The U.S. Treasury Department today published new rules in the Federal Register governing some meeting, event, incentive and travel expenses for companies that received Troubled Asset Relief Program funds.
The new guidelines, which today enter a 60-day comment period before finalization, focus on executive compensation and corporate governance, and would require TARP recipients “to eliminate excessive and luxury expenditures,” as defined by the Treasury Secretary. Those could include “entertainment or events, office and facility renovations, aviation or other transportation services, and other similar items, activities or events,” the rule states.
According the new guidelines, TARP-receiving companies will have to identify such expenses, establish policies, set approval processes, require “prompt internal reporting of violations” and “mandate accountability for adherence” to such policies.
Source:? (2009). U.S. Treasury Publishes TARP Travel Rules , BTOnline.com? http://www.btnonline.com/businesstravelnews/headlines/article_display.jsp?vnu_content_id=1003984365 published Jun 15, 2009. Viewed June 15, 2009,