TARP Accountability Act of 2008

TARP Accountability Act of 2008 - Amends the Federal Deposit Insurance Act (FDIA) to require inclusion within each report of condition filed by an insured depository institution which received assistance under the Troubled Assets Relief Program (TARP) the amount of any increase in new lending during the period covered by the report (or the amount of any reduction in any decrease in new lending) that is attributable to TARP assistance.

Requires, in the alternative, that if the institution cannot accurately quantify the effect such assistance has had on new lending, then it report the total amount of the increase in new lending, if any, during the covered period.

[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 7334 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7334

  To amend the Federal Deposit Insurance Act to require each insured 
depository institution which receives an investment or other assistance 
 under the Troubled Assets Relief Program to include in the quarterly 
     call report the amount of any increase in new lending that is 
 attributable to such investment or assistance, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 10, 2008

 Mr. LaTourette (for himself and Mr. Al Green of Texas) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Deposit Insurance Act to require each insured 
depository institution which receives an investment or other assistance 
 under the Troubled Assets Relief Program to include in the quarterly 
     call report the amount of any increase in new lending that is 
 attributable to such investment or assistance, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``TARP Accountability Act of 2008''.

SEC. 2. NEW LENDING THAT IS ATTRIBUTABLE TO TARP INVESTMENTS AND 
              ASSISTANCE.

    Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(a)) is amended by adding at the end the following new paragraph:
            ``(12) Lending increases attributable to investment or 
        other assistance under the troubled assets relief program.--
                    ``(A) In general.--Each report of condition filed 
                pursuant to this subsection by an insured depository 
                institution which received an investment or other 
                assistance under the Troubled Assets Relief Program 
                established by the Emergency Economic Stabilization Act 
                of 2008 or section 136(d) of the Energy Independence 
                and Security Act of 2007 shall report the amount of any 
                increase in new lending in the period covered by such 
                report (or the amount of any reduction in any decrease 
                in new lending) that is attributable to such investment 
                or assistance, to the extent possible.
                    ``(B) Alternative measure.--If an insured 
                depository institution that is subject to subparagraph 
                (A) cannot accurately quantify the effect that an 
                investment or other assistance under such Troubled 
                Assets Relief Program has had on new lending by the 
                institution, the insured depository institution shall 
                report the total amount of the increase in new lending, 
                if any, in the period covered by such report.''.
                                 <all>