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House Acts To Tighten Oversight Of TARP Funds

Law360 (March 26, 2009, 12:00 AM EDT) -- The U.S. House of Representatives is calling for greater accountability from companies receiving the $700 billion in capital investments slated for the Troubled Assets Relief Program, with two new measures aimed at increasing oversight of executive compensation and other TARP uses.

The House Financial Services Committee approved legislation Thursday to prohibit excessive compensation or nonperformance-related bonuses paid by companies receiving TARP funds or capital investment authorized by the Housing and Economic Recovery Act — which covers Fannie Mae and Freddie Mac — regardless of pre-existing contracts....
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