[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 910 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 910

 To amend the Emergency Economic Stabilization Act of 2008, to provide 
  for additional monitoring and accountability of the Troubled Asset 
                            Relief Program.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 28, 2009

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Emergency Economic Stabilization Act of 2008, to provide 
  for additional monitoring and accountability of 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. ADDITIONAL MONITORING AND ACCOUNTABILITY FOR THE TROUBLED 
              ASSET RELIEF PROGRAM.

    Section 113 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5223) is amended by adding at the end the following new 
subsection:
    ``(e) Additional Monitoring and Accountability.--
            ``(1) In general.--The Secretary shall--
                    ``(A) provide to the Special Inspector General 
                appointed under section 121, the Comptroller General of 
                the United States, and the Congressional Oversight 
                Panel established under section 125 ongoing, 
                continuous, and close to real-time updates of the 
                status of the use of funds distributed under this 
                title, including with respect to procurement contracts, 
                through a standardized electronic database that 
                combines all of the necessary information from existing 
                public and private sources;
                    ``(B) compare the data in such database with any 
                other data that the Secretary chooses to review for any 
                activities that are inconsistent with the purposes of 
                this Act;
                    ``(C) collect from all Federal agencies any 
                regulatory filings, data generated by the use of 
                internal models, financial models, and analytics 
                associated with the financial assistance received under 
                this title on no less than a daily basis to help enable 
                the Secretary to determine the effectiveness of the 
                Troubled Asset Relief Program in stimulating prudent 
                lending and strengthening bank capital;
                    ``(D) if the Secretary determines that the goals of 
                this title are not being met, work with the Federal 
                agencies supplying the information to have them provide 
                the recipients with recommendations for better meeting 
                the goals of this title; and
                    ``(E) if the Secretary determines that the goals of 
                this title are not met following such recommendations, 
                adjust the future uses of assistance available under 
                this title.
            ``(2) Database as repository.--To the extent practicable, 
        all information that is required to be reported under this 
        title by institutions receiving financial assistance or 
        procurement contracts under this title shall be included by the 
        Secretary in the database established pursuant to paragraph 
        (1)(A).
            ``(3) Procedures and regulations.--The Secretary shall, in 
        consultation with the appropriate Federal banking agencies, 
        define and manage the procedures and regulations needed for 
        carrying out this subsection.''.

SEC. 2. EFFECTIVE DATE.

    The amendment made by section 1 shall take effect 60 days after the 
date of enactment of this Act.
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