Mrs. MALONEY. Mr. Speaker, I yield myself such time as I may consume.
I rise in support of H.R. 6570, which will amend the reporting requirements in two laws: the American Recovery and Reinvestment Act of 2009, also known as the stimulus package, and the Emergency Economic Stabilization Act of 2008, which created TARP. I commend my colleague from the great State of New Jersey for bringing this bill to the floor.
In both laws, the Congressional Budget Office, the Government Accountability Office, and the Office of Management and Budget have certain reporting and comment requirements. The goal of the bill before us today is to streamline those requirements and make them workable for all of the agencies and for the American public while preserving access to the information. It will make these agencies more efficient in their oversight of both the stimulus and of the TARP programs.
First, the American Recovery and Reinvestment Act of 2009 requires recipients of grants made under the law to produce detailed quarterly reports on their use of the funds. These reports include the amount that was spent, the number of jobs that were created, and certain information about the subcontractors. The reports are publicly available, and the bill before us does not touch the reports themselves or the requirements that they are required to produce. However, CBO and GAO are also required under the law to comment each quarter on the content of the reports. This bill before us today simply says that they can provide those comments on an annual basis rather than quarterly. This will ease the burden on the CBO and GAO while maintaining their oversight responsibilities.
Second, in the law that created the TARP fund, OMB was required to report on a semiannual basis the estimated cost of TARP, the assumptions behind that estimate, and estimate how the costs have changed. The bill before us today would amend the law to allow OMB to submit these reports annually rather than semiannually. This again lessens the burden on OMB, especially 4 years after TARP was enacted and when a large majority of those funds have been paid back.
[Time: 12:40] Semiannual reports are simply no longer needed.
Finally, the bill before us includes a commonsense provision to sunset OMB's reporting requirement once all remaining troubled assets acquired under the TARP program are no longer owned or controlled by the Federal Government.
So I support this bill. I support this effort to lessen the burden on agencies that are stretched extremely thin and are already stretching every single dollar while ensuring that the public continues to have the valuable information the reports would provide and information that these agencies are providing.
I support the bill. I have no further requests for time, and I reserve the balance of my time.