IN THE SENATE OF THE UNITED STATES
April 28, 2009
Mr. Warner (for himself, Mr. Martinez, and Mr. Brown) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the Emergency Economic Stabilization Act of 2008, to provide for additional monitoring and accountability of the Troubled Asset Relief Program.
Additional monitoring and accountability for the Troubled Asset 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:
Additional monitoring and accountability
The Secretary shall—
provide to the Special Inspector General appointed under section 121, the Comptroller General of the United States, and the Congressional Oversight Panel established under section 125 ongoing, continuous, and close to real-time updates of the status of the use of funds distributed under this title, including with respect to procurement contracts, through a standardized electronic database that combines all of the necessary information from existing public and private sources;
compare the data in such database with any other data that the Secretary chooses to review for any activities that are inconsistent with the purposes of this Act;
collect from all Federal agencies any regulatory filings, data generated by the use of 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 Asset Relief Program in stimulating prudent lending and strengthening bank capital;
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
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.
Database as repository
To the extent practicable, all information that is required to be reported under this title by institutions receiving financial assistance or procurement contracts under this title shall be included by the Secretary in the database established pursuant to paragraph (1)(A).
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.
The amendment made by section 1 shall take effect 60 days after the date of enactment of this Act.