To amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and accountability of the Troubled Asset Relief Program.

Bill: 111-hr-1242
Sponsor: Rep. Maloney, Carolyn B. [D-NY-14]
Introduced: 2009-03-02 in the House
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Bank accounts, deposits, capital
Banking and financial institutions regulation
Congressional oversight
Financial crises and stabilization
Government information and archives
Government studies and investigations

Summary:
action_date: 2009-03-02
text: 
Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to provide to the Special Inspector General of the Troubled Asset Relief Program (TARP), the Comptroller General, and the Congressional Oversight Panel ongoing, continuous, and close to real-time updates of the status of funds distributed under EESA through a standardized electronic database that combines all of the necessary information from existing public and private sources to track the status of the funds distributed under the Act.
 
Requires the Secretary also to: (1) compare the data in such database with any other data for any activities that are inconsistent with EESA purposes; and (2) collect from all federal agencies any regulatory filings, internal models, financial models, and analytics associated with the financial assistance on at least a daily basis in order to help the Secretary to determine the effectiveness of TARP in stimulating prudent lending and strengthening bank capital.
 
Directs the Secretary, if TARP goals are not being met, to work with the federal agencies supplying the information to have them provide the recipients with recommendations for better meeting such goals. Requires the Secretary, furthermore, to adjust the future uses of TARP assistance if such goals are not met even following such recommendations.

action_date: 2009-12-02
text: 
Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to: (1) establish an electronic database using data from specified sources to monitor the use of Troubled Asset Relief Program (TARP) funds by institutions receiving financial assistance or procurement contracts; and (2) make such database available to the Special Inspector General of TARP, the Comptroller General, and the Congressional Oversight Panel in order to provide them with access to current information on the status of funds distributed under TARP, including funds distributed through procurement contracts.
 
Requires the Secretary to: (1) collect from each federal agency any regulatory filings, internal models, financial models, and analytics associated with the financial assistance on at least a daily basis in order to determine the effectiveness of TARP in stimulating prudent lending and strengthening bank capital; and (2) compare the data in such database with any other data in order to identify activities inconsistent with TARP goals.
 
Requires the Secretary, if a recipient's use of TARP funds is not meeting TARP goals, to develop, in coordination with federal agencies, recommendations for better meeting such goals.
 
Directs the Secretary, furthermore, to modify permitted uses of TARP funds if such goals are not met within a reasonable time after the recommendations are communicated. 
 
Directs the Secretary to: (1) adopt rules and procedures for public access to the electronic database created by this Act; and (2) implement measures to protect confidential or proprietary information. Subjects intentional disclosure of such information to criminal penalties.
 
Requires the Secretary to: (1) issue a request for proposal and award contract services to implement this Act within 30 days after enactment; and (2) ensure that the electronic database is operational within 180 days after the date of enactment of this Act. 
 
Modifies the reduction of TARP funds to offset the costs of program changes.


Legislative actions:
action_date: 2009-12-23
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2009-12-03
text: Received in the Senate.
action_date: 2009-12-02
text: The title of the measure was amended. Agreed to without objection.
action_date: 2009-12-02
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2009-12-02
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 421 - 0 (Roll no. 921). (text: CR H13405-13406)
action_date: 2009-12-02
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 421 - 0 (Roll no. 921).(text: CR H13405-13406)
action_date: 2009-12-02
text: Considered as unfinished business. (consideration: CR H13426-13427)
action_date: 2009-12-02
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2009-12-02
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1242.
action_date: 2009-12-02
text: Considered under suspension of the rules. (consideration: CR H13405-13408)
action_date: 2009-12-02
text: Mrs. Maloney moved to suspend the rules and pass the bill, as amended.
action_date: 2009-03-02
text: Referred to the House Committee on Financial Services.
action_date: 2009-03-02
text: Introduced in House
action_date: 2009-03-02
text: Introduced in House