S. 1280 · 111th Congress
TARP Recipient Ownership Trust Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CorkerSponsor5 cosponsors · 4 D, 1 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
TARP Recipient Ownership Trust Act of 2009 - Amends Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to delegate to a private entity management authority with respect to any entity assisted under the Act.
What it does: CRS summary · Introduced in Senate · Jun 17, 2009
TARP Recipient Ownership Trust Act of 2009 - Amends Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to delegate to a private entity management authority with respect to any entity assisted under the Act.
Prohibits any expenditure of funds under the Troubled Asset Relief Program (TARP) until the Secretary transfers all voting, nonvoting, and common equity in any designated TARP recipient to a limited liability company, to be held and managed in trust on behalf of U.S. taxpayers.
Requires the trustees to liquidate the trust, including the assets it holds, by December 24, 2011, unless the trustees report to Congress that liquidation would not maximize profitability of the company and the return on investment to the taxpayer.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: TARP Recipient Ownership Trust Act of 2009
Latest action (Jun 17, 2009): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6727-6728)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jun 17, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.