I 

111TH CONGRESS 

1ST SESSION H. R. 846 

To require institutions receiving assistance under the Emergency Economic 

Stabilization Act of 2008 to report certain corporate data, and for 

other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 4, 2009 

Mr. CUMMINGS introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To require institutions receiving assistance under the Emergency Economic Stabilization Act of 2008 to report certain corporate data, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Accountability from 

5 Corporations for Outlays Under TARP Act’’ or the ‘‘Ac6 count Act’’. 


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1 SEC. 2. REPORTING BY ASSISTED INSTITUTIONS ON CER2 TAIN EXPENDITURES. 

3 (a) IN GENERAL.—Title I of the Emergency Eco4 nomic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.) 

5 is amended by adding at the end the following new section: 

6 ‘‘SEC. 137. REPORTING BY ASSISTED INSTITUTIONS ON 

7 CERTAIN EXPENDITURES. 

8 ‘‘(a) IN GENERAL.—The Secretary shall require any 

9 financial institution that receives any assistance in any 

10 form under this title on or after October 3, 2008 (here11 after in this section referred to as the ‘assisted institu12 tion’), to publicize on the corporate website of such institu13 tion, in a prominent location on the homepage or on a 

14 dedicated tab or window accessible through a link promi15 nently displayed on the homepage, the following informa16 tion, which shall be updated on a monthly basis: 

17 ‘‘(1) Total expenditures made by the institution 

18 on travel during the month for which the report is 

19 being made, including reports on expenditures on 

20 each of the following: plane fares, rental cars, hotel 

21 expenses, food purchases, and any other expenses in22 curred by corporate employees during travel. 

23 ‘‘(2) Total expenditures made by the institution 

24 on lobbying (as defined in the Lobbying Disclosure 

25 Act of 1995) at both the Federal and State levels, 


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1 including a list of the individual States where lob2 bying activity was conducted. 

3 ‘‘(3) A list of the corporate events, including re4 treats, conferences, planning sessions, and office 

5 parties held at the assisted institution’s place of 

6 business or organized at any other location by the 

7 assisted institution, citing the city, State, and venue 

8 of the event; date of the event; number of attendees 

9 at the event; and the entire sum of expenses associ10 ated with the event paid by the assisted institution. 

11 ‘‘(4) A list of the corporate jets owned and a 

12 list of the trips taken by corporate and non-cor13 porate officials on these jets which shall cite the 

14 total cost to the assisted institution of operating the 

15 jets for each listed trip. 

16 ‘‘(5) A list of the corporate sponsorships sup17 ported by the company citing the name of each enti18 ty sponsored and the amount provided to each spon19 sored entity. 

20 ‘‘(6) A list of the automobiles provided by the 

21 assisted institution to employees of the institution 

22 and their values together with the cost to the as23 sisted institution of the operation of each auto24 mobile. 


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1 ‘‘(7) The total amount of compensation pro2 vided to the employees of the assisted institution, in3 cluding expenditures on each of bonuses of any kind, 

4 retention payments of any kind, and any other form 

5 of compensation, citing the form thereof. 

6 ‘‘(8) A list of all club or corporate memberships 

7 maintained by the assisted institution citing the cost 

8 of each membership. 

9 ‘‘(9) Total corporate expenditures on furniture, 

10 office equipment, and office renovations made during 

11 the period by the assisted institution. 

12 ‘‘(10) Such other information as the Secretary 

13 may require to be disclosed or the assisted institu14 tion wishes to disclose. 

15 ‘‘(b) REGULATIONS AND COMPLIANCE.—The Sec16 retary shall— 

17 ‘‘(1) prescribe appropriate regulations to imple18 ment and carry out this section; and 

19 ‘‘(2) establish appropriate mechanisms to en20 sure appropriate compliance with the requirements 

21 of this section’’. 

22 (b) CLERICAL AMENDMENT.—The table of sections 

23 for title I of the Emergency Economic Stabilization Act 


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1 of 2008 is amended by inserting after the item relating 

2 to section 136 the following new item: 

‘‘137. Reporting by assisted institutions on certain expenditures.’’. 

Æ 


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