H.R. 6987 · 110th Congress
Taxpayer Bailout Protection Act of 2008
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
FeeneySponsor4 cosponsors · 4 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Taxpayer Bailout Protection Act of 2008 - Amends the Sarbanes-Oxley Act of 2002 to require an officer of an issuer of registered securities to pay to the Department of the Treasury any bonus or other incentive-based or equity-based compensation received from the issuer during a year in which the issuer is subject to a taxpayer bailout and the two prior…
What it does: CRS summary · Introduced in House · Sep 22, 2008
Taxpayer Bailout Protection Act of 2008 - Amends the Sarbanes-Oxley Act of 2002 to require an officer of an issuer of registered securities to pay to the Department of the Treasury any bonus or other incentive-based or equity-based compensation received from the issuer during a year in which the issuer is subject to a taxpayer bailout and the two prior years.
Defines "taxpayer bailout" as: (1) placement of the issuer under conservatorship, receivership, or other assumption of the management, governance, and control of the issuer by the Treasury or by the Board of Governors of the Federal Reserve; or (2) an emergency loan of public funds made to the issuer by the Treasury or the Board, if the Board Chairman determines that such a loan is necessary to prevent the issuer's imminent failure.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Taxpayer Bailout Protection Act of 2008
Latest action (Sep 22, 2008): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 22, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.