To amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and accountability of the Troubled Asset Relief Program.
Latest action · Dec 23, 2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 2, 2009
- Passed HouseDec 2, 2009
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to: (1) establish an electronic database using data from specified sources to monitor the use of Troubled Asset Relief Program (TARP) funds by institutions receiving financial assistance or procurement contracts; and (2) make such database available to the Special Inspector General of TARP, the Comptroller General, and the Congressional Oversight Panel in order to provide them with access to current information on the status of funds distributed under TARP, including funds distributed through procurement contracts.
Requires the Secretary to: (1) collect from each federal agency any regulatory filings, internal models, financial models, and analytics associated with the financial assistance on at least a daily basis in order to determine the effectiveness of TARP in stimulating prudent lending and strengthening bank capital; and (2) compare the data in such database with any other data in order to identify activities inconsistent with TARP goals.
Requires the Secretary, if a recipient's use of TARP funds is not meeting TARP goals, to develop, in coordination with federal agencies, recommendations for better meeting such goals.
Directs the Secretary, furthermore, to modify permitted uses of TARP funds if such goals are not met within a reasonable time after the recommendations are communicated.
Directs the Secretary to: (1) adopt rules and procedures for public access to the electronic database created by this Act; and (2) implement measures to protect confidential or proprietary information. Subjects intentional disclosure of such information to criminal penalties.
Requires the Secretary to: (1) issue a request for proposal and award contract services to implement this Act within 30 days after enactment; and (2) ensure that the electronic database is operational within 180 days after the date of enactment of this Act.
Modifies the reduction of TARP funds to offset the costs of program changes.
Recorded votes 1
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 921 | On Motion to Suspend the Rules and Pass, as Amended | Passed421–0 | Dec 2, 2009 |
Cosponsors 42
Members who signed on, in the order they did. Signatures ran from Mar 2, 2009 to Nov 16, 2009; 8 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-VA | Bob Goodlatte | Original | Mar 2, 2009 |
| R-WI | F. James Sensenbrenner, Jr. | Original | Mar 2, 2009 |
| D-NY | Gregory W. Meeks | Original | Mar 2, 2009 |
| D-MA | James P. McGovern | Original | Mar 2, 2009 |
| D-MN | Keith Ellison | Original | Mar 2, 2009 |
| D-NY | Maurice D. Hinchey | Original | Mar 2, 2009 |
| R-NY | Peter T. King | Original | Mar 2, 2009 |
| R-NC | Walter B. Jones | Original | Mar 2, 2009 |
| R-OH | Michael R. Turner | Mar 10, 2009 | |
| D-NH | Paul W. Hodes | Mar 12, 2009 | |
| R-GA | Phil Gingrey | Mar 18, 2009 | |
| D-MO | Russ Carnahan | Mar 18, 2009 | |
| R-MO | Jo Ann Emerson | Mar 24, 2009 | |
| R-FL | Thomas J. Rooney | Mar 25, 2009 | |
| D-TX | Eddie Bernice Johnson | Mar 30, 2009 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 2, 2009 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Dec 24, 2009 |
Actions 12
Everything that happened, newest first.
- Dec 23, 2009Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Dec 3, 2009Received in the Senate.
- Dec 2, 2009Mrs. Maloney moved to suspend the rules and pass the bill, as amended.
- Dec 2, 2009Considered under suspension of the rules. (consideration: CR H13405-13408)
- Dec 2, 2009DEBATE - The House proceeded with forty minutes of debate on H.R. 1242.
- Dec 2, 2009At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
- Dec 2, 2009Considered as unfinished business. (consideration: CR H13426-13427)
- Dec 2, 2009Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 421 - 0 (Roll no. 921). (text: CR H13405-13406)
- Dec 2, 2009Motion to reconsider laid on the table Agreed to without objection.
- Dec 2, 2009The title of the measure was amended. Agreed to without objection.
- Mar 2, 2009Introduced in House
- Mar 2, 2009Referred to the House Committee on Financial Services.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H13405–H13408Text printed H13405Recorded votes H13426provideLists H13406Supporters of H.R. 1242, Dept. of the Treasury Troubled Asset Relief Program additional monitoring and accountability | Carolyn B. Maloney D-NY, James R. Langevin D-RI, John Campbell R-CA, Peter T. King R-NY, Sheila Jackson Lee D-TX | Dec 2, 2009 |
| Senate | Debate and remarks S7287 | — | Jul 9, 2009 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 4
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 111-766 | EQUIPPING FINANCIAL REGULATORS WITH THE TOOLS NECESSARY TO MONITOR SYSTEMIC RISK83 pages | Banking, Housing, and Urban Affairs Committee | Feb 12, 2010 |
| Serial No. 111-75 | UTILIZING TECHNOLOGY TO IMPROVE TARP AND FINANCIAL OVERSIGHT262 pages | Financial Services Committee | Sep 17, 2009 |
| 111-412 | TARP ACCOUNTABILITY AND OVERSIGHT: MEASURING THE STRENGTH OF FINANCIAL INSTITUTIONS40 pages | Joint Economic Committee | Jun 9, 2009 |
| 111-111 | TARP ACCOUNTABILITY AND OVERSIGHT: ACHIEVING TRANSPARENCY80 pages | Joint Economic Committee | Mar 11, 2009 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| 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. | Related bill | Apr 28, 2009 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and accountability of the Troubled Assets Relief Program.
- Official Titles as Amended by House
- To amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and accountability of the Troubled Asset Relief Program.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 3
Each version as it was printed, newest first.
- Dec 23, 2009Referred in Senate
- Dec 2, 2009Engrossed in House
- Mar 2, 2009Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
