< Back to H.R. 1242 (111th Congress, 2009–2010)

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

...the Troubled Asset Relief Program.

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. The text of the bill below is as of Mar 2, 2009 (Introduced).

This is not the latest text of this bill.

Source: GPO

I

111th CONGRESS

1st Session

H. R. 1242

IN THE HOUSE OF REPRESENTATIVES

March 2, 2009

(for herself, Mr. King of New York, Mr. Meeks of New York, Mr. Jones, Mr. Ellison, Mr. Sensenbrenner, Mr. Hinchey, Mr. Goodlatte, and Mr. McGovern) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

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

1.

Additional monitoring and accountability for the Troubled Assets Relief Program

Section 113 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5223) is amended by adding at the end the following new subsection:

(e)

Additional monitoring and accountability

(1)

In general

The Secretary shall—

(A)

provide to the Special Inspector General of the Troubled Assets Relief Program, the Comptroller General, and the Congressional Oversight Panel ongoing, continuous, and close to real-time updates of the status of funds distributed under this title 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 this title;

(B)

compare the data in such database with any other data the Secretary chooses to review for any activities that are inconsistent with the purposes of this Act;

(C)

collect from all Federal agencies any regulatory filings, internal models, financial models, and analytics associated with the financial assistance received under this title on no less than a daily basis to help enable the Secretary to determine the effectiveness of the Troubled Assets Relief Program in stimulating prudent lending and strengthening bank capital;

(D)

if the Secretary determines that the goals of this title are not being met, work with the Federal agencies supplying the information to have them provide the recipients with recommendations for better meeting the goals of this title; and

(E)

if the Secretary determines that the goals of this title are not met following such recommendations, adjust the future uses of assistance available under this title.

(2)

Database as repository

To the extent practicable, all information that is required to be reported under this title by institutions receiving financial assistance under this title shall be included by the Secretary in the database established pursuant to paragraph (1)(A).

(3)

Procedures and regulations

The Secretary shall, in consultation with the appropriate Federal banking agencies, define and manage the procedures and regulations needed for carrying out this subsection.

.

2.

Effective date

The amendment made by section 1 shall take effect 60 days after the date of the enactment of this Act.