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S 1280 111th Congress Senate Finance and Financial Sector Corporate finance and management Financial crises and stabilization

TARP Recipient Ownership Trust Act of 2009

Introduced: June 17, 2009 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 17, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6727-6728)
Jun 17, 2009
Sponsor introductory remarks on measure. (CR S6727)
Jun 17, 2009
Introduced in Senate
 Plain-English summary Congressional Research Service

TARP Recipient Ownership Trust Act of 2009 - Amends Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to delegate to a private entity management authority with respect to any entity assisted under the Act.

Prohibits any expenditure of funds under the Troubled Asset Relief Program (TARP) until the Secretary transfers all voting, nonvoting, and common equity in any designated TARP recipient to a limited liability company, to be held and managed in trust on behalf of U.S. taxpayers.

Requires the trustees to liquidate the trust, including the assets it holds, by December 24, 2011, unless the trustees report to Congress that liquidation would not maximize profitability of the company and the return on investment to the taxpayer.

What's happening now June 17, 2009

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6727-6728)

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3