[Congressional Record Volume 157, Number 193 (Thursday, December 15, 2011)]
[Senate]
[Pages S8687-S8689]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         SUBMITTED RESOLUTIONS

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  SENATE RESOLUTION 348--EXPRESSING THE SENSE OF THE SENATE THAT THE 
     SECRETARY OF THE TREASURY SHOULD TAKE ACTIONS TO INCREASE THE 
  TRANSPARENCY AND ACCOUNTABILITY OF THE SMALL BUSINESS LENDING FUND 
                                PROGRAM

  Ms. SNOWE submitted the following resolution; which was referred to 
the Committee on Small Business and Entrepreneurship:

                              S. Res. 348

       Whereas the Government Accountability Office published a 
     report in December 2011 entitled ``Small Business Lending 
     Fund: Additional Actions Needed to Improve Transparency and 
     Accountability'' (GAO-12-183) (referred to in this preamble 
     as the ``GAO Report'');
       Whereas the GAO Report highlighted that ``Federal 
     government internal control standards state that management 
     should ensure that the agency has adequate means of 
     communicating with and obtaining information from external 
     stakeholders when such information could have a significant 
     impact on the agency's achieving its goals.'';
       Whereas the GAO Report found that the Secretary of the 
     Treasury's ``lack of clarity in explaining program 
     requirements and decisions created confusion among 
     applicants'';
       Whereas the GAO Report expressed the following: ``Internal 
     control standards for the federal government state that 
     internal control activities are a major part of efficiently 
     and effectively managing a program. Control activities, such 
     as (1) proper execution of transactions and events, (2) 
     accurate and timely recording of transactions and events, (3) 
     and establishing and reviewing performance measures, are an 
     integral part of an agency's planning, implementing, 
     reviewing, and accountability for stewardship of government 
     resources and achieving effective results. Establishing 
     performance measures and developing a process for monitoring 
     participating financial institutions will be critical to 
     identifying and addressing any potential problems in these 
     institutions' compliance with program requirements. Until 
     Treasury finalizes its plans for monitoring compliance and 
     assessing impact in a timely manner, it will not be 
     positioned to anticipate and manage payment problems and 
     other program risks.'';
       Whereas the GAO Report concluded that the Secretary of the 
     Treasury has not finalized plans for assessing the impact of 
     the Small Business Lending Fund Program on small business 
     lending or procedures for monitoring recipients for 
     compliance with requirements of the Small Business Lending 
     Fund Program; and
       Whereas the GAO Report concluded that, until the Secretary 
     of the Treasury finalizes plans for monitoring compliance 
     with and assessing the impact of the Small Business Lending 
     Fund Program in a timely manner, the Secretary will not be 
     positioned to anticipate and manage payment problems and 
     other program risks: Now, therefore, be it
       Resolved, That it is the sense of the Senate that, as 
     recommended by the Comptroller General of the United States 
     in the December 2011 report entitled ``Small Business Lending 
     Fund: Additional Actions Needed to Improve Transparency and 
     Accountability'' (GAO-12-183)--
       (1) to promote transparency and improve communication with 
     participants in the Small Business Lending Fund Program and 
     other interested stakeholders, such as Congress and the 
     appropriate Federal banking agencies (as defined in section 
     3(q) of the Federal Deposit Insurance Act (12 U.S.C. 
     1813(q)), the Secretary of the Treasury should apply lessons 
     learned from the application review phase of the Small 
     Business Lending Fund Program to help improve the 
     communication strategy of the Secretary; and
       (2) to enhance the transparency and accountability of the 
     Small Business Lending Fund Program, the Secretary of the 
     Treasury should finalize--
       (A) procedures for monitoring participants in the Small 
     Business Lending Fund Program, including procedures to ensure 
     that the Secretary is receiving accurate information on small 
     business lending by such participants; and
       (B) plans for assessing the performance of the Small 
     Business Lending Fund Program, including measures that can 
     isolate the impact of Small Business Lending Fund Program 
     from other factors that affect small business lending.

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