S. 18: Troubled Asset Relief Program Inspector General Improvement Act

110th Congress · introduced 2008-11-20 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S10744-10745)

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Where it came from: introduced 2008-11-20 · official record
Who proposed it: Sen. Snowe, Olympia J. [R-ME] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S10744-10745) Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Troubled Asset Relief Program Inspector General Improvement Act

Plain summary

Troubled Asset Relief Program Inspector General Improvement Act - Amends the Emergency Economic Stabilization Act of 2008 with respect to the Special Inspector General (SIG) for the Troubled Asset Relief Program (TARP). Makes the first $50 million available to the SIG within three days after his or her nomination is first confirmed by the Senate. Directs the Secretary of the Treasury to: (1) take action to address deficiencies identified by the SIG or another auditor engaged by the TARP; or (2) certify to appropriate congressional committees that no action is necessary or appropriate. Revises the duties of the SIG to conduct, supervise, and coordinate audits and investigations to: (1) eliminate the limitation of the object of investigations to the purchase, management, and sale of troubled assets by the Secretary and the Secretary's management of the program to guarantee such assets; and (2) extend the objects of investigation to any activities of the Secretary in the expenditure or obligation of funds under such Act. Requires the SIG to report to specified congressional committees by July 1, 2009, on the use of any funds received by an financial institution under TARP. Authorizes the SIG to exercise specified federal civil service employment authorities. Prohibits the SIG from making any appointment after one year following the date of the first confirmation of his or her nomination as SIG.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

Troubled Asset Relief Program Inspector General Improvement Act

Source: Congressional Research Service summary (Introduced in Senate)

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Officials and money

Sponsor: Sen. Snowe, Olympia J. [R-ME] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110s18.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/s>

Record fed-us-cong110-s18 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110