Check Engine Light

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99% of the time when that code comes up it needs the bank 2 catalytic converter replaced. I would take it to a shop to confirm.
 
CAT BK2, likely bad. Slim chance A/F or o2 sensor fault, but these almost always give their own DTC (code).

I'd do a "high RPM burn". Make sure engine operating to spec, ECT ~194 to 197F, good oil, no vacuum leak, good spark plugs etc. Drive on HWY at ~ 65-75 MPH, drop A/T into 3rd, bring RPMs up to ~4,500RPM. Keep at ~4,500 RPM for ~3 minutes. Shift back to D, for 5 mins and drive to cool CATs back down to normal.. Than take back up to ~4,500 RPMs for 7 mins. Back to D for 5 mins. Than 4,500 RPM for 10 minutes. Clean DTC (code) and see if returns.

You can also try CAT cleaner like Cataclean. Read direction and follow to the T. By adding it a few miles after fuel light comes on. add cleaner and run down fuel tank as low as you can. "I'd carry a 2 gallon gas can, incase. Then fill gas tank when done. Do another "High RPM burn".

********* It's very very important to find cause CAT went bad and correct. Or you damage another at $2K a each. ****

It's important to not sit idling for prolonged periods, as noted in your OM. Which can damage CATs.

This is what I've found the number one cause of CAT failure in the 06-07 VVTi.

This is an issue in all 4.7L. Not a CAT killer itself. But bad and can cause rich fuel condition, dumping extra fuel in CATs. Not to mention, blowing a spark plug out of a head.
 
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VSC lights come on when CEL comes on.

I had this before and it was O2 sensor. So try replacing that on the side the error has, it's not a big job.

But for 2006 model you should also be concern of SAIS as VVTI engines have the SAIS added for fuel economy and emissions reasons.

The foam filter on the SAIS blower (under the instake manifold in front of the starter) on mine got sucked into the SAIS system and it likely got sent into the cats and melted in there. No issues yet, but it's a known issue the foam degrades and get sucked away, the design has a big problem. This then leaves the air blower to blow unfiltered air into your cats, which can prematurely age them. So keep your engine bay clean and not dusty, if you're just daily driving to shopping mall likely no issues but if you're every day starting your engine in the sahara desert with dust then it can be issue. The blower only turns on to my knowledge during car starting at a certain temperature and condition, to aide in emissions. It's not always blowing.
 
CAT BK2, likely bad. Slim chance A/F or o2 sensor fault, but these almost always give their own DTC (code).

I'd do a "high RPM burn". Make sure engine operating to spec, ECT ~194 to 197F, good oil, no vacuum leak, good spark plugs etc. Drive on HWY at ~ 65-75 MPH, drop A/T into 3rd, bring RPMs up to ~4,500RPM. Keep at ~4,500 RPM for ~3 minutes. Shift back to D, for 5 mins and drive to cool CATs back down to normal.. Than take back up to ~4,500 RPMs for 7 mins. Back to D for 5 mins. Than 4,500 RPM for 10 minutes. Clean DTC (code) and see if returns.

You can also try CAT cleaner like Cataclean. Read direction and follow to the T. By adding it a few miles after fuel light comes on. add cleaner and run down fuel tank as low as you can. "I'd carry a 2 gallon gas can, incase. Then fill gas tank when done. Do another "High RPM burn".

********* It's very very important to find cause CAT went bad and correct. Or you damage another at $2K a each. ****

It's important to not sit idling for prolonged periods, as noted in your OM. Which can damage CATs.

This is what I've found the number one cause of CAT failure in the 06-07 VVTi.

This is an issue in all 4.7L. Not a CAT killer itself. But bad and can cause rich fuel condition, dumping extra fuel in CATs. Not to mention, blowing a spark plug out of a head.
Ah yes, the old 'Italian Tune-up'

Love it.
 
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