H.R. 7226 · 110th Congress
Net Worth Certificate Program 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.
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ShadeggSponsor34 cosponsors · 34 R
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Akin
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Brady
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Biggert
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Gresham Barrett
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Blackburn
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Brown-Waite
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Bachmann
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Carter
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Deal
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Doolittle
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Drake
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Flake
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Feeney
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Fortenberry
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Foxx
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Garrett
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Gingrey
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Gohmert
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Hoekstra
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Johnson
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Kingston
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King
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Manzullo
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McCaul
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Pearce
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Rogers
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Roskam
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Sensenbrenner
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Sessions
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Sali
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Tiberi
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Weldon
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Westmoreland
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McCotter33 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Net Worth Certificate Program Act of 2008 - Directs the Chairman of the Federal Deposit Insurance Corporation (FDIC) to create a net worth certificate program that will settle the financial markets without significant expense to taxpayers.
What it does: CRS summary · Introduced in House · Sep 29, 2008
Net Worth Certificate Program Act of 2008 - Directs the Chairman of the Federal Deposit Insurance Corporation (FDIC) to create a net worth certificate program that will settle the financial markets without significant expense to taxpayers.
States that such program will be authorized to purchase net worth certificates by issuing FDIC senior notes to the banks in the form of subordinated debentures, or in any other form the Chairman determines meets program goals and requirements.
Requires the Chairman to certify that a bank eligible for the program is both: (1) in danger of failing; and (2) could be viable if given more time.
Requires the Chairman to issue new, strict supervision rules for banks that wish to enter the program, including oversight of top executive compensation and removal of poor management.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Net Worth Certificate Program Act of 2008
Latest action (Sep 29, 2008): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 29, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.