GovTrack’s Bill Summary
We don’t have a summary available yet.
H.R. 6570 (112th): To amend the American Recovery and Reinvestment Act of 2009 and the Emergency Economic Stabilization Act of 2008 to consolidate certain CBO reporting requirements.
- Introduced:
- Oct 12, 2012 (112th Congress, 2011–2013)
- Sponsor:
- Rep. Scott Garrett [R-NJ5]
- Status:
- Signed by the President
- Slip Law:
- This bill became Pub.L. 112-204.
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
- Summary
-
No summaries available.
- Text
-
Last updated Jan 01, 2012.
2 pages
- Primary Source
-
View on THOMAS (The Library of Congress)
GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.
- Citation
-
Click a format for a citation suggestion:
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
12/4/2012--Public Law. (This measure has not been amended since it was introduced.
The summary of that version is repeated here.) Amends the Jobs Accountability Act, in title XV of division A of the American Recovery and Reinvestment Act of 2009, to revise the deadline for comments by the Congressional Budget Office (CBO) and the Government Accountability Office (GAO) on information contained in specified quarterly reports to the appropriate agency by each recipient of federal recovery funds with respect to an estimate of the number of jobs created and retained by the expenditure or obligation of such funds on a project or activity.
Requires these comments on the quarterly reports in a year to be due 45 days after the report for the last quarter of the year is submitted.
(Currently, such reports are due within 45 days after submission to the appropriate agency.) Terminates the requirement of the CBO and GAO comments on January 1, 2016.
Amends the Emergency Economic Stabilization Act of 2008 to change from semiannual to annual the required reports to the President and Congress from the Office of Management and Budget (OMB) of specified information and estimates regarding the Troubled Asset Relief Program (TARP). Terminates these TARP reporting requirements with the annual period on the last day of which all troubled assets acquired by the Secretary of the Treasury have been sold or transferred out of the ownership or control of the federal government.
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/112/2/hr6570.
Background
The American Recovery and Reinvestment Act of 2009 (H.R. 1 in the 111th Congress), also known as the “stimulus,” was signed into law on February 17, 2009, after being passed in the House without the support of any House Republicans. The bill provided $833 billion in so-called stimulus funding in a wide variety of forms throughout numerous federal agencies. According to CBO, more that 90 percent of the bill’s “budgetary impact was realized by the end of June 2012.”
The Emergency Economic Stabilization Act of 2008 created the Troubled Asset Relief Program (TARP) and granted the Secretary of the Treasury authority to either purchase or insure up to $700 billion in troubled assets owned by financial institutions.
Summary
H.R. 6570 would amend current law regarding reporting requirements related to the American Recovery and Reinvestment Act of 2009 (the “stimulus”) and the Emergency Economic Stabilization Act of 2008 (TARP).
Stimulus Reporting: Under current law, the Congressional Budget Office (CBO) and the Government Accountability Office (GAO) are required to provide comments on quarterly stimulus reports submitted by federal agencies. H.R. 6570 would amend this condition by requiring CBO and GAO to provide comments on only the final quarterly report of a calendar year. Under the bill, the reporting requirement would sunset on January 1, 2016.
TARP Reporting: The bill would require the Office of Management and Budget (OMB) to report on the Troubled Asset Relief Program (TARP) annually, rather than twice a year as is required under current law. The OMB reporting requirement would sunset once all troubled assets have been sold or transferred out of the federal government's control.
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:
Slip Laws
Slip laws refer to enacted bills and joint resolutions in their original form as enacted by Congress, that is, before other laws amend them. Slip laws are cited as “Public Law XXX-YYY”, where XXX is the number of the Congress in which the bill or resolution was introduced.
- Public Law 111-5:
H.R. 1 (111th): American Recovery and Reinvestment Act of 2009
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 II: BUDGET-RELATED PROVISIONS
- Section 5252: Reports by the Office of Management and Budget and the Congressional Budget Office
Statutes at Large
The United States Statutes at Large is the compilation of all laws enacted by Congress.
- 123 Stat. 288