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S 1198 111th Congress Senate Finance and Financial Sector Civil actions and liability Corporate finance and management Economic performance and conditions Motor vehicles Securities

Auto Stock for Every Taxpayer Act

Introduced: June 8, 2009 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
Jun 8, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jun 8, 2009
Introduced in Senate
 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.

What's happening now June 8, 2009

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

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Republican 3