[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 928 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 928

 To enhance disclosures regarding the use of funds under the Troubled 
             Asset Relief Program, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 29, 2009

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

_______________________________________________________________________

                                 A BILL


 
 To enhance disclosures regarding the use of funds under the Troubled 
             Asset Relief Program, and for other purposes.

    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 Accountability Act of 2009''.

SEC. 2. ENHANCED REPORTING ON USE OF TARP FUNDS.

    Section 105 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5215(a)) is amended--
            (1) in subsection (a)--
                    (A) in paragraph (2), by striking ``and'' at the 
                end;
                    (B) in paragraph (3), by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following:
            ``(4) a detailed report on the use of capital investments 
        by each financial institution, including--
                    ``(A) a narrative response, in a form and on a date 
                to be established by the Secretary, specifically 
                outlining, with respect to the financial institution--
                            ``(i) the original intended use of the TARP 
                        funds;
                            ``(ii) whether the TARP funds are 
                        segregated from other institutional funds;
                            ``(iii) the actual use of the TARP funds to 
                        date;
                            ``(iv) the amount of TARP funds retained 
                        for the purpose of recapitalization; and
                            ``(v) the expected use of the remainder of 
                        the TARP funds;
                    ``(B) information compiled by the Secretary under 
                subsection (b); and
                    ``(C) a report, in a form and on a date to be 
                established by the Secretary, on the compliance by the 
                financial institution with the restrictions on 
                dividends, stock repurchases, and executive 
                compensation under the Security Purchase Agreement and 
                executive compensation guidelines of the Department of 
                Treasury.'';
            (2) by redesignating subsections (b) through (e) as 
        subsections (c) through (f), respectively; and
            (3) by inserting after subsection (a) the following:
    ``(b) Information Provided by Financial Institutions.--
            ``(1) In general.--For purposes of the report of the 
        Secretary required by subsection (a)(4), financial institutions 
        assisted under this title shall provide to the Secretary the 
        information required by paragraph (2), at such times and in 
        such manner as the Secretary shall establish.
            ``(2) Information required.--Information required by this 
        paragraph is--
                    ``(A) for those financial institutions receiving 
                $1,000,000,000 or more from the Capital Purchase 
                Program established by the Secretary (or any successor 
                thereto), a monthly lending and intermediation 
                snapshot, as of a date to be established by the 
                Secretary, which shall include--
                            ``(i) quantitative information, as well as 
                        commentary, to explain changes in lending 
                        levels for each category on consumer lending, 
                        including first mortgages, home equity lines of 
                        credit, open end credit plans (as that term is 
                        defined in section 103 of the Truth in Lending 
                        Act (15 U.S.C. 1602)), and other consumer 
                        lending;
                            ``(ii) quantitative information, as well as 
                        commentary, to explain changes in lending 
                        levels for each category on commercial lending, 
                        including commercial and industrial (C&I) 
                        lending and real estate;
                            ``(iii) quantitative information, as well 
                        as commentary, to explain changes in lending 
                        levels for each category on other lending 
                        activities, including mortgage-backed 
                        securities, asset-backed securities, and other 
                        secured lending; and
                            ``(iv) a narrative report of the 
                        intermediation activity during the reporting 
                        period, including a general commentary on the 
                        lending environment, loan demand, any changes 
                        in lending standards and terms, and any other 
                        intermediation activity; and
                    ``(B) for those financial institutions receiving 
                less than $1,000,000,000 from the Capital Purchase 
                Program established by the Secretary (or any successor 
                thereto), a lending and intermediation snapshot, as of 
                a date to be established by the Secretary, but not more 
                frequently than once every 90 days, including the 
                information described in clauses (i) through (iv) of 
                subparagraph (A).
            ``(3) Certification required.--The information submitted to 
        the Secretary under this subsection shall be signed by a duly 
        authorized senior executive officer of the financial 
        institution, including a statement certifying the accuracy of 
        all statements, representations, and supporting information 
        provided, and such certifications shall be included in the 
        reports submitted by the Secretary under subsection (a)(4).''.
                                 <all>