Text: H.R.1242 — 111th Congress (2009-2010)

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Referred in Senate (12/03/2009)


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[Congressional Bills 111th Congress]
[From the U.S. Government Printing Office]
[H.R. 1242 Referred in Senate (RFS)]

111th CONGRESS
  1st Session
                                H. R. 1242


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            December 3, 2009

                                Received

                           December 23, 2009

Read twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 AN ACT


 
 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 114 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5224) is amended by adding at the end the following new 
subsection:
    ``(c) Additional Monitoring and Accountability.--
            ``(1) Electronic database.--
                    ``(A) In general.--The Secretary shall establish an 
                electronic database to monitor the use of funds 
                distributed under this title.
                    ``(B) Sources of data.--The database established 
                under subparagraph (A) shall include data from the 
                following sources, to the extent such data is 
                available, usable, and relevant to determining the 
                effectiveness of the Troubled Asset Relief Program:
                            ``(i) Regulatory data from any government 
                        source.
                            ``(ii) Filing data from any government 
                        agency receiving regular and structured 
                        filings.
                            ``(iii) Public records.
                            ``(iv) News filings, press releases, and 
                        other forms of publicly available data.
                            ``(v) Data collected under subparagraph 
                        (C)(v).
                            ``(vi) All other information that is 
                        required to be reported under this title by 
                        institutions receiving financial assistance or 
                        procurement contracts under this title.
                    ``(C) Administration and use of database.--The 
                Secretary shall--
                            ``(i) ensure that the database uses 
                        accurate data structures and taxonomies to 
                        allow for easy cross-referencing, compiling, 
                        and reporting of numerous data elements;
                            ``(ii) ensure that the database provides 
                        for filtering of data content to allow users to 
                        screen for the events most relevant to 
                        identifying waste, fraud, and abuse, such as 
                        management changes and material corporate 
                        events;
                            ``(iii) ensure that the database provides 
                        geospatial analysis capabilities;
                            ``(iv) make the database available to the 
                        Comptroller General of the United States and to 
                        the Special Inspector General and the 
                        Congressional Oversight Panel established under 
                        sections 121 and 125, respectively, to provide 
                        them with access to current information on the 
                        status of the funds distributed under this 
                        title, including funds distributed through 
                        procurement contracts;
                            ``(v) collect from each Federal agency on 
                        at least a daily basis all data that is 
                        relevant to determining the effectiveness of 
                        the Troubled Asset Relief Program in 
                        stimulating prudent lending and strengthening 
                        bank capital, including regulatory filings and 
                        data generated by the use of internal models, 
                        financial models, and analytics; and
                            ``(vi) compare the data in the database 
                        with other appropriate data to identify 
                        activities inconsistent with the goals of this 
                        title.
            ``(2) Meeting tarp goals.--
                    ``(A) Determination by secretary; 
                recommendations.--If the Secretary determines that a 
                recipient's use of funds distributed under this title 
                is not meeting the goals of this title, the Secretary 
                shall, in coordination with the appropriate Federal 
                agencies, develop recommendations for better meeting 
                such goals, and such agencies shall provide such 
                recommendations to such recipient.
                    ``(B) Future uses of funds.--If the Secretary 
                determines that the use of funds described in 
                subparagraph (A) does not meet the goals of this title 
                within a reasonable time after the recommendations 
                communicated under such subparagraph, the Secretary 
                shall modify the permitted uses of funds distributed 
                under this title to avoid similar problems in the 
                future.
            ``(3) Public access to database.--The Secretary shall, 
        subject to paragraph (4), adopt rules and procedures for public 
        access to the database created by this subsection.
            ``(4) Prohibition against disclosure of certain 
        information.--
                    ``(A) Prohibition.--A person or entity shall not 
                disclose to the public information collected under this 
                subsection that is prohibited from disclosure by any 
                Federal or State law or regulation or by private 
                contract or that is considered to be proprietary.
                    ``(B) Protection of information.--The Secretary 
                shall implement reasonable measures to prevent the 
                disclosure of information in violation of subparagraph 
                (A).
                    ``(C) Criminal liability for disclosure.--A Federal 
                officer or employee, or a contractor of any Federal 
                agency or employee of such contractor, who 
                intentionally discloses to the public or intentionally 
                causes to be disclosed to the public information 
                prohibited from disclosure by subparagraph (A), knowing 
                that such information is prohibited from disclosure, 
                shall be fined under title 18, United States Code, or 
                imprisoned for not more than 1 year, or both.
            ``(5) Regulations and procedures.--The Secretary shall, in 
        consultation with the appropriate Federal agencies, promulgate 
        regulations and establish any other procedures necessary to 
        carry out this subsection.
            ``(6) Implementation deadlines.--
                    ``(A) Contract services.--Not later than 30 days 
                after the date of the enactment of this subsection, the 
                Secretary shall issue a request for proposal and award 
                contract services as required by this subsection.
                    ``(B) Operation of database.--The Secretary shall 
                ensure that the database described in paragraph (1)(A) 
                is operational not later than 180 days after the date 
                of the enactment of this subsection.''.

SEC. 2. REDUCING TARP FUNDS TO OFFSET COSTS OF PROGRAM CHANGES.

    Section 115(a)(3) of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5225(a)(3)) is amended by striking ``$700,000,000,000, 
as such amount is reduced by $1,259,000,000,, as such amount is reduced 
by $1,244,000,000, outstanding at any one time'' and inserting 
``$700,000,000,000, as such amount is reduced by $1,293,000,000, 
outstanding at any one time''.

            Passed the House of Representatives December 2, 2009.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.