"We must use the technological tools that are available in this day and age that will provide a complete picture of how TARP funds are being used in near real time" - Rep. Carolyn Maloney (D-NY)
“The misuse of TARP funds was unacceptable and unfair to American taxpayers. This bill will add transparency so that TARP funds can be traced and banks can be held accountable.” - Rep. Peter King (R-NY)
“It is inconceivable to me that we are not using the most complete and sophisticated technology available to disclose this information. Greater TARP transparency will allow regulators to be more proactive in protecting the taxpayers’ investment, and it will help us spot potential waste, fraud and abuse.” – Sen. Mark R. Warner (D-VA)
“The data sources required to create transparency for the TARP initiative are presently housed in disparate agencies, systems, and formats. Our legislation directs the Treasury Department to collect all data in a readily usable fashion to make it transparent and traceable.” – Sen. Mel Martinez (R-FL)
“Given the tremendous investment made by taxpayers, it is critical that Wall Street banks use TARP funds to unfreeze credit markets so that Main Street businesses and families can get our economy back on track. This is about protecting taxpayers through aggressive collection and disclosure to Congress of TARP fund use.” – Sen. Sherrod Brown (D-OH)
H.R. 1242 requires the creation of a centralized, web-accessible public
database system in a consistent, standardized format within the Department
of Treasury, so that TARP funds will be easily visible and traceable. -
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S.910, the TARP Transparency Act, directs the U.S. Department of the Treasury
to more aggressively compile and disclose how TARP funds have been used
– information that currently is submitted in a variety of formats to several
federal agencies – for review by the TARP Inspector General, the Congressional
Oversight Panel and the public. -
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