GovTrack’s Bill Summary
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The bill’s title was written by its sponsor. H.R. stands for House of Representatives bill.
This bill was introduced in a previous session of Congress and was passed by the House on December 2, 2009 but was never passed by the Senate.
Last updated Dec 03, 2009.
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No summaries available.
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H.R. 1242--111th Congress: To amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and .... (2009). In www.GovTrack.us. Retrieved March 9, 2014, from http://www.govtrack.us/congress/bills/111/hr1242
“H.R. 1242--111th Congress: To amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and ....” www.GovTrack.us. 2009. March 9, 2014 <http://www.govtrack.us/congress/bills/111/hr1242>
|title=H.R. 1242 (111th)
|accessdate=March 9, 2014
|author=111th Congress (2009)
|date=March 2, 2009
|quote=To amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and ...
We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
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.
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.
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.
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The bill contains the following citations to other parts of U.S. law:
The United States Code is the compilation of general and permanent laws enacted by Congress. Laws that are not permanent in nature, law that affect a single individual, family, or small group, regulations, case law, state law, and local law do not appear in the United States Code.