H.R. 7240 · 110th Congress
No BAILOUTS 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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DeFazioSponsor12 cosponsors · 10 D, 2 R
D
Abercrombie
JC
D
Conyers
EC
D
Cummings
BD
D
Delahunt
DE
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Edwards
KH
R
Hulshof
MH
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Hirono
WJ
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Jones
HJ
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Johnson
MK
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Kaptur
BS
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Scott
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Sutton12 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Bringing Accounting, Increased Liquidity, Oversight and Upholding Taxpayer Security Act of 2008 or the No BAILOUTS Act of 2008 - Directs the Securities and Exchange Commission (SEC) to report to Congress on the effect of its clarification on fair value accounting issued September 30, 2008.
What it does: CRS summary · Introduced in House · Oct 2, 2008
Bringing Accounting, Increased Liquidity, Oversight and Upholding Taxpayer Security Act of 2008 or the No BAILOUTS Act of 2008 - Directs the Securities and Exchange Commission (SEC) to report to Congress on the effect of its clarification on fair value accounting issued September 30, 2008.
States that the order of the SEC issued September 17, 2008, continues in effect until: (1) canceled or withdrawn by the SEC; or (2) repealed by an Act of Congress.
Directs the SEC to: (1) reinstate rule 10a-1 (uptick rule on short sales of securities); (2) rescind rule 201 of regulation SHO; and (3) reinstate the price test restrictions that applied to short sales of securities before its action in the proceeding entitled "Regulation SHO and Rule 10a-1," adopted June 28, 2007.
Requires the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) to establish a net worth certificate program to provide capital to assist insured depository institutions to resolve solvency problems.
Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to increase from $100,000 to $250,000 the standard maximum deposit and share insurance amount.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: No BAILOUTS Act of 2008
Also known as: Bringing Accounting, Increased Liquidity, Oversight and Upholding Taxpayer Security Act of 2008
Latest action (Oct 2, 2008): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Oct 2, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.