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S 1723 111th Congress Senate Finance and Financial Sector Bank accounts, deposits, capital Business investment and capital Congressional oversight Corporate finance and management Financial crises and stabilization Financial services and investments House of Representatives Legislative rules and procedure Public-private cooperation Securities Senate

TARP Recipient Ownership Trust Act of 2009

Introduced: September 29, 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
Sep 29, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S9932-9933)
Sep 29, 2009
Introduced in Senate
 Plain-English summary Congressional Research Service

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

Prohibits any expenditure of TARP funds 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 and its assets by December 24, 2011, unless: (1) the trustees report to Congress that liquidation would not maximize profitability of the company and the return on investment to the taxpayer; and (2) Congress enacts into law a joint resolution disapproving the liquidation plan of the Secretary.

What's happening now September 29, 2009

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S9932-9933)

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 3 Republican 1