II 111th CONGRESS 1st Session S. 521 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.

1.

Short title

This Act may be cited as the TARP Oversight Enhancement Act.

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. .