HR 7226 110th Congress House Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Corporate finance and management Federal Deposit Insurance Corporation (FDIC) Financial crises and stabilization Government lending and loan guarantees Securities Wages and earnings

Net Worth Certificate Program Act of 2008

Introduced: September 29, 2008 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 29, 2008

Referred to the House Committee on Financial Services.

Sep 29, 2008

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now September 29, 2008

Referred to the House Committee on Financial Services.

Committees of jurisdiction 1