TARP Data Disclosure Bill, H.R. 1242

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I introduced H.R. 1242 in March, 2009 because I had read report after report about questionable spending by financial institutions, who had been the recipients of taxpayer dollars through the TARP program, without being able to track those funds. The TARP Accountability and Disclosure Act will increase oversight and ensure transparency in the spending of the $700 billion Congress approved in the fall of 2008.

We can and must use the technological tolls that are available in this day and age that will provide a complete picture of how TARP funds are being spent in near real time. Currently, reported TARP data are buried in filings with over 25 different federal agencies. And, the data are encased in incompatible systems and formats.
H.R. 1242 requires that the Department of the Treasury create a centralized, web-accessible public database system, in a consistent, standardized format so that TARP funds will be easily visible and traceable. Treasury will be required to combine the reported government data with data that are collected by independent sources including corporate press releases, news articles, indexes, corporate profiles, and other non-government financial information. The compilation of government and third party data will create as complete a profile as possible of the institution’s financial application of TARP funds. It will also provide the ability to monitor inconsistencies and indicate the misuse of funds at both the corporate and individual officer level.

In short, H.R. 1242 will provide the kind of transparency for TARP funds that President Obama has promised to deliver throughout the government for the American people.