S. 3698, The Accountability for Economic Rescue Assistance Act of 2008

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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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

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 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.

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Status of the Legislation

Latest Major Action: 11/19/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Points in Favor

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Points Against

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