a full and detailed account of the operations of the Department under this Act, including the amount of losses sustained by the Government as a result of such operations during the preceding fiscal year, together with an estimate of the total losses that the Government can reasonably expect to incur as a result of such operations during the current fiscal year.
In the annual report submitted pursuant to subsection (a), the Secretary shall include full and detailed accounts relative to the following matters: The plans of the Department to insure the provision of ownership investment company financing and licensing to all areas of the country and to all covered business concerns, including steps taken to accomplish the same. The plans of the Department to support States that seek to increase the number of licensees in the State. Steps taken by the Department to maximize recoupment of Government funds incident to the inauguration and administration of the ownership investment company program and to insure compliance with statutory and regulatory standards relating to the ownership investment company program.
Recommendations to the Department of the Treasury with respect to additional tax incentives to improve and facilitate the operations of ownership investment companies and to encourage the use of the financing facilities of ownership investment companies by covered business concerns. A report from the Securities and Exchange Commission enumerating actions undertaken by the Securities and Exchange Commission to— simplify and minimize the regulatory requirements governing ownership investment companies under the Federal securities laws; and eliminate overlapping regulation and jurisdiction as between the Securities and Exchange Commission, the Department, and other agencies of the executive branch.
Actions undertaken by the Securities and Exchange Commission to simplify compliance by ownership investment companies with the requirements of the Investment Company Act of 1940 and to facilitate the election to be taxed as regulated investment companies pursuant to section 851 of the Internal Revenue Code of 1954. The number of ownership investment companies the Department licensed (including Protégé OICs), the number of licensees that have been placed in liquidation, and the number of licensees that have surrendered their licenses during the year ending on the date the report is submitted, identifying the amount of leverage each received during that period.
The amount of leverage that ownership investment companies (including Protégé OICs) received during the year ending on the date the report is submitted. The sizes, geographic locations, and other characteristics of licensed ownership investment companies (including Protégé OICs), including the extent to which the ownership investment companies have used the leverage to make debt, synthetic equity, preferred equity, or equity investments, or a combination thereof, to covered business concerns.
The geographic dispersion of licensees in each State compared to the population of the State. A summary of employee stock ownership plans created by an ownership investment company (including Protégé OICs), including— the total number of active plan participants; the total number of employees of the covered business concerns with such employee stock ownership plans; the total value of employer securities, as determined by the independent appraisers hired by the independent trustee of each employee stock ownership plan; the total plan assets; the total contributions during the plan year; the total distributions during the plan year; the median account asset balance; and demographic information of plan participants, disaggregated by race, gender, and State, to the extent available.
A summary of eligible worker-owned cooperatives created by ownership investment companies (including Protégé OICs), including— the number of member-owners; the total number of employees of the covered business concern with such eligible worker-owned cooperatives; the total value of employer securities; the assets of all membership accounts; the median membership account balance; and demographic information of membership base, disaggregated by race, gender, and State, to the extent available.