S.910 - A bill to amend the Emergency Economic Stabilization Act of 2008, to provide for additional monitoring and accountability of the Troubled Asset Relief Program.111th Congress (2009-2010)
Summary: S.910 — 111th Congress (2009-2010)
Introduced in Senate (04/28/2009)
Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to provide to the Special Inspector General of the Troubled Asset Relief Program (TARP), the Comptroller General, and the Congressional Oversight Panel ongoing, continuous, and close to real-time updates of the status of the use of funds distributed under EESA, including with respect to procurement contracts, through a standardized electronic database that combines all of the necessary information from existing public and private sources to track the status of the funds distributed under the Act.
Requires the Secretary also to: (1) compare the data in such database with any other data for any activities that are inconsistent with EESA purposes; and (2) 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 on at least a daily basis in order to help the Secretary to determine the effectiveness of TARP in stimulating prudent lending and strengthening bank capital.
Directs the Secretary, if TARP goals are not being met, to work with the federal agencies supplying the information to have them provide the recipients with recommendations for better meeting such goals. Requires the Secretary, furthermore, to adjust the future uses of TARP assistance if such goals are not met even following such recommendations.