S. 3698 · 110th Congress
Accountability for Economic Rescue Assistance Act of 2008
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
FeinsteinSponsor6 cosponsors · 2 D, 3 R, 1 I
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Accountability for Economic Rescue Assistance Act of 2008 - Prohibits recipients of emergency economic assistance under the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008 or under the Federal Reserve Act, or any subsidiary, from using such funds for lobbying expenditures or political contributions.
What it does: CRS summary · Introduced in Senate · Nov 19, 2008
Accountability for Economic Rescue Assistance Act of 2008 - Prohibits recipients of emergency economic assistance under the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008 or under the Federal Reserve Act, or any subsidiary, from using such funds for lobbying expenditures or political contributions.
Requires the Secretary of the Treasury to develop and publish corporate governance principles and ethical guidelines for recipients of such funds, 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.
Requires recipients of such funds to file quarterly reports and certifications with the Secretary, which shall be made publicly available online, and at no cost.
Subjects violators of this Act to specified civil penalties.
Makes any person who violates this Act ineligible to receive any future emergency economic assistance unless the Secretary determines that reasonable steps have been taken to bring actions into compliance with and to prevent future violations of this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Accountability for Economic Rescue Assistance Act of 2008
Latest action (Nov 19, 2008): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Nov 19, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.