Bill Analysis - GOP.gov http://www.gop.gov/ Bill Analysis from Republicans in Congress en-US Friday, February 10, 2012 Friday, February 10, 2012 H.R. 1242: To Amend the Emergency Economic Stabilization Act of 2008 to Provide for Additional Monitoring committee on financial services http://www.gop.gov/bill/111/1/hr1242 Rep. Maloney, Carolyn B.

H.R. 1242 amends section 113 of the Emergency Economic Stabilization Act (EESA) of 2008 (Public Law 110-343) 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 funds distributed under EESA through a standardized electronic database that combines information from public and private sources to track the status of the funds distributed under EESA.

The legislation requires the Secretary 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, 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. H.R 1242 also 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. Lastly, the bill requires the Secretary to adjust the future uses of TARP assistance if such goals are not met even following such recommendations.

]]> H.R. 1242: To Amend the Emergency Economic Stabilization Act of 2008 to Provide for Additional Monitoring committee on financial services http://www.gop.gov/bill/111/1/hr1242 Rep. Maloney, Carolyn B. | Committee on Financial Services

H.R. 1242 amends section 113 of the Emergency Economic Stabilization Act (EESA) of 2008 (Public Law 110-343) 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 funds distributed under EESA through a standardized electronic database that combines information from public and private sources to track the status of the funds distributed under EESA.

The legislation requires the Secretary 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, 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. H.R 1242 also 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. Lastly, the bill requires the Secretary to adjust the future uses of TARP assistance if such goals are not met even following such recommendations.

 

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