Rep. Frank Introduces TARP Reform and Accountability Legislation

by Sabrina I. Pacifici on January 11, 2009

News release: “House Financial Services Committee Chairman Barney Frank (D-MA) introduced [on January 9, 2009] H.R. 384, the TARP Reform and Accountability Act of 2009, to amend the Troubled Assets Relief Program (TARP) provisions of the Emergency Economic Stabilization Act of 2008 (EESA). The legislation will strengthen accountability, close loopholes, increase transparency, and require Treasury to take significant steps on foreclosure mitigation.

  • Summary of TARP Reform and Accountability Act: This bill will amend the Troubled Assets Relief Program (TARP) provisions of the Emergency Economic Stabilization Act of 2008 (EESA) to strengthen accountability, close loopholes, increase transparency, and require Treasury to take significant steps on foreclosure mitigation. It further requires that Treasury act promptly to permit the smaller community financial institutions that have been shut out so far to participate on the same terms as the large institutions that have already received funds.”
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