I would like to know why this was not done when the money was given to them! They damn sure made the auto companies understand they were accountable.We should know where every penney has gone or is going.These companies have already shown that they CANNOT be trusted with their own money .Why should the American taxpayers expect them to treat our free ride any different. I guess they wanted to be on the honor system .They have proven that they have no honor.People are being thrown out into the streets because of them.Now I want to know when our so called representatives are going to go after the criminals that caused this whole thing ?

Accountability for Economic Rescue Assistance Act of 2008 (Introduced in Senate)
S 3698 IS

 

110th CONGRESS2d SessionTo 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, and for other purposes.

IN THE SENATE OF THE UNITED STATES 

November 19, 2008

Mrs. FEINSTEIN (for herself and Ms. SNOWE) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

 

To 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, and for other purposes.

 

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

 

SECTION 1. SHORT TITLE.

 

This Act may be cited as the `Accountability for Economic Rescue Assistance Act of 2008′.

 

SEC. 2. PROHIBITION ON USE OF CERTAIN FEDERAL FUNDS FOR LOBBYING AND POLITICAL CONTRIBUTIONS.

 

(a) Definitions- In this Act:

 

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  (1) EMERGENCY ECONOMIC ASSISTANCE- The term `emergency economic assistance’ means any funds made available to any recipient under title I of the Emergency Economic Stabilization Act of 2008 (Public Law 110-343) or section 13 of the Federal Reserve Act.

 

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  (2) LOBBYING EXPENDITURES- The term `lobbying expenditures’ has the meaning given under section 4911(c)(1) of the Internal Revenue Code of 1986.

 

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  (3) POLITICAL CONTRIBUTIONS- The term `political contributions’ means any contribution on behalf of a political candidate or to a separate segregated fund described in section 316(b)(2)(C) of the Federal Election Campaign Act of 1971 (2 U.S.C. 441b(b)(2)(C)).

 

(b) Prohibition on the Use of Emergency Economic Assistance- Any recipient of emergency economic assistance and any subsidiary thereof may not use such funds for lobbying expenditures or political contributions.

 

SEC. 3. GUIDELINES FOR THE USE OF FUNDS.

 

(a) Guidelines- Not later than 30 days after the date of enactment of this Act, the Secretary of the Treasury, in consultation with the Comptroller General and the Financial Stability Oversight Board, shall develop and publish corporate governance principles and ethical guidelines for recipients of emergency economic assistance including restrictions governing–

 

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  (1) the hosting, sponsorship, or payments for conferences and events;

 

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  (2) the use of corporate aircraft, travel accommodations, and travel expenditures;

 

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  (3) expenses relating to office or facility renovations or relocations; and

 

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  (4) expenses relating to entertainment, holiday parties, employee recognition events, or similar ancillary corporate expenses.

 

(b) Internal Reporting and Oversight- The Secretary of the Treasury shall publish suggested mechanisms for addressing non-compliance with the guidelines developed pursuant to subsection (a) through enhanced internal reporting and oversight requirements.

 

SEC. 4. REPORTING AND CERTIFICATION.

 

(a) Report- Each recipient of emergency economic assistance shall file with the Secretary of the Treasury on a quarterly basis–

 

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  (1) a detailed accounting of how emergency economic assistance is being used, including an explanation of how such funds have been allocated to stabilize financial markets and increase the availability of credit to consumers and businesses; and

 

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  (2) a certification that–

 

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  •  
    (A) no emergency economic assistance is being used for lobbying expenditures of political contributions in violation of section 2(b); and

 

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  •  
    (B) no emergency economic assistance is being used in violation of the guidelines issued by the Secretary of Treasury under section 3(a).

 

(b) Public Availability- Any report or certification filed under this section shall be made publically available by Secretary of the Treasury on-line, and at no cost.

 

SEC. 5. PENALTIES.(a) Use of Funds- Any person that violates section 2

(b) shall be subject to a civil fine of at least $100,000 per violation.

(b) Future Funding- Any person that fails to comply with section 2(b) or the guidelines implemented under section 3 shall not be eligible to receive any future emergency economic assistance unless the Secretary of the Treasury, in consultation with the Financial Stability Oversight Board, determines that reasonable steps have been taken to bring actions into compliance with and to prevent future violations of this Act.

 

(c) False Report- Any person that fails to file a report or certification required under section 4 shall be subject to a civil fine of at least $100,000.

 

SEC. 6. EFFECTIVE DATE AND APPLICATION.This Act shall take effect on the date of enactment of this Act and apply to any emergency economic assistance received before, on, or after that date.

A BILL