II 

111TH CONGRESS 

1ST SESSION S. 340 

To enhance the oversight authority of the Comptroller General of the United 

States with respect to expenditures under the Troubled Asset Relief Program. 

IN THE SENATE OF THE UNITED STATES 

JANUARY 28, 2009 

Mr. GRASSLEY (for himself and Mr. BAUCUS) introduced the following bill; 

which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To enhance the oversight authority of the Comptroller General of the United States with respect to expenditures 

under the Troubled Asset Relief Program. 

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 ‘‘Troubled Asset Relief 

5 Program Enhancement Act’’. 

6 SEC. 2. ENHANCED OVERSIGHT OF THE TARP. 

7 Section 116 of the Emergency Economic Stabilization 

8 Act of 2008 (12 U.S.C. 5226) is amended— 

9 (1) in subsection (a)(1)(A)— 


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1 (A) in clause (iii), by striking ‘‘and’’ at the 

2 end; 

3 (B) in clause (iv), by striking the period at 

4 the end and inserting ‘‘; and’’; and 

5 (C) by adding at the end the following: 

6 ‘‘(v) public accountability for the exer7 cise of such authority, including with re8 spect to actions taken by those entities 

9 participating in programs established 

10 under this Act.’’; and 

11 (2) in subsection (a)(2)— 

12 (A) by redesignating subparagraph (C) as 

13 subparagraph (E); and 

14 (B) by striking subparagraph (B) and in15 serting the following: 

16 ‘‘(B) ACCESS TO RECORDS.— 

17 ‘‘(i) IN GENERAL.—Notwithstanding 

18 any other provision of law, and for pur19 poses of reviewing the performance of the 

20 TARP, the Comptroller General shall have 

21 access, upon request, to any information, 

22 data, schedules, books, accounts, financial 

23 records, reports, files, electronic commu24 nications, or other papers, things, or prop25 erty belonging to or in use by the TARP, 


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1 any entity established by the Secretary 

2 under this Act, or any entity participating 

3 in a program established under the author4 ity of this Act, and to the officers, employ5 ees, directors, independent public account6 ants, financial advisors and any and all 

7 other agents and representatives thereof, 

8 at such time as the Comptroller General 

9 may request. 

10 ‘‘(ii) VERIFICATION.—The Comp11 troller General shall be afforded full facili12 ties for verifying transactions with the bal13 ances or securities held by, among others, 

14 depositories, fiscal agents, and custodians. 

15 ‘‘(iii) COPIES.—The Comptroller Gen16 eral may make and retain copies of such 

17 books, accounts, and other records as the 

18 Comptroller General deems appropriate. 

19 ‘‘(C) AGREEMENT BY ENTITIES.—Each 

20 contract, term sheet, or other agreement be21 tween the Secretary or the TARP (or any 

22 TARP vehicle, officer, director, employee, inde23 pendent public accountant, financial advisor, or 

24 other TARP agent or representative) and an 

25 entity participating in a program established 


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1 under this Act shall provide for access by the 

2 Comptroller General in accordance with this 

3 section. 

4 ‘‘(D) RESTRICTION ON PUBLIC DISCLO5 SURE.— 

6 ‘‘(i) IN GENERAL.—The Comptroller 

7 General may not publicly disclose propri8 etary or trade secret information obtained 

9 under this section. 

10 ‘‘(ii) EXCEPTION FOR CONGRES11 SIONAL COMMITTEES.—This subparagraph 

12 does not limit disclosures to congressional 

13 committees or members thereof having ju14 risdiction over any private or public entity 

15 participating in a program established 

16 under this Act. 

17 ‘‘(iii) RULE OF CONSTRUCTION.— 

18 Nothing in this section shall be construed 

19 to alter or amend the prohibitions against 

20 the disclosure of trade secrets or other in21 formation prohibited by section 1905 of 

22 title 18, United States Code, or other ap23 plicable provisions of law.’’. 

Æ 


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