; and (C) review the implementation of this Act by the Federal Government. (2) Regular reports (A) In general Reports of the Oversight Board shall include the following: (i) The use by the Special Administrator of authority under this Act, including with respect to the use of contracting authority and administration of the provisions of this Act. (ii) The impact of recovery compensation made under this Act on the financial well-being of the people of the United States and the United States economy. (iii) The extent to which the Special Administrator has prioritized compensation under this Act. (iv) The effectiveness of recovery compensation made under this Act of minimizing long-term costs to the taxpayers and maximizing the benefits for taxpayers. (B) Timing The reports required under this paragraph shall be submitted not later than 30 calendar days after the appointment of the Special Administrator and every 30 calendar days thereafter. (3) Auditing The Oversight Board shall contract with a public accounting firm registered by the Public Company Accounting Oversight Board under section 101(c) of the Sarbanes-Oxley Act ( 15 U.S.C. 7211(c) ) to conduct independent audits of the recovery compensation program established under this Act. (c) Membership (1) In general The Oversight Board shall consist of 5 members as follows: (A) One member appointed by the Speaker of the House of Representatives. (B) One member appointed by the minority leader of the House of Representatives. (C) One member appointed by the majority leader of the Senate. (D) One member appointed by the minority leader of the Senate. (E) One member appointed as Chairperson by the Speaker of the House of Representatives and the majority leader of the Senate, after consultation with the minority leader of the Senate and the minority leader of the House of Representatives. (2) Pay Each member of the Oversight Board shall be paid at a rate equal to the daily equivalent of the annual rate of basic pay for level I of the Executive Schedule for each day