[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 846 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 846

   To require institutions receiving assistance under the Emergency 
 Economic Stabilization Act of 2008 to report certain corporate data, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 2009

 Mr. Cummings introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To require institutions receiving assistance under the Emergency 
 Economic Stabilization Act of 2008 to report certain corporate data, 
                        and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Accountability from Corporations for 
Outlays Under TARP Act'' or the ``Account Act''.

SEC. 2. REPORTING BY ASSISTED INSTITUTIONS ON CERTAIN EXPENDITURES.

    (a) In General.--Title I of the Emergency Economic Stabilization 
Act of 2008 (12 U.S.C. 5211 et seq.) is amended by adding at the end 
the following new section:

``SEC. 137. REPORTING BY ASSISTED INSTITUTIONS ON CERTAIN EXPENDITURES.

    ``(a) In General.--The Secretary shall require any financial 
institution that receives any assistance in any form under this title 
on or after October 3, 2008 (hereafter in this section referred to as 
the `assisted institution'), to publicize on the corporate website of 
such institution, in a prominent location on the homepage or on a 
dedicated tab or window accessible through a link prominently displayed 
on the homepage, the following information, which shall be updated on a 
monthly basis:
            ``(1) Total expenditures made by the institution on travel 
        during the month for which the report is being made, including 
        reports on expenditures on each of the following: plane fares, 
        rental cars, hotel expenses, food purchases, and any other 
        expenses incurred by corporate employees during travel.
            ``(2) Total expenditures made by the institution on 
        lobbying (as defined in the Lobbying Disclosure Act of 1995) at 
        both the Federal and State levels, including a list of the 
        individual States where lobbying activity was conducted.
            ``(3) A list of the corporate events, including retreats, 
        conferences, planning sessions, and office parties held at the 
        assisted institution's place of business or organized at any 
        other location by the assisted institution, citing the city, 
        State, and venue of the event; date of the event; number of 
        attendees at the event; and the entire sum of expenses 
        associated with the event paid by the assisted institution.
            ``(4) A list of the corporate jets owned and a list of the 
        trips taken by corporate and non-corporate officials on these 
        jets which shall cite the total cost to the assisted 
        institution of operating the jets for each listed trip.
            ``(5) A list of the corporate sponsorships supported by the 
        company citing the name of each entity sponsored and the amount 
        provided to each sponsored entity.
            ``(6) A list of the automobiles provided by the assisted 
        institution to employees of the institution and their values 
        together with the cost to the assisted institution of the 
        operation of each automobile.
            ``(7) The total amount of compensation provided to the 
        employees of the assisted institution, including expenditures 
        on each of bonuses of any kind, retention payments of any kind, 
        and any other form of compensation, citing the form thereof.
            ``(8) A list of all club or corporate memberships 
        maintained by the assisted institution citing the cost of each 
        membership.
            ``(9) Total corporate expenditures on furniture, office 
        equipment, and office renovations made during the period by the 
        assisted institution.
            ``(10) Such other information as the Secretary may require 
        to be disclosed or the assisted institution wishes to disclose.
    ``(b) Regulations and Compliance.--The Secretary shall--
            ``(1) prescribe appropriate regulations to implement and 
        carry out this section; and
            ``(2) establish appropriate mechanisms to ensure 
        appropriate compliance with the requirements of this section''.
    (b) Clerical Amendment.--The table of sections for title I of the 
Emergency Economic Stabilization Act of 2008 is amended by inserting 
after the item relating to section 136 the following new item:

``137. Reporting by assisted institutions on certain expenditures.''.
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