Title: Oversight of the Troubled Asset Relief Program
Vote Smart's Synopsis:
Vote to pass a bill that creates accountability measures for the Troubled Assets Relief Program (TARP) funding.
Increases reporting requirements and procedures for companies receiving TARP assistance in order to better determine how the funding was used (Secs. 101 & 103).
Restricts the structure and compensation of executive boards of companies using TARP assistance (Sec. 102).
Makes TARP funding available to small community financial institutions designated as S-corporations and C-corporations (Sec. 105).
Establishes the Office of Minority and Women Inclusion to ensure women and minorities are included in TARP companies (Sec. 107).
Provides at least $100 billion for foreclosure mitigation, unless the Secretary of the Treasure deems the need to be lower, in which case the amount needs to be at least $40 billion and reasons for a lower estimate must be reported to Congress (Sec. 201).
Recommends up to a 9 month moratorium on foreclosure proceedings and uses the HOPE for Homeowners Program to mitigate foreclosures on affordable housing (Secs. 207 & 208).
Extends and restructures bridge loan for automotive companies (Sec. 302).
Authorizes the Secretary of the Treasury to establish or support the availability of consumer loans, municipal securities, commercial real estate loans, small business loans, commercial loans, and automobile fleet purchase loans (Secs. 401 - 406).
Establishes low interest loans as a "home buyer stimulus program" through the HOPE for Homeowners Program (Sec. 601).
Increases the amount of money insured by the Federal Deposit Insurance Corporation (FDIC) from 100,000 to 250,000 (Sec. 701).