I 111th CONGRESS 1st Session H. R. 846 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.

1.

Short title

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

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:

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. .