GovTrack’s Bill Summary
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H.R. 1242 (111th): To amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and accountability of the Troubled Asset Relief Program.
- Introduced:
- Mar 02, 2009 (111th Congress, 2009–2010)
- Sponsor:
- Rep. Carolyn Maloney [D-NY14]
- Status:
- Died (Passed House)
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
12/2/2009--Passed House amended.
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.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/111/1/hr1242.
Summary
H.R. 1242 amends section 113 of the Emergency Economic Stabilization Act (EESA) of 2008 (Public Law 110-343) 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 information from public and private sources to track the status of the funds distributed under EESA.
The legislation requires the Secretary 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. H.R 1242 also 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. Lastly, the bill requires the Secretary to adjust the future uses of TARP assistance if such goals are not met even following such recommendations.
Cost
A CBO cost estimate of H.R. 1242 is approximately $17 million. However, according to the Financial Services Committee staff, there is a 50 percent subsidy rate for unused TARP funds. Thus, in order to offset the entire amount, TARP's authority must be reduced by $34 million.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.
The bill contains the following citations to other parts of U.S. law:
United States Code
The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)
- Title 12: BANKS AND BANKING
- Chapter 52: EMERGENCY ECONOMIC STABILIZATION
- Subchapter I: TROUBLED ASSETS RELIEF PROGRAM
- Section 5224: Market transparency
- Section 5225: Graduated authorization to purchase