S. 133Senate111th Congress (2009-2011)In Committee

Troubled Asset Relief Program Transparency Reporting Act

Introduced January 6, 2009

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

January 6, 2009

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SenateIntro Referral

Introduced in Senate

January 6, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S114-115)

January 6, 2009

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

January 6, 2009

Floor Debate

22 members

What members said about S. 133 on the floor

9 Republicans13 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 6, 2009

Mr. President, I am pleased to join Senators Schumer, Snowe, and Boxer in introducing legislation to prohibit the selling and counterfeiting of tickets to the Presidential inaugural ceremony. The…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 6, 2009

Mr. President, today I introduce the Clinical Social Workers' Recognition Act to correct a continuing problem in the Federal Employees Compensation Act. This bill will also provide clinical social…

John McCain
Sen. John McCainR-AZ · Jan 6, 2009

Mr. President, I am pleased to be joined by Senator Ensign in introducing the Abolishing Aviation Barriers Act of 2009. This bill would remove the arbitrary restrictions that prevent Americans from…

Herb Kohl
Sen. Herb KohlD-WI · Jan 6, 2009

Mr. President, I rise today to introduce the Generics First Act. This legislation requires the Federal Government's Medicare Part D prescription drug program to use generic drugs whenever available,…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jan 6, 2009

Mr. Presdient, as we begin the 111th Congress, we will try, once again, to enact comprehensive immigration reforms that have eluded us in the past several years. With an administration that…

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John F. Kerry
Sen. John F. KerryD-MA · Jan 6, 2009

Mr. President, it is my great hope that Congress will move this year to see that the successful, bipartisan State Children's Health Insurance Program, SCHIP, is allowed the opportunity to fulfill its…

Arlen Specter
Sen. Arlen SpecterD-PA · Jan 15, 2009

Madam President, I have sought recognition to discuss the resolution of disapproval on the release of the final $350 billion of the economic rescue package. At the outset, I am dissatisfied with the…

Christopher J. Dodd
Sen. Christopher J. DoddD-CT · Jan 15, 2009

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Thank you, Madam President. In about an hour or so we will be voting on this matter. I know there are several…

Carl Levin
Sen. Carl LevinD-MI · Jan 15, 2009

Madam. President, we are in a crisis unparalleled since the Great Depression. We are on a deeply troubling path, marked by credit freezes, foreclosures, rising unemployment, and declining purchasing…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jan 6, 2009

Mr. President, I rise today to reintroduce a bill I offered last December that will provide much-needed relief to struggling families across America. The Unemployment Benefit Tax Suspension Act of…

Johnny Isakson
Sen. Johnny IsaksonR-GA · Jan 15, 2009

Madam President, to a certain extent I wish to follow up precisely on the remarks the Senator from Washington made at the end of her speech. I, too, have been disappointed with the deployment of the…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 6, 2009

Mr. President, I rise on behalf of myself and Senator Snowe to introduce legislation that will increase transparency, strengthen oversight, and require firms receiving financial lifelines from the…

John McCain
Sen. John McCainR-AZ · Jan 15, 2009

Madam President, I will support the resolution before us today and oppose releasing the remaining Troubled Asset Relief Plan, TARP, funds because I have seen no evidence that the additional and…

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Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Jan 6, 2009

Mr. President, I am honored to have the opportunity today, obviously early on this first day of this new session of Congress, together with my colleague from Utah, Senator Hatch, to introduce…

David Vitter
Sen. David VitterR-LA · Jan 15, 2009

Madam President, as the distinguished Senator from Illinois said, this election was supposed to be about change. Yet his speech is eerily reminiscent. It is exactly the same speech that was given on…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jan 6, 2009

Mr. President, as the 111th Congress begins, the most important item on our agenda is to help end the worst economic crisis America has faced since the Great Depression. I look forward to working…

Patty Murray
Sen. Patty MurrayD-WA · Jan 15, 2009

Madam President, next week, we will inaugurate a new Commander in Chief. It is a time of hope and opportunity for people across this country. While many Americans are hopeful today, too many of them…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jan 6, 2009

Mr. President, I would like to thank the senior Senator from Wisconsin for his hard work to address antitrust issues in the rail industry along with other industries as Chairman of the Antitrust,…

Sam Brownback
Sen. Sam BrownbackR-KS · Jan 15, 2009

Mr. President, I am rising to speak in favor of the disapproval resolution. I think we should disapprove the use of the TARP funds, and I will outline why to my colleagues and point out the reasons…

Harry Reid
Sen. Harry ReidD-NV · Jan 15, 2009

Madam President, it is in times of unusual strain and challenge that we are called upon to prove ourselves, as people, as Senators, as a country. With our economy struggling and the American people…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jan 6, 2009

Mr. President, as I did in the last Congress, I am cosponsoring the legislation introduced today by the Senator from Connecticut to provide a House seat for the District of Columbia and an additional…

Jim DeMint
Sen. Jim DeMintR-SC · Jan 15, 2009

Madam President, a number of us--many Americans--are disappointed that the first act of this new Congress and this new President will be to add $350 billion more borrowing on the backs of our…

Michael B. Enzi
Sen. Michael B. EnziR-WY · Jan 15, 2009

Madam President, for the past 2 weeks, I have been patiently waiting for what everyone in this chamber knew was inevitable. When the Senate passed the Emergency Economic Stabilization Act on October…

Richard C. Shelby
Sen. Richard C. ShelbyR-AL · Jan 15, 2009

Madam President, I rise to support the joint resolution of disapproval which would prevent, as you know, the allocation of another $350 billion to the Treasury's flawed Troubled Asset Relief Program.…

Bill Text

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Introduced in SenateIssued January 6, 2009

II

111th CONGRESS

1st Session

S. 133

IN THE SENATE OF THE UNITED STATES

January 6, 2009

Mrs. Feinstein (for herself, Ms. Snowe, Mr. Lieberman, Mrs. Boxer, Mr. Nelson of Florida, Mr. Kerry, and Mr. Specter) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

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.

1.

Short title

This Act may be cited as the Troubled Asset Relief Program Transparency Reporting Act.

2.

Prohibition on use of certain Federal funds for lobbying and political contributions

(a)

Definitions

In this Act, the following definitions shall apply:

(1)

Emergency economic assistance

The term emergency economic assistance means any funds made available to any recipient under title I of the Emergency Economic Stabilization Act of 2008 (Public Law 110–343) or section 13 of the Federal Reserve Act.

(2)

Lobbying expenditures

The term lobbying expenditures has the meaning given under section 4911(c)(1) of the Internal Revenue Code of 1986.

(3)

Political contributions

The term political contributions means any contribution on behalf of a political candidate or to a separate segregated fund described in section 316(b)(2)(C) of the Federal Election Campaign Act of 1971 (2 U.S.C. 441b(b)(2)(C)).

(b)

Prohibition on the use of emergency economic assistance

Any recipient of emergency economic assistance and any subsidiary thereof may not use such funds for lobbying expenditures or political contributions.

3.

Guidelines for the use of funds

(a)

Guidelines

Not later than 30 days after the date of enactment of this Act, the Secretary of the Treasury, in consultation with the Comptroller General and the Financial Stability Oversight Board, shall develop and publish corporate governance principles and ethical guidelines for recipients of emergency economic assistance including restrictions governing—

(1)

the hosting, sponsorship, or payments for conferences and events;

(2)

the use of corporate aircraft, travel accommodations, and travel expenditures;

(3)

expenses relating to office or facility renovations or relocations; and

(4)

expenses relating to entertainment, holiday parties, employee recognition events, or similar ancillary corporate expenses.

(b)

Internal reporting and oversight

The Secretary of the Treasury shall publish suggested mechanisms for addressing non-compliance with the guidelines developed pursuant to subsection (a) through enhanced internal reporting and oversight requirements.

4.

Reporting and certification

(a)

Report

Each recipient of emergency economic assistance shall file with the Secretary of the Treasury on a quarterly basis—

(1)

a detailed accounting of how emergency economic assistance is being used, including an explanation of how such funds have been allocated to stabilize financial markets and increase the availability of credit to consumers and businesses; and

(2)

a certification that—

(A)

no emergency economic assistance is being used for lobbying expenditures of political contributions in violation of section 2(b); and

(B)

no emergency economic assistance is being used in violation of the guidelines issued by the Secretary of Treasury under section 3(a).

(b)

Public availability

Any report or certification filed under this section shall be made publically available by Secretary of the Treasury on-line, and at no cost.

5.

Penalties

(a)

Use of funds

Any person that violates section 2(b) shall be subject to a civil fine of at least $100,000 per violation.

(b)

Future funding

Any person that fails to comply with section 2(b) or the guidelines implemented under section 3 shall not be eligible to receive any future emergency economic assistance unless the Secretary of the Treasury, in consultation with the Financial Stability Oversight Board, determines that reasonable steps have been taken to bring actions into compliance with and to prevent future violations of this Act.

(c)

False report

Any person that fails to file a report or certification required under section 4 shall be subject to a civil fine of at least $100,000.

6.

Effective date and application

This Act shall take effect on the date of enactment of this Act and apply to any emergency economic assistance received before, on, or after that date.