The House Financial Services Committee approved a bill today to amend Section 121 of the Emergency Economic Stabilization Act of 2008 (EESA). The amendment to EESA would provide the special inspector general the authority to audit or investigate any action taken under the Troubled Asset Relief Program (TARP). The legislation was passed by the Senate on February 4, 2009 and submitted to the Committee on February 9. At Chairman Frank’s urging, the Committee voted down three proposed amendments in order to speed the process of enacting the legislation without necessarily resubmitting amended legislation to the Senate.
The legislation is still pending before the House Oversight and Government Reform Committee, which heard testimony yesterday from Neil Barofsky, Special Inspector General of TARP, who urged them to act swiftly on the bill.