HR 1242 111th Congress House Finance and Financial Sector Accounting and auditing Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Financial crises and stabilization Government information and archives Government studies and investigations

To amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and accountability of the Troubled Asset Relief Program.

Introduced: March 2, 2009 See on congress.gov

Everywhere this bill has been 13 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 23, 2009

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

Dec 3, 2009

Received in the Senate.

Dec 2, 2009

The title of the measure was amended. Agreed to without objection.

Dec 2, 2009

Motion to reconsider laid on the table Agreed to without objection.

Dec 2, 2009

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, 2009

Passed/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, 2009

Considered as unfinished business. (consideration: CR H13426-13427)

Dec 2, 2009

At 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, 2009

DEBATE - The House proceeded with forty minutes of debate on H.R. 1242.

Dec 2, 2009

Considered under suspension of the rules. (consideration: CR H13405-13408)

Dec 2, 2009

Mrs. Maloney moved to suspend the rules and pass the bill, as amended.

Mar 2, 2009

Referred to the House Committee on Financial Services.

Mar 2, 2009

Introduced in House

Votes taken on this bill 1

Date	Chamber	What was voted on	Result	Yes–No
Dec 2, 2009	House · vote #921	On Motion to Suspend the Rules and Pass, as Amended	Passed	421–0	See who voted →

Plain-English summary Congressional Research Service

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.

What's happening now December 23, 2009

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

Committees of jurisdiction 2