A bill to prohibit any recipient of emergency Federal economic assistance from using such funds for lobbying expenditures or political contributions, to improve transparency, enhance accountability, encourage responsible corporate governance, and for other purposes.
Troubled Asset Relief Program Transparency Reporting Act - Prohibits the use by a recipient or its subsidiary of Troubled Asset Relief Program (TARP) funds under the Emergency Economic Stabilization Act of 2008 for lobbying expenditures or political contributions.
Requires the Secretary of the Treasury, through enhanced internal reporting and oversight requirements, to develop and publish corporate governance principles and ethical guidelines for such recipients, including specified restrictions.
Sets forth recipient reporting and certifying requirements governing such TARP funds.
Requires the Secretary to make such reports and certifications publicly available online and free of charge.
Subjects persons to civil fines for violating such prohibition on the use of TARP funds or failing to file the required report or certification.
Bars recipients from future TARP funds for noncompliance with such guidelines unless the Secretary determines that reasonable steps have been taken to bring their actions into compliance with and to prevent future violations of this Act.
Referred to the House Committee on Financial Services.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S114-115)
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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