The Recovery Board was granted specific powers and functions under the Recovery Act.
- Audit and review Recovery spending on its own or in collaboration with federal Inspectors General
- Issue subpoenas to carry out audit and review responsibilities
- Refer instances of fraud, waste, and mismanagement to federal Inspectors General
- Hold public hearings and compel testimony through subpoenas
- Enter into contracts with public agencies and private entities
- Review whether there are sufficient and qualified personnel overseeing Recovery Act funds
- Submit quarterly and annual reports to the President and Congress, as well as "flash reports" on potential problems that require immediate attention
- Make recommendations to federal agencies on measures to prevent fraud, waste, and mismanagement of Recovery Act funds