S. 3698 would 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.

== Detailed Summary ==

<summary>
(Log in Accountability for Economic Rescue Assistance Act of 2008 - Prohibits recipients of emergency economic assistance under the Temporary Assistance 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 editdevelop and publish corporate governance principles and ethical guidelines for recipients of such funds, including restrictions governing: (1) the wikihosting, sponsorship, or payments for conferences and beevents; (2) the firstuse of corporate aircraft, travel accommodations, and travel expenditures; (3) expenses relating to provide a detailed summaryoffice 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 bill!)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.

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</summary>

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== Status of the Legislation ==

<status>
(Log inLatest Major Action: 11/19/2008: Referred to edit the wikiSenate committee. Status: Read twice and be the firstreferred to update the status of the bill!)Committee on Banking, Housing, and Urban Affairs.
</status>

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== Points in Favor ==

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== Points Against ==

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