One year after the Wall Street meltdown, Congress is considering a bill that would build a massive database to track bailout funds.
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If the bill to create a centralized database makes it through Congress, President Obama may have no reason to reject it. The White House has been pushing for open government data and has built new services, such as Data.gov and Recovery.gov, which tracks stimulus spending.
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.
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