[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 340 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 340

 To enhance the oversight authority of the Comptroller General of the 
  United States with respect to expenditures under the Troubled Asset 
                            Relief Program.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 28, 2009

  Mr. Grassley (for himself and Mr. Baucus) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To enhance the oversight authority of the Comptroller General of the 
  United States with respect to expenditures under 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. SHORT TITLE.

    This Act may be cited as the ``Troubled Asset Relief Program 
Enhancement Act''.

SEC. 2. ENHANCED OVERSIGHT OF THE TARP.

    Section 116 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5226) is amended--
            (1) in subsection (a)(1)(A)--
                    (A) in clause (iii), by striking ``and'' at the 
                end;
                    (B) in clause (iv), by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following:
                            ``(v) public accountability for the 
                        exercise of such authority, including with 
                        respect to actions taken by those entities 
                        participating in programs established under 
                        this Act.''; and
            (2) in subsection (a)(2)--
                    (A) by redesignating subparagraph (C) as 
                subparagraph (E); and
                    (B) by striking subparagraph (B) and inserting the 
                following:
                    ``(B) Access to records.--
                            ``(i) In general.--Notwithstanding any 
                        other provision of law, and for purposes of 
                        reviewing the performance of the TARP, the 
                        Comptroller General shall have access, upon 
                        request, to any information, data, schedules, 
                        books, accounts, financial records, reports, 
                        files, electronic communications, or other 
                        papers, things, or property belonging to or in 
                        use by the TARP, any entity established by the 
                        Secretary under this Act, or any entity 
                        participating in a program established under 
                        the authority of this Act, and to the officers, 
                        employees, directors, independent public 
                        accountants, financial advisors and any and all 
                        other agents and representatives thereof, at 
                        such time as the Comptroller General may 
                        request.
                            ``(ii) Verification.--The Comptroller 
                        General shall be afforded full facilities for 
                        verifying transactions with the balances or 
                        securities held by, among others, depositories, 
                        fiscal agents, and custodians.
                            ``(iii) Copies.--The Comptroller General 
                        may make and retain copies of such books, 
                        accounts, and other records as the Comptroller 
                        General deems appropriate.
                    ``(C) Agreement by entities.--Each contract, term 
                sheet, or other agreement between the Secretary or the 
                TARP (or any TARP vehicle, officer, director, employee, 
                independent public accountant, financial advisor, or 
                other TARP agent or representative) and an entity 
                participating in a program established under this Act 
                shall provide for access by the Comptroller General in 
                accordance with this section.
                    ``(D) Restriction on public disclosure.--
                            ``(i) In general.--The Comptroller General 
                        may not publicly disclose proprietary or trade 
                        secret information obtained under this section.
                            ``(ii) Exception for congressional 
                        committees.--This subparagraph does not limit 
                        disclosures to congressional committees or 
                        members thereof having jurisdiction over any 
                        private or public entity participating in a 
                        program established under this Act.
                            ``(iii) Rule of construction.--Nothing in 
                        this section shall be construed to alter or 
                        amend the prohibitions against the disclosure 
                        of trade secrets or other information 
                        prohibited by section 1905 of title 18, United 
                        States Code, or other applicable provisions of 
                        law.''.
                                 <all>