House looks to ease reporting requirements for stimulus, TARP

Republicans late this week are expected to call up legislation that would ease current rules requiring frequent reports on how money is spent under the 2009 stimulus bill and the 2008 Troubled Asset Relief Program (TARP).

Members will consider H.R. 6570, from Rep. Scott Garrett (R-N.J.), as early as Wednesday. While both parties have raised complaints about the stimulus bill and TARP's efforts to re-capitalize banks, Garrett's office says frequent reporting under both programs is leading to time-consuming and yet duplicative reports that don't provide new information.

Today, quarterly reports are required from the Congressional Budget Office (CBO) and the Government Accountability Office on money spent under the stimulus, also known as the American Recovery and Reinvestment Act. But Garrett's bill would turn that into an annual reporting requirement.

CBO and the Office of Management and Budget are required to make semi-annual reports on TARP, but the bill would make those annual reports as well.

Garrett's bill is one of many suspension bills being taken up this week, all of which will require a two-thirds majority vote for passage.

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