To amend the Emergency Economic Stabilization Act of 2008 to require the Special Inspector General for the Troubled Asset Relief Program to include the effect of the Troubled Asset Relief Program on small businesses in the oversight, audits, and reports provided by the Special Inspector General, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as ``SIG TARP Small Business Awareness Act of 
2009''.

SEC. 2. FINDINGS.

    The Congress finds as follows:
            (1) Small businesses are going to be the driving force 
        behind revitalizing our economy.
            (2) Small financial institutions are a primary financial 
        resource for small businesses.
            (3) In a hearing of the Committee on Financial Services of 
        the House of Representatives, witnesses testified that smaller 
        financial institutions are having difficulty receiving funds 
        from the Troubled Asset Relief Program.
            (4) In a hearing of the Committee on Financial Services of 
        the House of Representatives, witnesses also testified that 
        small businesses are having trouble receiving credit and 
        financial products from banks and other financial institutions.

SEC. 3. DUTIES OF THE SPECIAL INSPECTOR GENERAL FOR THE TROUBLED ASSET 
              RELIEF PROGRAM RELATING TO SMALL FINANCIAL INSTITUTIONS 
              AND BUSINESSES.

    (a) In General.--Section 121(c) of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5231(c)) is amended by adding at 
the end the following new paragraph:
            ``(5) Effects of program on small financial institutions 
        and small businesses.--
                    ``(A) Small financial institutions.--In conducting 
                audits and providing oversight of the Troubled Asset 
                Relief Program in accordance with this section, the 
                Special Inspector General shall examine how smaller 
                financial institutions are being affected by--
                            ``(i) expenditures under the Program 
                        (including the adequacy of financial assistance 
                        provided to or on behalf of such smaller 
                        financial institutions); and
                            ``(ii) the considerations and 
                        determinations of--
                                    ``(I) the Secretary under this 
                                title; and
                                    ``(II) the regulators of such 
                                smaller financial institutions, with 
                                respect to capital adequacy and 
                                troubled assets.
                    ``(B) Small businesses.--In conducting audits and 
                providing oversight of the Troubled Asset Relief 
                Program, the Special Inspector General shall examine 
                the effects the provision of financial assistance under 
                this title has had on small businesses, including both 
                positive and negative effects and the extent of such 
                effects on small businesses generally and by type and 
                region.
                    ``(C) Reports.--Any report prepared by the Special 
                Inspector General under this section shall include the 
                results of the activities of the Special Inspector 
                General under paragraphs (1) and (2).''.
    (b) Report on Inclusion and Utilization of Women and Minorities.--
Section 121(i) of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5231(i)) is amended by adding at the end the following new 
paragraph:
            ``(6) Report on inclusion and utilization of women and 
        minorities.--
                    ``(A) In general.--The Special Inspector General 
                shall include in each quarterly report to the Congress 
                under paragraph (1) information on the activities of 
                the Secretary and any financial institutions receiving 
                financial assistance under this title to include and 
                utilize minorities (as such term is defined in section 
                1204(c) of the Financial Institutions Reform, Recovery, 
                and Enforcement Act of 1989 (12 U.S.C. 1811 note)) and 
                women, and minority- and women-owned businesses (as 
                such terms are defined in section 21A(r)(4) of the 
                Federal Home Loan Bank Act), in any solicitation or 
                contract, including any contract to asset managers, 
                servicers, property managers, and other service 
                providers or expert consultants.
                    ``(B) Information to be included.--The quarterly 
                report shall include information on the levels of 
                inclusion and utilization of women, minorities, and 
                women- and minority-owned businesses, including the 
                type of such contracts or solicitations, the dollar 
                amount of such contracts or solicitations, the total 
                number of such contracts or solicitations, and any 
                other information on the activities of the Secretary 
                and any financial institutions receiving financial 
                assistance under this title to increase the 
                participation of women, minorities ,and women- and 
                minority-owned businesses including recommendations 
                related to increasing such participation.''.

            Passed the House of Representatives September 15, 2009.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.

Summary: SIG TARP Small Business Awareness Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Special Inspector General (SIG) for the Troubled Asset Relief Program (TARP) to examine how smaller financial institutions are being affected by: (1) expenditures under TARP (especially the adequacy of financial assistance); (2) the considerations and determinations of the Secretary of the Treasury (Secretary) and the regulators of such smaller financial institutions regarding capital adequacy and troubled assets; and (3) the effects that TARP financial assistance has had upon small businesses, including by type and by region.

Instructs the SIG to include, in quarterly reports to Congress, information on actions by the Secretary and any financial institutions receiving TARP assistance to include and utilize minorities and women, and minority- and women-owned businesses, in any solicitation or contract.

Requires such reports to include information on: (1) the levels of inclusion and utilization of women, minorities, and women- and minority-owned businesses; (2) the type of such contracts or solicitations, their dollar amounts, and the total number of them; and (5) any other activities to increase the participation of women, minorities, and women- and minority-owned businesses, including recommendations.