S. 195 · 111th Congress
Taxpayer Protection Act
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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.
D
DorganSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Taxpayer Protection Act - Makes a federal financial entity (the Secretary of the Treasury, members of the Financial Institutions Examination Council, and the Federal Housing Finance Agency) that provides emergency economic assistance to any private entity subject to oversight, reporting, accountability, and transparency provisions of the Emergency Economic…
What it does: CRS summary · Introduced in Senate · Jan 9, 2009
Taxpayer Protection Act - Makes a federal financial entity (the Secretary of the Treasury, members of the Financial Institutions Examination Council, and the Federal Housing Finance Agency) that provides emergency economic assistance to any private entity subject to oversight, reporting, accountability, and transparency provisions of the Emergency Economic Stabilization Act of 2008. Requires monthly reports to Congress on the recipients of such assistance and the collateral provided.
Requires the intended recipient of such assistance, before receiving funds, to agree in writing to specified conditions regarding: (1) monthly reports to Congress; (2) access by the financial entity to relevant personnel and data; (3) limits on executive compensation; (4) prohibitions on bonuses to the recipient's 25 most highly compensated employees; (5) prohibitions on the use of assistance for entertainment and lobbying expenditures; and (6) the sale or divestiture of passenger aircraft. Considers any violation of such agreement as a default on the recipient's obligation.
Directs the Attorney General to establish a Taxpayer Protection Prosecution Task Force to: (1) investigate and prosecute financial fraud that contributed to the collapse of our financial markets; (2) seek to recover any ill-gotten gains; and (3) make recommendations about extending the statute of limitation for complex financial fraud.
Establishes the Financial Market Investigation and Reform Commission to: (1) report on the causes of the collapse of the nation's financial system and credit crisis; (2) report on the extent to which federal entities had information on risky or reckless financial practices that posed a threat to the financial system's well-being; (3) build on any investigations by congressional committees and federal banking agencies to avoid duplication of effort; and (4) report to the President and Congress with recommendations to prevent a similar crisis in the future.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Taxpayer Protection Act
Latest action (Jan 9, 2009): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jan 9, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.