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HR 7240 110th Congress House

No BAILOUTS Act of 2008

Official title: To direct the Securities and Exchange Commission to issue rules regarding short selling of securities, to establish a net worth certificate program in the Fede… Show full official titleShow less

Official title: To direct the Securities and Exchange Commission to issue rules regarding short selling of securities, to establish a net worth certificate program in the Federal Deposit Insurance Corporation, increase the maximum amount of depository insurance, and for other purposes.

Introduced: October 2, 2008 See on congress.gov
Finance and Financial Sector Accounting and auditingAdministrative law and regulatory proceduresBank accounts, deposits, capitalBanking and financial institutions regulation
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Financial crises and stabilizationFinancial services and investmentsGovernment lending and loan guaranteesSecuritiesSecurities and Exchange Commission (SEC)
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 2, 2008
Referred to the House Committee on Financial Services.
Oct 2, 2008
Introduced in House
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 Latest action October 2, 2008

Referred to the House Committee on Financial Services.

 Plain-English summary Congressional Research Service

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States that the order of the SEC issued September 17, 2008, continues in effect until: (1) canceled or withdrawn by the SEC; or (2) repealed by an Act of Congress.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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 4
D
Hirono, Mazie K.
Hawaii · Oct 2, 2008
 D
Johnson, Henry C. "Hank"
Georgia · Oct 2, 2008
 D
Kaptur, Marcy
Ohio · Oct 2, 2008
 D
Scott, Robert C. "Bobby"
Virginia · Oct 2, 2008
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 7240: No BAILOUTS Act of 2008. 110th Congress. Open America. https://openamerica.io/bill/110-HR-7240/
MLA
"H.R. 7240: No BAILOUTS Act of 2008." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-HR-7240/.
Bluebook (legal)
H.R. 7240, 110th Cong. (2026), https://openamerica.io/bill/110-HR-7240/.
Markdown link
[H.R. 7240: No BAILOUTS Act of 2008](https://openamerica.io/bill/110-HR-7240/)
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