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H.R. 3594, The TARP Recipient Ownership Trust Act of 2009
- This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Version saved on November 24, 2009, 19:34:11, by webmaster:
H.R. 3594 would authorize the Secretary of the Treasury to delegate management authority over troubled assets purchased under the Troubled Asset Relief Program, to require the establishment of a trust to manage assets of certain designated TARP recipients.
Detailed Summary
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 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 approving continuation of the TARP management plan established under this Act.
Status of the Legislation
Latest Major Action: 9/17/2009: Referred to House committee. Status: Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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Visitor Comments
godlovesu2
(logged-in user) September 21, 2009, 5:01pm (report abuse)This is another of those under controle of Oboma. It is like having the fox watch the hen house!!!!
godlovesu2
(logged-in user) September 21, 2009, 5:11pm (report abuse)Will these appointees be comunist, muslem, Arab or What next?