[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1242 Referred in Senate (RFS)]
111th CONGRESS
1st Session
H. R. 1242
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 3, 2009
Received
December 23, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban
Affairs
_______________________________________________________________________
AN ACT
To amend the Emergency Economic Stabilization Act of 2008 to provide
for additional monitoring and accountability of the Troubled Asset
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
ASSET RELIEF PROGRAM.
Section 114 of the Emergency Economic Stabilization Act of 2008 (12
U.S.C. 5224) is amended by adding at the end the following new
subsection:
``(c) Additional Monitoring and Accountability.--
``(1) Electronic database.--
``(A) In general.--The Secretary shall establish an
electronic database to monitor the use of funds
distributed under this title.
``(B) Sources of data.--The database established
under subparagraph (A) shall include data from the
following sources, to the extent such data is
available, usable, and relevant to determining the
effectiveness of the Troubled Asset Relief Program:
``(i) Regulatory data from any government
source.
``(ii) Filing data from any government
agency receiving regular and structured
filings.
``(iii) Public records.
``(iv) News filings, press releases, and
other forms of publicly available data.
``(v) Data collected under subparagraph
(C)(v).
``(vi) All other information that is
required to be reported under this title by
institutions receiving financial assistance or
procurement contracts under this title.
``(C) Administration and use of database.--The
Secretary shall--
``(i) ensure that the database uses
accurate data structures and taxonomies to
allow for easy cross-referencing, compiling,
and reporting of numerous data elements;
``(ii) ensure that the database provides
for filtering of data content to allow users to
screen for the events most relevant to
identifying waste, fraud, and abuse, such as
management changes and material corporate
events;
``(iii) ensure that the database provides
geospatial analysis capabilities;
``(iv) make the database available to the
Comptroller General of the United States and to
the Special Inspector General and the
Congressional Oversight Panel established under
sections 121 and 125, respectively, to provide
them with access to current information on the
status of the funds distributed under this
title, including funds distributed through
procurement contracts;
``(v) collect from each Federal agency on
at least a daily basis all data that is
relevant to determining the effectiveness of
the Troubled Asset Relief Program in
stimulating prudent lending and strengthening
bank capital, including regulatory filings and
data generated by the use of internal models,
financial models, and analytics; and
``(vi) compare the data in the database
with other appropriate data to identify
activities inconsistent with the goals of this
title.
``(2) Meeting tarp goals.--
``(A) Determination by secretary;
recommendations.--If the Secretary determines that a
recipient's use of funds distributed under this title
is not meeting the goals of this title, the Secretary
shall, in coordination with the appropriate Federal
agencies, develop recommendations for better meeting
such goals, and such agencies shall provide such
recommendations to such recipient.
``(B) Future uses of funds.--If the Secretary
determines that the use of funds described in
subparagraph (A) does not meet the goals of this title
within a reasonable time after the recommendations
communicated under such subparagraph, the Secretary
shall modify the permitted uses of funds distributed
under this title to avoid similar problems in the
future.
``(3) Public access to database.--The Secretary shall,
subject to paragraph (4), adopt rules and procedures for public
access to the database created by this subsection.
``(4) Prohibition against disclosure of certain
information.--
``(A) Prohibition.--A person or entity shall not
disclose to the public information collected under this
subsection that is prohibited from disclosure by any
Federal or State law or regulation or by private
contract or that is considered to be proprietary.
``(B) Protection of information.--The Secretary
shall implement reasonable measures to prevent the
disclosure of information in violation of subparagraph
(A).
``(C) Criminal liability for disclosure.--A Federal
officer or employee, or a contractor of any Federal
agency or employee of such contractor, who
intentionally discloses to the public or intentionally
causes to be disclosed to the public information
prohibited from disclosure by subparagraph (A), knowing
that such information is prohibited from disclosure,
shall be fined under title 18, United States Code, or
imprisoned for not more than 1 year, or both.
``(5) Regulations and procedures.--The Secretary shall, in
consultation with the appropriate Federal agencies, promulgate
regulations and establish any other procedures necessary to
carry out this subsection.
``(6) Implementation deadlines.--
``(A) Contract services.--Not later than 30 days
after the date of the enactment of this subsection, the
Secretary shall issue a request for proposal and award
contract services as required by this subsection.
``(B) Operation of database.--The Secretary shall
ensure that the database described in paragraph (1)(A)
is operational not later than 180 days after the date
of the enactment of this subsection.''.
SEC. 2. REDUCING TARP FUNDS TO OFFSET COSTS OF PROGRAM CHANGES.
Section 115(a)(3) of the Emergency Economic Stabilization Act of
2008 (12 U.S.C. 5225(a)(3)) is amended by striking ``$700,000,000,000,
as such amount is reduced by $1,259,000,000,, as such amount is reduced
by $1,244,000,000, outstanding at any one time'' and inserting
``$700,000,000,000, as such amount is reduced by $1,293,000,000,
outstanding at any one time''.
Passed the House of Representatives December 2, 2009.
Attest:
LORRAINE C. MILLER,
Clerk.