To enhance the oversight authority of the Comptroller General of the United States with respect to expenditures under the Troubled Asset Relief Program.

SA 1020. Mr. GRASSLEY (for himself, Mr. Baucus, and Ms. Snowe)
submitted an amendment intended to be proposed by him to the bill S.
896, to prevent mortgage foreclosures and enhance mortgage credit
availability; which was ordered to lie on the table; as follows:

At the end of the bill, add the following:

TITLE V--ENHANCED OVERSIGHT OF THE TROUBLED ASSET RELIEF PROGRAM

SEC. 501. ENHANCED OVERSIGHT OF THE TROUBLED ASSET RELIEF
PROGRAM.

Section 116 of the Emergency Economic Stabilization Act of
2008 (12 U.S.C. 5226) is amended--
(1) in subsection (a)(1)(A)--
(A) in clause (iii), by striking ``and'' at the end;
(B) in clause (iv), by striking the period at the end and
inserting ``; and''; and
(C) by adding at the end the following:
``(v) public accountability for the exercise of such
authority, including with respect to actions taken by those
entities participating in programs established under this
Act.''; and
(2) in subsection (a)(2)--
(A) by redesignating subparagraph (C) as subparagraph (E);
and
(B) by striking subparagraph (B) and inserting the
following:
``(B) Access to records.--
``(i) In general.--Notwithstanding any other provision of
law, and for purposes of reviewing the performance of the
TARP, the Comptroller General shall have access, upon
request, to any information, data, schedules, books,
accounts, financial records, reports, files, electronic
communications, or other papers, things, or property
belonging to or in use by the TARP, any entity established by
the Secretary under this Act, or any entity participating in
a program established under the authority of this Act, and to
the officers, employees, directors, independent public
accountants, financial advisors and any and all other agents
and representatives thereof, at such time as the Comptroller
General may request.
``(ii) Verification.--The Comptroller General shall be
afforded full facilities for verifying transactions with the
balances or securities held by, among others, depositories,
fiscal agents, and custodians.
``(iii) Copies.--The Comptroller General may make and
retain copies of such books, accounts, and other records as
the Comptroller General deems appropriate.
``(C) Agreement by entities.--Each contract, term sheet, or
other agreement between the Secretary or the TARP (or any
TARP vehicle, officer, director, employee, independent public
accountant, financial advisor, or other TARP agent or
representative) and an entity participating in a program
established under this Act shall provide for access by the
Comptroller General in accordance with this section.
``(D) Restriction on public disclosure.--
``(i) In general.--The Comptroller General may not publicly
disclose proprietary or trade secret information obtained
under this section.
``(ii) Exception for congressional committees.--This
subparagraph does not limit disclosures to congressional
committees or members thereof having jurisdiction over any
private or public entity participating in a program
established under this Act.
``(iii) Rule of construction.--Nothing in this section
shall be construed to alter or amend the prohibitions against
the disclosure of trade secrets or other information
prohibited by section 1905 of title 18, United States Code,
or other applicable provisions of law.''.
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