An inspector general would have oversight of the new $30 billion Small Business Lending Fund if a bill with that proposal becomes law.
The Small Business Lending Fund Accountability Act of 2011, or H.R. 1387, would place the fund under the jurisdiction of the special inspector general for the Troubled Asset Relief Program Fund. The legislators that introduced the bill are concerned that banks that participated in TARP will use SBLF monies to refinance out of TARP rather than extend loans to small businesses.
Currently, numerous financial institutions that received TARP funds through the Capital Purchase Program and the Community Development Capital Initiative are eligible to exit TARP and its oversight by refinancing into the SBLF, according to Rep. Patrick McHenry (R-N.C.), who introduced the bill April 6. Under the proposed legislation, oversight reports would be required on a quarterly basis.
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