[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 521 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 521

 To enhance the oversight authority of the Comptroller General of the 
    United States with respect to certain expenditures by financial 
    institutions participating in the Troubled Asset Relief Program.


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                   IN THE SENATE OF THE UNITED STATES

                             March 3, 2009

  Mr. Inhofe 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 certain expenditures by financial 
    institutions participating in 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 ``TARP Oversight Enhancement Act''.

SEC. 2. ENHANCED OVERSIGHT OF THE TARP.

    Section 116(a)(1) of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5226(a)(1)) is amended by adding at the end the 
following:
                    ``(I) With respect to any financial institution or 
                other entity participating in a program established 
                under this Act, any sole expenditure, transaction, or 
                commitment to purchase or any pattern of expenditures, 
                transactions, or commitments to purchase by such 
                financial institution or other entity that exceeds 
                $10,000, in aggregate, and is not essential to--
                            ``(i) ensuring the recovery of the 
                        financial institution or entity;
                            ``(ii) restoring the solvency of the 
                        financial institution or entity;
                            ``(iii) improving the liquidity of the 
                        financial institution or entity;
                            ``(iv) enhancing returns for the investors 
                        of the financial institution or entity; and
                            ``(v) increasing the net worth of the 
                        financial institution or entity.''.
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