Before things get really out of hand, Congress is considering putting together a database to keep tabs on the $700 billion or so that has headed out the door. With millions going to make sure the stimulus website, recovery.gov, shows you the precise location of each new congratulatory sign, some lawmakers believe it might be time to do a little IT work for the TARP.
U.S. Rep. Carolyn Maloney (D-N.Y.) , who introduced the legislation (HR 1242), has not offered a cost estimate but is adamant about the need to track the funds. Maloney said she wants a technology that's capable of monitoring spending in near real time.
At a House Committee on Financial Services subcommittee hearing today, Maloney said the TARP data isn't usable. "You have to go to 25 different agencies to put it together," she told the committee
But stimulus is stimulus, TARP is TARP, and seemingly based on educated guesses, TARP's checking account balance is getting pretty low these days. So between part of the auto bailout money likely not coming back and needing new TARP funds to accurately track the existing ones, the second coming of TARP already has a lot of work to do.