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S. 1198 111th Congress Senate

Auto Stock for Every Taxpayer Act

Official title: A bill to limit disbursement of additional funds under the Troubled Asset Relief Program to certain automobile manufacturers, to impose fiduciary duties on the… Show full official titleShow less

Official title: A bill to limit disbursement of additional funds under the Troubled Asset Relief Program to certain automobile manufacturers, to impose fiduciary duties on the Secretary of the Treasury with respect to shareholders of such automobile manufacturers, to require the issuance of shares of common stock to eligible taxpayers which represent the common stock holdings of the United States Government in such automobile manufacturers, and for other purposes.

Introduced: June 8, 2009 See on congress.gov
Finance and Financial Sector Civil actions and liabilityCorporate finance and managementEconomic performance and conditionsMotor vehiclesSecurities
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This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) 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
Jun 8, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jun 8, 2009
Introduced in Senate
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 Latest action June 8, 2009

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service

Auto Stock for Every Taxpayer Act - Prohibits the Secretary of the Treasury from expending or obligating any more Troubled Asset Relief Program (TARP) funds for automobile manufacturers that have been participating in the program and have filed for bankruptcy protection.

Imposes on the Secretary the fiduciary duty to maximize the return on the taxpayers' investment in such manufacturers under TARP.

Authorizes persons aggrieved by violations of such fiduciary duty to bring civil actions for equitable relief.

Requires the Secretary, after the emergence of such an automobile manufacturer from bankruptcy, to provide taxpayers with common stock certificates representing their shares in the aggregate common stock holdings of the federal government in such manufacturer.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 6
All 6 Republican 3
Burr, Richard
· Jun 11, 2009
 R
Cornyn, John
Texas · Jun 8, 2009
Isakson, Johnny
· Jun 8, 2009
 R
McConnell, Mitch
Kentucky · Jun 8, 2009
Vitter, David
· Jun 8, 2009
 R
Wicker, Roger F.
Mississippi · Jun 8, 2009
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1198: Auto Stock for Every Taxpayer Act. 111th Congress. Open America. https://openamerica.io/bill/111-S-1198/
MLA
"S. 1198: Auto Stock for Every Taxpayer Act." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-S-1198/.
Bluebook (legal)
S. 1198, 111th Cong. (2026), https://openamerica.io/bill/111-S-1198/.
Markdown link
[S. 1198: Auto Stock for Every Taxpayer Act](https://openamerica.io/bill/111-S-1198/)
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