Sens. Move To Strengthen GAO's Bailout Oversight

Sens. Move To Strengthen GAO's Bailout Oversight - 1/29/2009 , Class Action News, Class Action, Securities News, shareholder class action, claim, litigation, securities action, common stock'>

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Sens. Move To Strengthen GAO's Bailout Oversight
Brendan Pierson

Securities Law 360. January 29, 2009
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EXCERPT: Sens. Max Baucus, D-Mont., and Chuck Grassley, R-Iowa, have introduced a bill that would require companies receiving federal bailout funds to give the U.S. Government Accountability Office access to their books and records. Baucus, chair of the Senate Finance Committee, and Grassley, ranking member of the committee, said that the Troubled Assets Relief Program Enhancement Act, introduced Wednesday, was necessary to ensure that companies receiving aid from the government rescue plan are accountable to taxpayers. Baucus and Grassley say that the bill would make it easier for the GAO to prepare reports on the progress of the bailout, which it is required to do every 60 days. “This is a common sense measure to establish accountability for the use of the public’s money,” Grassley said. “In the bill that established the $700 billion rescue operation, Congress said the GAO had to conduct a regular review of how things were going, but Congress didn’t make sure the GAO would have access to the kinds of information it needs to really assess how the money is being used and the effectiveness of how the money is distributed. This bill would close that gap and enable the GAO to conduct a more thorough review.” “The legislation we’re offering … — in addition to the special inspector general I created to oversee the TARP program — will help ensure the climate of transparency and accountability the American people deserve and expect,” Baucus said. “The number and variety of financial institutions receiving money from Treasury is extensive, and tracking the path of these dollars through these institutions is no small task. On behalf of the American people, GAO has a right and responsibility to access all information relating to these transactions.” The bill is not the first effort by lawmakers to bring more transparency and accountability to the $700 billion bailout.

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