Rep. Maloney Introduces TARP Transparency Reporting Act
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) has introduced H.R. 1095, the "TARP Transparency Reporting Act," which would strengthen oversight over the $700 billion being spent under the Troubled Asset Relief Program passed by Congress last fall.
The bill would:
- Prohibit firms receiving economic assistance from Treasury or emergency loans from the Federal Reserve from using such funds for lobbying expenditures or political contributions;
- Require that firms receiving assistance provide detailed, publicly available quarterly reports to Treasury outlining how federal funds have been used;
- Establish corporate governance standards to ensure that firms receiving federal assistance do not waste money on unnecessary expenditures; and,
- Create penalties of at least $100,000 per violation for firms that fail to meet the corporate governance standards established in the bill.
“As U.S. taxpayers have put an ever increasing amount on the line to backstop struggling financial institutions, Congress must ensure that those funds are spent wisely,” Rep. Maloney said. “This legislation provides a solution to help assure confidence in economic stabilization efforts. I’m proud to join with Sen. Feinstein in sponsoring this important legislation.”
H.R.1095 is the House companion to S. 133, introduced by Sen. Dianne Feinstein (D-CA).