H.R. 6570: To amend the American Recovery and Reinvestment Act of 2009 and the Emergency Economic Stabilization Act of 2008 to consolidate certain CBO reporting requirements

H.R. 6570

To amend the American Recovery and Reinvestment Act of 2009 and the Emergency Economic Stabilization Act of 2008 to consolidate certain CBO reporting requirements

Date
November 14, 2012 (112th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

On Wednesday, November 14, 2012, the House is scheduled to consider H.R. 6570, a bill to amend the American Recovery and Reinvestment Act of 2009 and the Emergency Economic Stabilization Act of 2008 to consolidate certain CBO reporting requirements, under a suspension of the rules requiring a two-thirds majority for approval. The bill was introduced on October 12, 2012, by Rep. Scott Garret (R-NJ) and referred to the Committee on Financial Services, which took no additional action.

Bill Summary

H.R. 6570 would amend current law regarding reporting requirements related to the American Recovery and Reinvestment Act of 2009 (the “stimulus”) and the Emergency Economic Stabilization Act of 2008 (TARP).

Stimulus Reporting: Under current law, the Congressional Budget Office (CBO) and the Government Accountability Office (GAO) are required to provide comments on quarterly stimulus reports submitted by federal agencies. H.R. 6570 would amend this condition by requiring CBO and GAO to provide comments on only the final quarterly report of a calendar year. Under the bill, the reporting requirement would sunset on January 1, 2016.

TARP Reporting: The bill would require the Office of Management and Budget (OMB) to report on the Troubled Asset Relief Program (TARP) annually, rather than twice a year as is required under current law. The OMB reporting requirement would sunset once all troubled assets have been sold or transferred out of the federal government's control.

Background

The American Recovery and Reinvestment Act of 2009 (H.R. 1 in the 111th Congress), also known as the “stimulus,” was signed into law on February 17, 2009, after being passed in the House without the support of any House Republicans. The bill provided $833 billion in so-called stimulus funding in a wide variety of forms throughout numerous federal agencies. According to CBO, more that 90 percent of the bill’s “budgetary impact was realized by the end of June 2012.”  

The Emergency Economic Stabilization Act of 2008 created the Troubled Asset Relief Program (TARP) and granted the Secretary of the Treasury authority to either purchase or insure up to $700 billion in troubled assets owned by financial institutions.

Cost

A CBO score of H.R. 6570 was not available as of press time.