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HR 7240 110th Congress House Finance and Financial Sector Accounting and auditing Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Financial crises and stabilization Financial services and investments Government lending and loan guarantees Securities Securities and Exchange Commission (SEC)

No BAILOUTS Act of 2008

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States that the order of the SEC issued September 17, 2008, continues in effect until: (1) canceled or withdrawn by the SEC; or (2) repealed by an Act of Congress.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

What's happening now October 2, 2008

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 4