[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1242 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1242

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 2, 2009

Mrs. Maloney (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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 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.''.

SEC. 2. EFFECTIVE DATE.

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