Senator Warner introduced bipartisan legislation today that directs the Department of Treasury to more aggressively compile and disclose how the $700 billion in Troubled Asset Relief Program (TARP) funds have been used.

The TARP Transparency Act -- which is cosponsored by Senator Mel Martinez and Senator Sherrod Brown --  will take information that is already submitted in a variety of formats to several agencies and compile it into a single database with a standardized format. That will provide a more complete picture of where the money has gone. 

The database will be available online for review by the TARP Inspector General, the Congressional Oversight Panel, and the public.  

Senator Warner said today: 

"Our legislation creates a database and auditing system that will collect and disclose this information in a consistent and standardized format. It is inconceivable to me that we are not using the most complete and sophisticated technology available to disclose this information. Greater TARP transparency will allow regulators to be more proactive in protecting the taxpayers’ investment, and it will help us spot potential waste, fraud and abuse. I also believe the release of more information will begin to restore taxpayer’s confidence in how these $700 billion in TARP funds have been used."

Click here to read the press release, which includes quotes from Senators Martinez and Brown.  You can read the legislation below: