Virginia’s Sen. Mark Warner introduced legislation yesterday that would require that the Department of Treasury be more aggressively transparent about how the $700 billion in TARP funds have been used.
The TARP Transparency Act — which is cosponsored by Senator Mel Martinez and Senator Sherrod Brown – will take information that is already submitted in a variety of formats to several agencies and compile it into a single database with a standardized format. That will provide a more complete picture of where the money has gone.
The database will be available online for review by the TARP Inspector General, the Congressional Oversight Panel, and the public.
For the press release, go here.
Does anyone know how the current TARP oversight is working? I remember reading some positive things about it.
On another transparency front, my colleague Eileen Norcross and I have an op-ed in today’s Wall Street Journal about holding Obama to his promise of stimulus spending transparency. Dream on.