The Recovery Board was granted specific powers and functions under the Recovery Act. The Board can:
- Audit and review stimulus spending either on its own or in collaboration with federal Inspectors General
- Issue subpoenas to carry out its 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 for audits, studies, analyses, and other services with public agencies and private entities
- Review whether there are sufficient and qualified acquisition and grant 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