H.R. 7305 · 110th Congress
REAP 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
GohmertSponsorNo cosponsors.
Responsibly Ending Authority to Purchase Act of 2008 or the REAP Act of 2008 - Terminates the authority of the Secretary of the Treasury to establish the Troubled Asset Relief Program (TARP) under the Emergency Economic Stabilization Act of 2008 (EESA).
What it does: CRS summary · Introduced in House · Nov 20, 2008
Responsibly Ending Authority to Purchase Act of 2008 or the REAP Act of 2008 - Terminates the authority of the Secretary of the Treasury to establish the Troubled Asset Relief Program (TARP) under the Emergency Economic Stabilization Act of 2008 (EESA).
Amends the EESA to convert the program to guarantee troubled assets into a program to guarantee troubled mortgage-backed securities. Terminates such program on December 31, 2009.
Renames the Troubled Assets Insurance Financing Fund the Troubled Mortgage-Backed Securities Insurance Financing Fund.
Defines troubled mortgage-backed securities as a residential or commercial mortgage or any instrument originated or issued on or before March 14, 2008, that is based upon or related to such mortgage.
Amends the Internal Revenue Code to allow a deduction for between 85% and 100% of dividends received from controlled foreign corporations by certain corporations which are U.S. shareholders.
Requires such deduction to be invested in the United States pursuant to a specified domestic reinvestment plan, including as a source for the funding of worker hiring and training, infrastructure, research and development, capital investments, or the financial stabilization of the corporation for the purposes of job retention or creation. States that such reinvestment requirements shall be met if amounts repatriated are invested in distressed debt for at least one year.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Responsibly Ending Authority to Purchase Act of 2008
Latest action (Nov 20, 2008): Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Nov 20, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.