Senators Mark Warner (D-VA), Mel Martinez (R-FL) and Sherrod Brown (D-OH) introduced the TARP Transparency Act today.
According to a press release, the bill would “increase transparency in the use of the $700 billion appropriated through the Troubled Asset Relief Program (TARP) to banks and other financial companies.”
The bill will:
- direct 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
- allow regulators and Congress to use a single database, in a standardized format, to provide a more complete picture of the actions of TARP fund recipients and contractors
- information could be collected and disseminated in near real-time, enhancing its value as a regulatory audit tool and also as a preventative oversight tool
These members have already tried to preempt an argument that could be made against the idea.
Neil Barofsky, the special government inspector general assigned to oversee TARP, submitted a 250-page report to Congress last week based on surveys of 364 banks that have received TARP funds. The inspector general noted nearly 100 percent of survey recipients responded, disproving claims that more comprehensive reporting by TARP recipients would be onerous and the information would be difficult to collect.
You can read the bill here.
Congress in Your Pocket
S E N A T U S 
I applaud this posting! But… However, I am VERY disappointed that you did not make hyperlinks of a number of the important “links” that are an inherent part of any such Internet posting!
Please look at Wikipedia for some excellent examples how it can be done. Then, don’t be content to just ape them. Do them at least one better, especially since you are often reporting on “current events.”
For example, most importantly: Neil Barofsky’s 250-page report to Congress. I ask you to immediately go back and edit postings to include that hyperlink; “we” should not have to search for it since I am certain that you can provide that hyperlink now, or if it does not yet exist you need to go that “Extra mile” to get it in advance, where it is going to exist.
But why stop there? Since I also greatly appreciate the included Warner’s proposed TARP Transparency Act, — which I read — I find three or more MAJOR opaqueness where transparency is MOST needed — but NOT INCLUDED — I, and perhaps others, ought to be able to click on Warner’s and the other sponserer’s hyperlinked names and send them emails.
Therefore I strongly recommend that the first time ALL future legislators are listed, that they are made into “mailTo:” hyperlinks. [Also, obviously, ALL future referenced documents should also be hyperlinked as well, when available!]
What, then, are those three or more opaquenesses that “Google Annalytics-like statistics, table, graphs and charts should be available for making transparent unconscionable opaqueness” — as if such “purchases” were made on Google, eBay or Amazon,…perhaps paid for through PayPal?….
[Come to think about it, why not?]
1) A transparent look into HOW the toxic Loans were created in the first place, (identifying examples of all the opportunities for illegalities).
2) Transparency into exactly from where/whom the NEW Treasury borrowings are coming to fund the TARP, e.g.
a} China now surpassing
b} Japan,
c} Russia and
d} the oil rich Islamic states directly and indirectly also funding Wahabbi jihad
(and other) borrowing,s, — information which I understand the Treasury has never compiled in the past:
a) country/geographic location,
b) organization/industry of purchasers.
3) The same or similar statistics on all past T-bill purchasers.
4) Google Earth/Maps Gapminder time-phased graphics
[If YOU don’t know Gapminder perhaps you will now understand exactly why these suggested hyperlinks are necessary.
Charles The Elder
Oracle/GoogleWebVisionCaster
Critical Issues Association
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