United States 111th Congress Status: Died

HR 384 — TARP Reform and Accountability Act of 2009

Last action — Received in the Senate and Read twice and referred to the Committee on Finance.

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  3. Died in session

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Summary

TARP Reform and Accountability Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to require specified depository institutions under the Troubled Asset Relief Program (TARP) to report periodically on their use of TARP assistance.Requires the Secretary to incorporate within the TARP assistance agreement how the funds are to be used and the benchmarks an institution must meet in using such funds.Requires federal banking regulatory agencies to examine annually the use of TARP funds made by the deposit institutions.Prohibits the use of TARP funds by a TARP-assisted institution for mergers or acquisitions unless such a transaction: (1) will reduce risk to the taxpayer; or (2) could have been consummated without such funds. Sets forth executive compensation and corporate governance requirements.Amends the Federal Deposit Insurance Act (FDIA) to require that reports of condition submitted by federally-assisted deposit institutions include the amount of any increase or decrease in new lending attributable to TARP investment or assistance.Amends the Act to condition TARP assistance to a depository institution upon its issuance to the Secretary of common stock warrants.Instructs the Secretary to make TARP available funds to smaller community financial institutions.Increases the size of the Financial Stability Oversight Board and authorizes it to overturn by a 2/3 vote any policy determination made by the Secretary.Conditions TARP assistance upon development of a Board-approved foreclosure mitigation and implementation plan.Cites circumstances in which a servicer shall not be: (1) liable for entering into a loan modification or workout plan with respect to any mortgage that meets specified criteria; (2) limited in the ability to modify mortgages, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or (3) obligated to repurchase loans or otherwise make payments to the securitization vehicle on account of a modification, workout, or other loss mitigation plan for residential mortgages that constitute a part or all of the mortgages in the securitization vehicle.Directs the President to designate officers from the Executive Branch (President's designees) to implement specified purposes, including the restructuring necessary to achieve the long-term financial viability of domestic automobile manufacturers.Requires the President's designees to: (1) authorize and direct the disbursement of bridge loans to, or to enter into commitments for lines of credit for, each automobile manufacturer that submitted a loan request and a plan to Congress on December 2, 2008; and (2) determine measures to assess the progress of each eligible automobile manufacturer toward transforming such plan into a restructuring plan.Conditions such bridge loans upon an eligible automobile manufacturer's issuance of common stock warrants to the President's designee.Subjects bridge loan recipients to specified standards for executive compensation and corporate governance.Grants the Comptroller General oversight authority over the President's designee.Makes it the duty of the Special Inspector General to audit and investigate the President's designee.Requires the President's designee to report to Congress within five days of making any such bridge loan.Authorizes the Secretary to establish or support: (1) facilities for the availability of consumer loans, including vehicle and student loans; (2) state and local governments, and other issuers of municipal securities, experiencing difficulty accessing financing in the capital markets (including direct purchases and credit enhancement); and (3) facilities to support the availability of commercial real estate loans, including asset-backed securities.Amends the National Housing Act to revise the HOPE for Homeowners Program to: (1) revise requirements governing insured mortgages and premium payments; (2) authorize the Program's Board of Directors to establish a payment to the servicer of the existing senior mortgage for every loan insured under the Program; and (3) instruct the Secretary to fund increased credit subsidy costs.Instructs the Secretary to implement a program to stimulate demand for home purchases and to reduce unsold inventories of residential properties, ensuring the availability of affordable interest rates on mortgages made for the purchase of one- to four-family residential properties.Amends the FDIA and the Federal Credit Union Act to make permanent the increase in the standard maximum deposit insurance amount from $100,000 to $250,000.Revises requirements for systemic risk special assessments (to recover any loss to the Deposit Insurance Fund arising from actions taken or assistance provided with respect to an insured depository institution) to include assessments on depository institution holding companies.

Bill Text

What changed in the latest version

7 added · 3 removed

Plain-language change summary

The amendment adds the phrases "IN THE SENATE OF THE UNITED STATES" and "received; read twice and referred to the Committee on Finance," which clarifies the bill's legislative process and current status in the Senate. This change matters because it formally indicates that the bill has moved from the House of Representatives to the Senate, marking its progression in the legislative process.

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384 Engrossed in House (EH)] 111th CONGRESS 1st Session H.
384 Referred in Senate (RFS)] 111th CONGRESS 1st Session H.
384 _______________________________________________________________________ AN ACT To reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.
384 _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES January 22, 2009 Received;
read twice and referred to the Committee on Finance _______________________________________________________________________ AN ACT To reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.
(d) Adjustments and Recommendations.-- If the Secretary of the Treasury determines that-- (1) the goals of the program established under title I of the Emergency Economic Stabilization Act of 2008 are not being met, the Secretary shall work with the Federal agencies supplying the information under subsection (b) to encourage such agencies to provide the recipients of assistance under such title with recommendations for better meeting the goals of the program;
(d) Adjustments and Recommendations.--If the Secretary of the Treasury determines that-- (1) the goals of the program established under title I of the Emergency Economic Stabilization Act of 2008 are not being met, the Secretary shall work with the Federal agencies supplying the information under subsection (b) to encourage such agencies to provide the recipients of assistance under such title with recommendations for better meeting the goals of the program;
(3) Alternative proposals.-- If the Secretary determines that the foreclosure rates and anticipated default rates in housing disaster areas have not been adequately reduced, the Secretary shall-- (A) consider carrying out alternative proposals, including a proposal under which the Federal Government makes available affordable mortgages, including refinancings, through subsidized financing or mortgage purchases;
(3) Alternative proposals.--If the Secretary determines that the foreclosure rates and anticipated default rates in housing disaster areas have not been adequately reduced, the Secretary shall-- (A) consider carrying out alternative proposals, including a proposal under which the Federal Government makes available affordable mortgages, including refinancings, through subsidized financing or mortgage purchases;
Clerk.
LORRAINE C.
111th CONGRESS 1st Session H.
MILLER, Clerk.
R.
384 _______________________________________________________________________ AN ACT To reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.
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Sections of law this bill changes

14 sections in 4 laws

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-124).

National housing · 12 U.S.C. ch. 13 1 section
  • § 1715z-23 HOPE for Homeowners Program Amends

    12 U.S.C. § 1715z-23

    The law today

    (a) Establishment There is established in the Federal Housing Administration a HOPE for Homeowners Program. (b) Purpose The purpose of the HOPE for Homeowners Program is— (1) to create an FHA program, participation in which is voluntary on the part of homeowners and existing loan holders to insure refinanced loans for distressed borrowers to support long-term, sustainable homeownership; (2) to allow homeowners to avoid foreclosure by reducing the principle 1 balance outstanding, and interest rate charged, on their mortgages; (3) to help stabilize and provide confidence in mortgage markets by bringing transparency to the value of assets based on mortgage assets; (4) to target mortgage assistance under this section to homeowners for their principal residence; (5) to enhance the administrative capacity of the FHA to carry out its expanded role under the HOPE for Homeowners Program; (6) to ensure the HOPE for Homeowners Program remains in effect only for as long as is necessary to provide stability to the housing market; and (7) to provide servicers of delinquent mortgages with additional methods and approaches to avoid foreclosure. (c) Establishment and implementation of program requirements (1) Duties of Secretary In order to carry out the purposes of the HOPE for Homeowners Program, the Secretary, after consultation with the Board, shall— (A) establish requirements and standards for the program consistent with section 1709(b) of this title to the maximum extent possible; and (B) prescribe such regulations and provide such guidance as may be necessary or appropriate to implement such requirements and standards. (2) Duties of the Secretary In carrying out any of the program requirements or standards established under paragraph (1), the Secretary may issue such interim guidance and mortgagee letters as the Secretary determines necessary or appropriate. (3) Duties of Board The Board shall advise the Secretary regarding the establishment and implementation of the HOPE for Homeowners Program. (d) Insurance of mortgages The Secretary is authorized upon application of a mortgagee to make commitments to insure or to insure any eligible mortgage that has been refinanced in a manner meeting the requirements under subsection (e). (e) Requirements of insured mortgages To be eligible for insurance under this section, a refinanced eligible mortgage shall comply with all of the following requirements: (1) Borrower certification (A) No intentional default or false information The mortgagor shall provide a certification to the Secretary that the mortgagor has not intentionally defaulted on the existing mortgage or mortgages or any other substantial debt within the last 5 years and has not knowingly, or willfully and with actual knowledge, furnished material information known to be false for the purpose of obtaining the eligible mortgage to be insured and has not been convicted under Federal or State law for fraud during the 10-year period ending upon the insurance of the mortgage under this section. (B) Liability for repayment The mortgagor shall agree in writing that the mortgagor shall be liable to repay to the Secretary any direct financial benefit achieved from the reduction of indebtedness on the existing mortgage or mortgages on the residence refinanced under this section derived from misrepresentations made by the mortgagor in the certifications and documentation required under this paragraph, subject to the discretion of the Secretary. (C) Current borrower debt-to-income ratio As of the date of application for a commitment to insure or insurance under this section, the mortgagor shall have had, or thereafter is likely to have, due to the terms of the mortgage being reset, a ratio of mortgage debt to income, taking into consideration all existing mortgages of that mortgagor at such time, greater than 31 percent (or such higher amount as the Secretary determines appropriate). (2) Determination of principal obligation amount The principa...

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Federal credit unions · 12 U.S.C. ch. 14 2 sections
  • § 1787 Payment of insurance Amends

    12 U.S.C. § 1787 — at 1787(k)

    The law today

    (a) Liquidation by Board; bond; appointment of agent; fees to be fixed by Board (1) (A) Upon its finding that a Federal credit union insured under this subchapter is bankrupt or insolvent, the Board shall close such credit union for liquidation and appoint itself liquidating agent therefor. (B) Not later than 10 days after the date on which the Board closes a credit union for liquidation pursuant to paragraph (1), or accepts appointment as liquidating agent pursuant to subsection (b), such insured credit union may apply to the United States district court for the judicial district in which the principal office of such insured credit union is located or the United States District Court for the District of Columbia, for an order requiring the Board to show cause why it should not be prohibited from continuing such liquidation. Except as otherwise provided in this subparagraph, no court may take any action for or toward the removal of any liquidating agent or, except at the instance of the Board, restrain or affect the exercise of powers or functions of a liquidating agent. (2) Notwithstanding any other provision of law, the Board as liquidating agent of a closed Federal credit union insured under this subchapter shall not be required to furnish bond and shall have the right to appoint an agent or agents to assist it in its duties as such liquidating agent. All fees, compensation, and expenses of liquidation and administration thereof shall be fixed by the Board and may be paid by them out of funds coming into its possession as such liquidating agent. (3) Liquidation to facilitate prompt corrective action.— The Board may close any credit union for liquidation, and appoint itself or another (including, in the case of a State-chartered insured credit union, the State official having jurisdiction over the credit union) as liquidating agent of that credit union, if— (A) the Board determines that— (i) the credit union is significantly undercapitalized, as defined in section 1790d of this title, and has no reasonable prospect of becoming adequately capitalized, as defined in section 1790d of this title; or (ii) the credit union is critically undercapitalized, as defined in section 1790d of this title; and (B) in the case of a State-chartered insured credit union, the Board has complied with section 1790d(l) of this title. (b) Powers and duties of Board as conservator or liquidating agent (1) Rulemaking authority of Board The Board may prescribe such regulations as the Board determines to be appropriate regarding the conduct of the Board as conservator or liquidating agent. (2) General powers (A) Successor to credit union The Board shall, as conservator or liquidating agent, and by operation of law, succeed to— (i) all rights, titles, powers, and privileges of the credit union, and of any member, accountholder, officer, or director of such credit union with respect to the credit union and the assets of the credit union; and (ii) title to the books, records, and assets of any previous conservator or other legal custodian of such credit union. (B) Operate the credit union The Board may, as conservator or liquidating agent— (i) take over the assets of and operate the credit union with all the powers of the members or shareholders, the directors, and the officers of the credit union and shall be authorized to conduct all business of the credit union; (ii) collect all obligations and money due the credit union; (iii) perform all functions of the credit union in the name of the credit union which is consistent with the appointment as conservator or liquidating agent; and (iv) preserve and conserve the assets and property of such credit union. (C) Functions of credit union’s officers, directors, and shareholders The Board may, by regulation or order, provide for the exercise of any function by any member or stockholder, director, or officer of any credit union for which the Board has been appointed conservator or liquidating agent. (D) Powe...

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  • § 1790d Prompt corrective action Amends

    12 U.S.C. § 1790d — at 1790d(o)(2)

    The law today

    (a) Resolving problems to protect Fund (1) Purpose The purpose of this section is to resolve the problems of insured credit unions at the least possible long-term loss to the Fund. (2) Prompt corrective action required The Board shall carry out the purpose of this section by taking prompt corrective action to resolve the problems of insured credit unions. (b) Regulations required (1) Insured credit unions (A) In general The Board shall, by regulation, prescribe a system of prompt corrective action for insured credit unions that is— (i) consistent with this section; and (ii) comparable to section 1831o of this title. (B) Cooperative character of credit unions The Board shall design the system required under subparagraph (A) to take into account that credit unions are not-for-profit cooperatives that— (i) do not issue capital stock; (ii) must rely on retained earnings to build net worth; and (iii) have boards of directors that consist primarily of volunteers. (2) New credit unions (A) In general In addition to regulations under paragraph (1), the Board shall, by regulation, prescribe a system of prompt corrective action that shall apply to new credit unions in lieu of this section and the regulations prescribed under paragraph (1). (B) Criteria for alternative system The Board shall design the system prescribed under subparagraph (A)— (i) to carry out the purpose of this section; (ii) to recognize that credit unions (as cooperatives that do not issue capital stock) initially have no net worth, and give new credit unions reasonable time to accumulate net worth; (iii) to create adequate incentives for new credit unions to become adequately capitalized by the time that they either— (I) have been in operation for more than 10 years; or (II) have more than $10,000,000 in total assets; (iv) to impose appropriate restrictions and requirements on new credit unions that do not make sufficient progress toward becoming adequately capitalized; and (v) to prevent evasion of the purpose of this section. (c) Net worth categories (1) In general For purposes of this section the following definitions shall apply: (A) Well capitalized An insured credit union is “well capitalized” if— (i) it has a net worth ratio of not less than 7 percent; and (ii) it meets any applicable risk-based net worth requirement under subsection (d). (B) Adequately capitalized An insured credit union is “adequately capitalized” if— (i) it has a net worth ratio of not less than 6 percent; and (ii) it meets any applicable risk-based net worth requirement under subsection (d). (C) Undercapitalized An insured credit union is “undercapitalized” if— (i) it has a net worth ratio of less than 6 percent; or (ii) it fails to meet any applicable risk-based net worth requirement under subsection (d). (D) Significantly undercapitalized An insured credit union is “significantly undercapitalized”— (i) if it has a net worth ratio of less than 4 percent; or (ii) if— (I) it has a net worth ratio of less than 5 percent; and (II) it— (aa) fails to submit an acceptable net worth restoration plan within the time allowed under subsection (f); or (bb) materially fails to implement a net worth restoration plan accepted by the Board. (E) Critically undercapitalized An insured credit union is “critically undercapitalized” if it has a net worth ratio of less than 2 percent (or such higher net worth ratio, not to exceed 3 percent, as the Board may specify by regulation). (2) Adjusting net worth levels (A) In general If, for purposes of section 1831o(c) of this title, the Federal banking agencies increase or decrease the required minimum level for the leverage limit (as those terms are used in section 1831o of this title), the Board may, by regulation, and subject to subparagraph (B) of this paragraph, correspondingly increase or decrease 1 or more of the net worth ratios specified in subparagraphs (A) through (D) of paragraph (1) of this subsection in an amount that is equal to not more than the d...

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Federal deposit insurance corporation · 12 U.S.C. ch. 16 4 sections
  • § 1817 Assessments Amends

    12 U.S.C. § 1817 — at 1817(b)(3)(E)(ii)

    The law today

    (a) Reports of condition; access to reports (1) Each insured State nonmember bank and each foreign bank having an insured branch which is not a Federal branch shall make to the Corporation reports of condition which shall be in such form and shall contain such information as the Board of Directors may require. Such reports shall be made to the Corporation on the dates selected as provided in paragraph (3) of this subsection and the deposit liabilities shall be reported therein in accordance with and pursuant to paragraphs (4) and (5) of this subsection. The Board of Directors may call for additional reports of condition on dates to be fixed by it and may call for such other reports as the Board may from time to time require. Any such bank which (A) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an error, fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, or (B) inadvertently transmits or publishes any report which is minimally late, shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false or misleading information is not corrected. Such bank shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late. Any such bank which fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, in a manner not described in the 2nd preceding sentence shall be subject to a penalty of not more than $20,000 for each day during which such failure continues or such false or misleading information is not corrected. Notwithstanding the preceding sentence, if any such bank knowingly or with reckless disregard for the accuracy of any information or report described in such sentence submits or publishes any false or misleading report or information, the Corporation may assess a penalty of not more than $1,000,000 or 1 percent of total assets of such bank, whichever is less, per day for each day during which such failure continues or such false or misleading information is not corrected. Any penalty imposed under any of the 4 preceding sentences shall be assessed and collected by the Corporation in the manner provided in subparagraphs (E), (F), (G), and (I) of section 1818(i)(2) of this title (for penalties imposed under such section) and any such assessment (including the determination of the amount of the penalty) shall be subject to the provisions of such section. Any such bank against which any penalty is assessed under this subsection shall be afforded an agency hearing if such bank submits a request for such hearing within 20 days after the issuance of the notice of assessment. Section 1818(h) of this title shall apply to any proceeding under this paragraph. (2) (A) The Corporation and, with respect to any State depository institution, any appropriate State bank supervisor for such institution, shall have access to reports of examination made by, and reports of condition made to, the Comptroller of the Currency, the Federal Housing Finance Agency, any Federal home loan bank, or any Federal Reserve bank and to all revisions of reports of condition made to any of them, and they shall promptly advise the Corporation of any revisions or changes in respect to deposit liabilities made or required to be made in any report of condition. The Corporation may accept any report made by or to any commission, board, or authority having supervision of a depository institution, and may furnish to the Comptroller of the Currency, to the Federal Housing Finance Agency, to any Federal home loan bank, to any Federal Reserve bank, and to any such commission, board, or authority, reports of examinati...

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  • § 1821 Insurance Funds Amends

    12 U.S.C. § 1821 — at 1821(a)

    The law today

    (a) Deposit insurance (1) Insured amounts payable (A) In general The Corporation shall insure the deposits of all insured depository institutions as provided in this chapter. (B) Net amount of insured deposit The net amount due to any depositor at an insured depository institution shall not exceed the standard maximum deposit insurance amount as determined in accordance with subparagraphs (C), (D), (E) and (F) and paragraph (3). (C) Aggregation of deposits For the purpose of determining the net amount due to any depositor under subparagraph (B), the Corporation shall aggregate the amounts of all deposits in the insured depository institution which are maintained by a depositor in the same capacity and the same right for the benefit of the depositor either in the name of the depositor or in the name of any other person, other than any amount in a trust fund described in paragraph (1) or (2) of section 1817(i) of this title or any funds described in section 1817(i)(3) of this title. (D) Coverage for certain employee benefit plan deposits (i) Pass-through insurance The Corporation shall provide pass-through deposit insurance for the deposits of any employee benefit plan. (ii) Prohibition on acceptance of benefit plan deposits An insured depository institution that is not well capitalized or adequately capitalized may not accept employee benefit plan deposits. (iii) Definitions For purposes of this subparagraph, the following definitions shall apply: (I) Capital standards The terms “well capitalized” and “adequately capitalized” have the same meanings as in section 1831o of this title. (II) Employee benefit plan The term “employee benefit plan” has the same meaning as in paragraph (5)(B)(ii), and includes any eligible deferred compensation plan described in section 457 of title 26. (III) Pass-through deposit insurance The term “pass-through deposit insurance” means, with respect to an employee benefit plan, deposit insurance coverage based on the interest of each participant, in accordance with regulations issued by the Corporation. (E) Standard maximum deposit insurance amount defined For purposes of this chapter, the term “standard maximum deposit insurance amount” means $250,000, adjusted as provided under subparagraph (F) after March 31, 2010. Notwithstanding any other provision of law, the increase in the standard maximum deposit insurance amount to $250,000 shall apply to depositors in any institution for which the Corporation was appointed as receiver or conservator on or after January 1, 2008, and before October 3, 2008. The Corporation shall take such actions as are necessary to carry out the requirements of this section with respect to such depositors, without regard to any time limitations under this chapter. In implementing this and the preceding 2 sentences, any payment on a deposit claim made by the Corporation as receiver or conservator to a depositor above the standard maximum deposit insurance amount in effect at the time of the appointment of the Corporation as receiver or conservator shall be deemed to be part of the net amount due to the depositor under subparagraph (B). (F) Inflation adjustment (i) In general By April 1 of 2010, and the 1st day of each subsequent 5-year period, the Board of Directors and the National Credit Union Administration Board shall jointly consider the factors set forth under clause (v), and, upon determining that an inflation adjustment is appropriate, shall jointly prescribe the amount by which the standard maximum deposit insurance amount and the standard maximum share insurance amount (as defined in section 1787(k) of this title) applicable to any depositor at an insured depository institution shall be increased by calculating the product of— (I) $100,000; and (II) the ratio of the published annual value of the Personal Consumption Expenditures Chain-Type Price Index (or any successor index thereto), published by the Department of Commerce, for the calendar year preceding the ye...

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  • § 1823 Corporation monies Amends

    12 U.S.C. § 1823 — at 1823(c)(4)(G)(ii)

    The law today

    (a) Investment of Corporation’s funds (1) Authority Funds held in the Deposit Insurance Fund or the FSLIC Resolution Fund, that are not otherwise employed shall be invested in obligations of the United States or in obligations guaranteed as to principal and interest by the United States. (2) Limitation The Corporation shall not sell or purchase any obligations described in paragraph (1) for its own account, at any one time aggregating in excess of $100,000, without the approval of the Secretary of the Treasury. The Secretary may approve a transaction or class of transactions subject to the provisions of this paragraph under such conditions as the Secretary may determine. (b) Depository accounts The depository accounts of the Corporation shall be kept with the Treasurer of the United States, or, with the approval of the Secretary of the Treasury, with a Federal Reserve bank, or with a depository institution designated as a depository or fiscal agent of the United States: Provided, That the Secretary of the Treasury may waive the requirements of this subsection under such conditions as he may determine: And provided further, That this subsection shall not apply to the establishment and maintenance in any depository institution for temporary purposes of depository accounts not in excess of $50,000 in any one depository institution, or to the establishment and maintenance in any depository institution of any depository accounts to facilitate the payment of insured deposits, or the making of loans to, or the purchase of assets of, insured depository institutions. When designated for that purpose by the Secretary of the Treasury, the Corporation shall be a depositary of public moneys, except receipts from customs, under such regulations as may be prescribed by the said Secretary, and may also be employed as a financial agent of the Government. It shall perform all such reasonable duties as depositary of public moneys and financial agent of the Government as may be required of it. (c) Assistance to insured depository institutions (1) The Corporation is authorized, in its sole discretion and upon such terms and conditions as the Board of Directors may prescribe, to make loans to, to make deposits in, to purchase the assets or securities of, to assume the liabilities of, or to make contributions to, any insured depository institution— (A) if such action is taken to prevent the default of such insured depository institution; (B) if, with respect to an insured bank in default, such action is taken to restore such insured bank to normal operation; or (C) if, when severe financial conditions exist which threaten the stability of a significant number of insured depository institutions or of insured depository institutions possessing significant financial resources, such action is taken in order to lessen the risk to the Corporation posed by such insured depository institution under such threat of instability. (2) (A) In order to facilitate a merger or consolidation of another 1 insured depository institution described in subparagraph (B) with another insured depository institution or the sale of any or all of the assets of such insured depository institution or the assumption of any or all of such insured depository institution’s liabilities by another insured depository institution, or the acquisition of the stock of such insured depository institution, the Corporation is authorized, in its sole discretion and upon such terms and conditions as the Board of Directors may prescribe— (i) to purchase any such assets or assume any such liabilities; (ii) to make loans or contributions to, or deposits in, or purchase the securities of, such other insured depository institution or the company which controls or will acquire control of such other insured depository institution; (iii) to guarantee such other insured depository institution or the company which controls or will acquire control of such other insured depository institution against los...

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  • § 1824 Borrowing authority Amends

    12 U.S.C. § 1824 — at 1824(a)

    The law today

    (a) Borrowing from Treasury (1) In general The Corporation is authorized to borrow from the Treasury, and the Secretary of the Treasury is authorized and directed to loan to the Corporation on such terms as may be fixed by the Corporation and the Secretary, such funds as in the judgment of the Board of Directors of the Corporation are from time to time required for insurance purposes, not exceeding in the aggregate $100,000,000,000 outstanding at any one time, subject to the approval of the Secretary of the Treasury: Provided, That the rate of interest to be charged in connection with any loan made pursuant to this subsection shall not be less than an amount determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities. For such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of the sale of any securities hereafter issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 are extended to include such loans. Any such loan shall be used by the Corporation solely in carrying out its functions with respect to such insurance. All loans and repayments under this subsection shall be treated as public-debt transactions of the United States. The Corporation may employ any funds obtained under this section for purposes of the Deposit Insurance Fund and the borrowing shall become a liability of the Deposit Insurance Fund to the extent funds are employed therefor. (2) Funding There are hereby appropriated to the Secretary, for fiscal year 1989 and each fiscal year thereafter, such sums as may be necessary to carry out this subsection. (3) Temporary increases authorized (A) Recommendations for increase During the period beginning on May 20, 2009, and ending on December 31, 2010, if, upon the written recommendation of the Board of Directors (upon a vote of not less than two-thirds of the members of the Board of Directors) and the Board of Governors of the Federal Reserve System (upon a vote of not less than two-thirds of the members of such Board), the Secretary of the Treasury (in consultation with the President) determines that additional amounts above the $100,000,000,000 amount specified in paragraph (1) are necessary, such amount shall be increased to the amount so determined to be necessary, not to exceed $500,000,000,000. (B) Report required If the borrowing authority of the Corporation is increased above $100,000,000,000 pursuant to subparagraph (A), the Corporation shall promptly submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives describing the reasons and need for the additional borrowing authority and its intended uses. (C) Restriction on usage The Corporation may not borrow pursuant to subparagraph (A) to fund obligations of the Corporation incurred as a part of a program established by the Secretary of the Treasury pursuant to the Emergency Economic Stabilization Act of 2008 [12 U.S.C. 5201 et seq.] to purchase or guarantee assets. (b) Borrowing from Federal Financing Bank The Corporation is authorized to issue and sell the Corporation’s obligations, on behalf of the Deposit Insurance Fund, to the Federal Financing Bank established by the Federal Financing Bank Act of 1973 [12 U.S.C. 2281 et seq.]. The Federal Financing Bank is authorized to purchase and sell the Corporation’s obligations on terms and conditions determined by the Federal Financing Bank. Any such borrowings shall be obligations subject to the obligation limitation of section 1825(c) of this title. This subsection does not affect the eligibility of any other entity to borrow from the Federal Financing Bank. (c) Repayment schedules required for any borrowing (1) In general No amount may be provided by the Secretary of the Treasury t...

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Emergency economic stabilization · 12 U.S.C. ch. 52 6 sections Amends the act as a whole
  • § 5202 Definitions Amends

    12 U.S.C. § 5202

    The law today

    For purposes of this chapter, the following definitions shall apply: (1) Appropriate committees of Congress The term “appropriate committees of Congress” means— (A) the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and (B) the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives. (2) Board The term “Board” means the Board of Governors of the Federal Reserve System. (3) Congressional support agencies The term “congressional support agencies” means the Congressional Budget Office and the Joint Committee on Taxation. (4) Corporation The term “Corporation” means the Federal Deposit Insurance Corporation. (5) Financial institution The term “financial institution” means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government. (6) Fund The term “Fund” means the Troubled Assets Insurance Financing Fund established under section 5212 of this title. (7) Secretary The term “Secretary” means the Secretary of the Treasury. (8) TARP The term “TARP” means the Troubled Asset Relief Program established under section 5211 of this title. (9) Troubled assets The term “troubled assets” means— (A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.

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  • § 5215 Reports Amends

    12 U.S.C. § 5215 — at 5215(a)

    The law today

    (a) In general Before the expiration of the 60-day period beginning on the date of the first exercise of the authority granted in section 5211(a) of this title, or of the first exercise of the authority granted in section 5212 of this title, whichever occurs first, and every 30-day period thereafter, the Secretary shall report to the appropriate committees of Congress, with respect to each such period— (1) an overview of actions taken by the Secretary, including the considerations required by section 5213 of this title and the efforts under section 5219 of this title; (2) the actual obligation and expenditure of the funds provided for administrative expenses by section 5228 of this title during such period and the expected expenditure of such funds in the subsequent period; and (3) a detailed financial statement with respect to the exercise of authority under this chapter, including— (A) all agreements made or renewed; (B) all insurance contracts entered into pursuant to section 5212 of this title; (C) all transactions occurring during such period, including the types of parties involved; (D) the nature of the assets purchased; (E) all projected costs and liabilities; (F) operating expenses, including compensation for financial agents; (G) the valuation or pricing method used for each transaction; and (H) a description of the vehicles established to exercise such authority. (b) Tranche reports to Congress (1) Reports The Secretary shall provide to the appropriate committees of Congress, at the times specified in paragraph (2), a written report, including— (A) a description of all of the transactions made during the reporting period; (B) a description of the pricing mechanism for the transactions; (C) a justification of the price paid for and other financial terms associated with the transactions; (D) a description of the impact of the exercise of such authority on the financial system, supported, to the extent possible, by specific data; (E) a description of challenges that remain in the financial system, including any benchmarks yet to be achieved; and (F) an estimate of additional actions under the authority provided under this chapter that may be necessary to address such challenges. (2) Timing The report required by this subsection shall be submitted not later than 7 days after the date on which commitments to purchase troubled assets under the authorities provided in this chapter first reach an aggregate of $50,000,000,000 and not later than 7 days after each $50,000,000,000 interval of such commitments is reached thereafter. (c) Regulatory modernization report The Secretary shall review the current state of the financial markets and the regulatory system and submit a written report to the appropriate committees of Congress not later than April 30, 2009, analyzing the current state of the regulatory system and its effectiveness at overseeing the participants in the financial markets, including the over-the-counter swaps market and government-sponsored enterprises, and providing recommendations for improvement, including— (1) recommendations regarding— (A) whether any participants in the financial markets that are currently outside the regulatory system should become subject to the regulatory system; and (B) enhancement of the clearing and settlement of over-the-counter swaps; and (2) the rationale underlying such recommendations. (d) Sharing of information Any report required under this section shall also be submitted to the Congressional Oversight Panel established under section 5233 of this title. (e) Sunset The reporting requirements under this section shall terminate on the later of— (1) the date that the last troubled asset acquired by the Secretary under section 5211 of this title has been sold or transferred out of the ownership or control of the Federal Government; or (2) the date of expiration of the last insurance contract issued under section 5212 of this title.

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  • § 5219 Foreclosure mitigation efforts Amends

    12 U.S.C. § 5219

    The law today

    (a) Residential mortgage loan servicing standards (1) In general To the extent that the Secretary acquires mortgages, mortgage backed 1 securities, and other assets secured by residential real estate, including multifamily housing, the Secretary shall implement a plan that seeks to maximize assistance for homeowners and use the authority of the Secretary to encourage the servicers of the underlying mortgages, considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 1715z–23 of this title or other available programs to minimize foreclosures. In addition, the Secretary may use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures and to remediate lead and asbestos hazards in residential properties. (2) Waiver of certain provisions in connection with loan modifications The Secretary shall not be required to apply executive compensation restrictions under section 5221 of this title, or to receive warrants or debt instruments under section 5223 of this title, solely in connection with any loan modification under this section. (b) Coordination The Secretary shall coordinate with the Corporation, the Board (with respect to any mortgage or mortgage-backed securities or pool of securities held, owned, or controlled by or on behalf of a Federal reserve bank, as provided in section 5220(a)(1)(C) of this title), the Federal Housing Finance Agency, the Secretary of Housing and Urban Development, and other Federal Government entities that hold troubled assets to attempt to identify opportunities for the acquisition of classes of troubled assets that will improve the ability of the Secretary to improve the loan modification and restructuring process and, where permissible, to permit bona fide tenants who are current on their rent to remain in their homes under the terms of the lease. In the case of a mortgage on a residential rental property, the plan required under this section shall include protecting Federal, State, and local rental subsidies and protections, and ensuring any modification takes into account the need for operating funds to maintain decent and safe conditions at the property. (c) Consent to reasonable loan modification requests Upon any request arising under existing investment contracts, the Secretary shall consent, where appropriate, and considering net present value to the taxpayer, to reasonable requests for loss mitigation measures, including term extensions, rate reductions, principal write downs, increases in the proportion of loans within a trust or other structure allowed to be modified, or removal of other limitation on modifications.

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  • § 5221 Executive compensation and corporate governance Amends

    12 U.S.C. § 5221 — at 5221(c)

    The law today

    (a) Definitions For purposes of this section, the following definitions shall apply: (1) Senior executive officer The term “senior executive officer” means an individual who is 1 of the top 5 most highly paid executives of a public company, whose compensation is required to be disclosed pursuant to the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], and any regulations issued thereunder, and non-public company counterparts. (2) Golden parachute payment The term “golden parachute payment” means any payment to a senior executive officer for departure from a company for any reason, except for payments for services performed or benefits accrued. (3) TARP recipient The term “TARP recipient” means any entity that has received or will receive financial assistance under the financial assistance provided under the TARP. (4) Commission The term “Commission” means the Securities and Exchange Commission. (5) Period in which obligation is outstanding; rule of construction For purposes of this section, the period in which any obligation arising from financial assistance provided under the TARP remains outstanding does not include any period during which the Federal Government only holds warrants to purchase common stock of the TARP recipient. (b) Executive compensation and corporate governance (1) Establishment of standards During the period in which any obligation arising from financial assistance provided under the TARP remains outstanding, each TARP recipient shall be subject to— (A) the standards established by the Secretary under this section; and (B) the provisions of section 162(m)(5) of title 26, as applicable. (2) Standards required The Secretary shall require each TARP recipient to meet appropriate standards for executive compensation and corporate governance. (3) Specific requirements The standards established under paragraph (2) shall include the following: (A) Limits on compensation that exclude incentives for senior executive officers of the TARP recipient to take unnecessary and excessive risks that threaten the value of such recipient during the period in which any obligation arising from financial assistance provided under the TARP remains outstanding. (B) A provision for the recovery by such TARP recipient of any bonus, retention award, or incentive compensation paid to a senior executive officer and any of the next 20 most highly-compensated employees of the TARP recipient based on statements of earnings, revenues, gains, or other criteria that are later found to be materially inaccurate. (C) A prohibition on such TARP recipient making any golden parachute payment to a senior executive officer or any of the next 5 most highly-compensated employees of the TARP recipient during the period in which any obligation arising from financial assistance provided under the TARP remains outstanding. (D) (i) A prohibition on such TARP recipient paying or accruing any bonus, retention award, or incentive compensation during the period in which any obligation arising from financial assistance provided under the TARP remains outstanding, except that any prohibition developed under this paragraph shall not apply to the payment of long-term restricted stock by such TARP recipient, provided that such long-term restricted stock— (I) does not fully vest during the period in which any obligation arising from financial assistance provided to that TARP recipient remains outstanding; (II) has a value in an amount that is not greater than ⅓ of the total amount of annual compensation of the employee receiving the stock; and (III) is subject to such other terms and conditions as the Secretary may determine is 1 in the public interest. (ii) The prohibition required under clause (i) shall apply as follows: (I) For any financial institution that received financial assistance provided under the TARP equal to less than $25,000,000, the prohibition shall apply only to the most highly compensated employee of the financial institution. (II) For ...

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  • § 5223 Minimization of long-term costs and maximization of benefits for taxpayers Amends

    12 U.S.C. § 5223 — at 5223(d), 5223(d)(3), and 5223(b)

    The law today

    (a) Long-term costs and benefits (1) Minimizing negative impact The Secretary shall use the authority under this chapter in a manner that will minimize any potential long-term negative impact on the taxpayer, taking into account the direct outlays, potential long-term returns on assets purchased, and the overall economic benefits of the program, including economic benefits due to improvements in economic activity and the availability of credit, the impact on the savings and pensions of individuals, and reductions in losses to the Federal Government. (2) Authority In carrying out paragraph (1), the Secretary shall— (A) hold the assets to maturity or for resale for and until such time as the Secretary determines that the market is optimal for selling such assets, in order to maximize the value for taxpayers; and (B) sell such assets at a price that the Secretary determines, based on available financial analysis, will maximize return on investment for the Federal Government. (3) Private sector participation The Secretary shall encourage the private sector to participate in purchases of troubled assets, and to invest in financial institutions, consistent with the provisions of this section. (b) Use of market mechanisms In making purchases under this chapter, the Secretary shall— (1) make such purchases at the lowest price that the Secretary determines to be consistent with the purposes of this chapter; and (2) maximize the efficiency of the use of taxpayer resources by using market mechanisms, including auctions or reverse auctions, where appropriate. (c) Direct purchases If the Secretary determines that use of a market mechanism under subsection (b) is not feasible or appropriate, and the purposes of the chapter are best met through direct purchases from an individual financial institution, the Secretary shall pursue additional measures to ensure that prices paid for assets are reasonable and reflect the underlying value of the asset. (d) Conditions on purchase authority for warrants and debt instruments (1) In general The Secretary may not purchase, or make any commitment to purchase, any troubled asset under the authority of this chapter, unless the Secretary receives from the financial institution from which such assets are to be purchased— (A) in the case of a financial institution, the securities of which are traded on a national securities exchange, a warrant giving the right to the Secretary to receive nonvoting common stock or preferred stock in such financial institution, or voting stock with respect to which,1 the Secretary agrees not to exercise voting power, as the Secretary determines appropriate; or (B) in the case of any financial institution other than one described in subparagraph (A), a warrant for common or preferred stock, or a senior debt instrument from such financial institution, as described in paragraph (2)(C). (2) Terms and conditions The terms and conditions of any warrant or senior debt instrument required under paragraph (1) shall meet the following requirements: (A) Purposes Such terms and conditions shall, at a minimum, be designed— (i) to provide for reasonable participation by the Secretary, for the benefit of taxpayers, in equity appreciation in the case of a warrant or other equity security, or a reasonable interest rate premium, in the case of a debt instrument; and (ii) to provide additional protection for the taxpayer against losses from sale of assets by the Secretary under this chapter and the administrative expenses of the TARP. (B) Authority to sell, exercise, or surrender The Secretary may sell, exercise, or surrender a warrant or any senior debt instrument received under this subsection, based on the conditions established under subparagraph (A). (C) Conversion The warrant shall provide that if, after the warrant is received by the Secretary under this subsection, the financial institution that issued the warrant is no longer listed or traded on a national securities exchange or secu...

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  • § 5231 Special Inspector General for the Troubled Asset Relief Program Amends

    12 U.S.C. § 5231 — at 5231(c)

    The law today

    (a) Office of Inspector General There is hereby established the Office of the Special Inspector General for the Troubled Asset Relief Program. (b) Appointment of Inspector General; removal (1) The head of the Office of the Special Inspector General for the Troubled Asset Relief Program is the Special Inspector General for the Troubled Asset Relief Program (in this section referred to as the “Special Inspector General”), who shall be appointed by the President, by and with the advice and consent of the Senate. (2) The appointment of the Special Inspector General shall be made on the basis of integrity and demonstrated ability in accounting, auditing, financial analysis, law, management analysis, public administration, or investigations. (3) The nomination of an individual as Special Inspector General shall be made as soon as practicable after the establishment of any program under sections 5211 and 5212 of this title. (4) The Special Inspector General shall be removable from office in accordance with the provisions of section 403(b) of title 5. (5) For purposes of section 7324 of title 5, the Special Inspector General shall not be considered an employee who determines policies to be pursued by the United States in the nationwide administration of Federal law. (6) The annual rate of basic pay of the Special Inspector General shall be the annual rate of basic pay for an Inspector General under section 403(e) of title 5. (c) Duties (1) It shall be the duty of the Special Inspector General to conduct, supervise, and coordinate audits and investigations of the purchase, management, and sale of assets by the Secretary of the Treasury under any program established by the Secretary under section 5211 of this title, and the management by the Secretary of any program established under section 5212 of this title, including by collecting and summarizing the following information: (A) A description of the categories of troubled assets purchased or otherwise procured by the Secretary. (B) A listing of the troubled assets purchased in each such category described under subparagraph (A). (C) An explanation of the reasons the Secretary deemed it necessary to purchase each such troubled asset. (D) A listing of each financial institution that such troubled assets were purchased from. (E) A listing of and detailed biographical information on each person or entity hired to manage such troubled assets. (F) A current estimate of the total amount of troubled assets purchased pursuant to any program established under section 5211 of this title, the amount of troubled assets on the books of the Treasury, the amount of troubled assets sold, and the profit and loss incurred on each sale or disposition of each such troubled asset. (G) A listing of the insurance contracts issued under section 5212 of this title. (2) The Special Inspector General shall establish, maintain, and oversee such systems, procedures, and controls as the Special Inspector General considers appropriate to discharge the duty under paragraph (1). (3) In addition to the duties specified in paragraphs (1) and (2), the Inspector General shall also have the duties and responsibilities of inspectors general under chapter 4 of title 5. (4) (A) Except as provided under subparagraph (B) and in addition to the duties specified in paragraphs (1), (2), and (3), the Special Inspector General shall have the authority to conduct, supervise, and coordinate an audit or investigation of any action taken under this subchapter as the Special Inspector General determines appropriate. (B) Subparagraph (A) shall not apply to any action taken under section 5225, 5226, 5227, or 5233 of this title. (d) Powers and authorities (1) In carrying out the duties specified in subsection (c), the Special Inspector General shall have the authorities provided in section 406 of title 5. (2) The Special Inspector General shall carry out the duties specified in subsection (c)(1) and (4) in accordance with section 404(b)(...

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Also cites: 11 U.S.C. § 362, 12 U.S.C. § 1441a, 12 U.S.C. § 5225, 15 U.S.C. § 12, 15 U.S.C. § 45, 15 U.S.C. § 1639a, 26 U.S.C. § 42, 26 U.S.C. § 103, 26 U.S.C. § 162, 26 U.S.C. § 382, 26 U.S.C. § 1361, 42 U.S.C. § 17013 and 1 more

Action History

  1. Received in the Senate and Read twice and referred to the Committee on Finance.

  2. The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 384.

  3. Motion to reconsider laid on the table Agreed to without objection.

  4. On passage Passed by recorded vote: 260 - 166 (Roll no. 26).

  5. On motion to recommit with instructions Failed by the Yeas and Nays: 199 - 228 (Roll no. 25).

  6. The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H417)

  7. Floor summary: DEBATE - The House proceeded with 10 minutes of debate on the Barrett (SC) motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment pertaining to provisions dealing with Title I- TARP Terminiation and Full Repayment Plan.

  8. Mr. Barrett (SC) moved to recommit with instructions to Financial Services. (consideration: CR H415-418; text: CR H415)

  9. On motion to table appeal of the ruling of the chair Agreed to by recorded vote: 251 - 176 (Roll no. 24).

  10. Mr. Frank (MA) moved to table appeal of the ruling of the chair.

  11. Mr. Gohmert appealed the ruling of the chair. The question was then put on sustaining the ruling of the chair. (consideration: CR H414)

  12. Point of order sustained against the motion to recommit with instructions.

  13. Mr. Frank (MA) raised a point of order against the motion to recommit with instructions. Mr. Frank stated that the provisions of the motion to recommit exceed the scope of the bill and the motion to recommit is therefore, not germane. Sustained by the Chair.

  14. Mr. Gohmert moved to recommit with instructions to Financial Services. (consideration: CR H413-415; text: CR H413-414)

  15. The previous question was ordered pursuant to the rule. (consideration: CR H413)

  16. The House rose from the Committee of the Whole House on the state of the Union to report H.R. 384.

  17. H.AMDT.11 On agreeing to the Hinchey amendment (A010) Agreed to by recorded vote: 427 - 1 (Roll no. 23).

  18. The House resolved into Committee of the Whole House on the state of the Union for further consideration.

  19. Considered as unfinished business. (consideration: CR H412-419)

  20. Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business.

  21. POSTPONED PROCEEDINGS - At the conclusion of debate on the Hinchey amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Hinchey demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.

  22. DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Hinchey amendment.

  23. H.AMDT.11 Amendment (A010) offered by Mr. Hinchey. (consideration: CR H411-412, H412-413; text: CR H411)Amendment requires Treasury to immediately obtain information from recipients of TARP funds and their precise use of funds allocated prior to January 1, 2009, and further requires Treasury to conduct an analysis of the use of those funds within 30 days of enactment of the bill.

  24. H.AMDT.10 On agreeing to the Flake amendment (A009) Agreed to by voice vote.

  25. DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Flake amendment.

  26. H.AMDT.10 Amendment (A009) offered by Mr. Flake. (consideration: CR H409-411; text: CR H409)Amendment clarifies that the TARP Special Inspector General has oversight power over any action tied to the distribution of TARP funds.

  27. H.AMDT.9 On agreeing to the Frank (MA) amendment (A008) Agreed to by voice vote.

  28. DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Frank (MA) amendment.

  29. H.AMDT.9 Amendment (A008) offered by Mr. Frank (MA). (consideration: CR H408-409; text: CR H408)Amendment requires that any assisted institution publicly report, not less than quarterly, on the institution's use of the assistance provided and requires the Treasury to make those reports readily available online.

  30. H.AMDT.8 On agreeing to the Myrick amendment Agreed to by voice vote.

  31. DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Myrick amendment.

  32. H.AMDT.8 Amendment (A007) offered by Mrs. Myrick. (consideration: CR H407-408; text: CR H407)Amendment prohibits TARP fund recipients from outsourcing new customer service or call center jobs to foreign companies.

  33. The House resolved into Committee of the Whole House on the state of the Union for further consideration.

  34. Considered as unfinished business. (consideration: CR H407-412)

  35. Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business.

  36. H.AMDT.7 On agreeing to the Murphy, Patrick amendment (A006) Agreed to by recorded vote: 426 - 0 (Roll no. 22).

  37. H.AMDT.6 On agreeing to the Bachmann amendment (A005) Failed by recorded vote: 142 - 282 (Roll no. 21).

  38. H.AMDT.4 On agreeing to the Hensarling amendment (A003) Failed by recorded vote: 151 - 274 (Roll no. 20).

  39. H.AMDT.2 On agreeing to the Frank (MA) amendment (A001) Agreed to by recorded vote: 275 - 152 (Roll no. 19).

  40. UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question on adoption of amendments which were debated earlier and on which further proceedings had been postponed.

  41. POSTPONED PROCEEDINGS - At the conclusion of debate on the Patrick Murphy amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Patrick Murphy demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.

  42. DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with ten minutes of debate on the Patrick Murphy amendment.

  43. H.AMDT.7 Amendment (A006) offered by Mr. Murphy, Patrick. (consideration: CR H363-365, H367; text: CR H363)Amendment inserts a new title which requires the Federal Reserve to disclose the details of the request process used to select the investment managers; disclose the details of the contracts reached with the investment managers, including price; and disclose the steps that each investment manager has taken to ensure that the program is free of conflicts of interest or an unfair advantage.

  44. POSTPONED PROCEEDINGS - At the conclusion of the Bachmann amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Ms. Bachmann demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.

  45. DEBATE - Pursuant to the provisions of H. Res. 62 the Committee of the Whole proceeded with ten minutes of debate on the Bachmann amendment.

  46. H.AMDT.6 Amendment (A005) offered by Mrs. Bachmann. (consideration: CR H360-363, H366-367; text: CR H361)Amendment sought to eliminate changes and additional funding for the HOPE for Homeowners program.

  47. H.AMDT.5 By unanimous consent, the Holt amendment was withdrawn. (consideration: CR H360)

  48. Mr. Holt asked unanimous consent to modify his amendment. Objection was heard.

  49. DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with ten minutes of debate on the Holt amendment.

  50. H.AMDT.5 Amendment (A004) offered by Mr. Holt. (consideration: CR H359-360; text: CR H359; text as modified: CR H359)An amendment numbered 4 printed in House Report 111-3 to amend the EESA to require that, provided TARP funds are not used for their purchase, the Secretary shall facilitate an auction of troubled assets by third party purchases and, if such auction does not take place within 3 months from enactment, the Secretary must report to Congress on the mechanism the Secretary deems best to use to value and liquidate such assets.

  51. Subsequently, the Committee resumed it's sitting.

  52. The Committee of the Whole rose informally to receive a message from the President.

  53. POSTPONED PROCEEDINGS - At the conclusion of debate on the Hensarling amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Hensarling demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.

  54. DEBATE - Purusuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with ten minutes of debate on the Hensarling amendment.

  55. H.AMDT.4 Amendment (A003) offered by Mr. Hensarling. (consideration: CR H357-359, H365-366; text: CR H357)Amendment sought to remove the Secretary's authority to delegate an observer to attend meetings of the board of directors of any assisted institution.

  56. H.AMDT.3 On agreeing to the Matsui amendment (A002) Agreed to by voice vote.

  57. DEBATE - Pursuant to the provisions of H.Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Matsui amendment.

  58. H.AMDT.3 Amendment (A002) offered by Ms. Matsui. (consideration: CR H355-357; text: CR H355-356)Amendment expresses the sense of the Congress that financial institutions which receive future TARP funds should not foreclose on any principal homeowner until the new loan modification program in the bill is implemented and deemed fully operational.

  59. POSTPONED PROCEEDINGS - At the conclusion of debate on the Frank amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Frank demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.

  60. DEBATE - Pursuant to the provisions of H.Res. 62, the Committee of the Whole proceeded with 40 minutes of debate on the Frank amendment.

  61. H.AMDT.2 Amendment (A001) offered by Mr. Frank (MA). (consideration: CR H345-355, H365; text: CR H345-348)Manager's amendment incorporates sundry clarifications with respect to the use of TARP funds.

  62. The House resolved into Committee of the Whole House on the state of the Union for further consideration.

  63. Considered as unfinished business. (consideration: CR H335-367; text of measure as introduced: CR H335-343)

  64. Rule H. Res. 62 passed House.

  65. Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business.

  66. Rules Committee Resolution H. Res. 62 Reported to House. Rule provides for consideration of H.R. 384. Measure will be considered read. Specified amendments are in order. The resolution provides for further consideration of H.R. 384 with no further general debate.

  67. GENERAL DEBATE - The Committee of the Whole resumed general debate on H.R. 384.

  68. The House resolved into Committee of the Whole House on the state of the Union for further consideration.

  69. Considered as unfinished business. (consideration: CR H290-299)

  70. Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business.

  71. On motion that the Committee rise Agreed to by voice vote.

  72. Mr. Frank (MA) moved that the Committee rise.

  73. GENERAL DEBATE - The Committee of the Whole proceeded with two hour of general debate on H.R. 384.

  74. The Speaker designated the Honorable John T. Salazar to act as Chairman of the Committee.

  75. House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 53 and Rule XVIII.

  76. Rule provides for consideration of H.R. 384 with 2 hours of general debate. Measure will be considered read. Bill is closed to amendments. The resolution waives all points of order against consideration of the bill except those arising under clause 9 of rule XXI. The resolution provides that the Committee of the Whole shall rise without motion after general debate and that no further consideration of the bill shall occur except pursuant to a subsequent order of the House.

  77. Considered under the provisions of rule H. Res. 53. (consideration: CR H282-290)

  78. Rule H. Res. 53 passed House.

  79. Rules Committee Resolution H. Res. 53 Reported to House. Rule provides for consideration of H.R. 384 with 2 hours of general debate. Measure will be considered read. Bill is closed to amendments. The resolution waives all points of order against consideration of the bill except those arising under clause 9 of rule XXI. The resolution provides that the Committee of the Whole shall rise without motion after general debate and that no further consideration of the bill shall occur except pursuant to a subsequent order of the House.

  80. Referred to House Judiciary

  81. Referred to House Ways and Means

  82. Referred to House Financial Services

  83. Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and the Judiciary, 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.

Sponsorship breakdown

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0 sponsors · 0 co-sponsors · 547 not signed on

Sponsors (0)

None.

Co-sponsors (0)

None.

Not signed on (547)

547 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance housing
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Frequently asked questions

What does HR 384 do?
TARP Reform and Accountability Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to require specified depository institutions under the Troubled Asset Relief Program (TARP) to report periodically on their use of TARP assistance.Requires the Secretary to incorporate within the TARP assistance agreement how the funds are to be used and the benchmarks an institution must meet in using such funds.Requires federal banking regulatory agencies to examine annually the use of TARP funds made by the deposit institutions.Prohibits the use of TARP funds by a TARP-assisted institution for mergers or acquisitions unless such a transaction: (1) will reduce risk to the taxpayer; or (2) could have been consummated without such funds. Sets forth executive compensation and corporate governance requirements.Amends the Federal Deposit Insurance Act (FDIA) to require that reports of condition submitted by federally-assisted deposit institutions include the amount of any increase or decrease in new lending attributable to TARP investment or assistance.Amends the Act to condition TARP assistance to a depository institution upon its issuance to the Secretary of common stock warrants.Instructs the Secretary to make TARP available funds to smaller community financial institutions.Increases the size of the Financial Stability Oversight Board and authorizes it to overturn by a 2/3 vote any policy determination made by the Secretary.Conditions TARP assistance upon development of a Board-approved foreclosure mitigation and implementation plan.Cites circumstances in which a servicer shall not be: (1) liable for entering into a loan modification or workout plan with respect to any mortgage that meets specified criteria; (2) limited in the ability to modify mortgages, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or (3) obligated to repurchase loans or otherwise make payments to the securitization vehicle on account of a modification, workout, or other loss mitigation plan for residential mortgages that constitute a part or all of the mortgages in the securitization vehicle.Directs the President to designate officers from the Executive Branch (President's designees) to implement specified purposes, including the restructuring necessary to achieve the long-term financial viability of domestic automobile manufacturers.Requires the President's designees to: (1) authorize and direct the disbursement of bridge loans to, or to enter into commitments for lines of credit for, each automobile manufacturer that submitted a loan request and a plan to Congress on December 2, 2008; and (2) determine measures to assess the progress of each eligible automobile manufacturer toward transforming such plan into a restructuring plan.Conditions such bridge loans upon an eligible automobile manufacturer's issuance of common stock warrants to the President's designee.Subjects bridge loan recipients to specified standards for executive compensation and corporate governance.Grants the Comptroller General oversight authority over the President's designee.Makes it the duty of the Special Inspector General to audit and investigate the President's designee.Requires the President's designee to report to Congress within five days of making any such bridge loan.Authorizes the Secretary to establish or support: (1) facilities for the availability of consumer loans, including vehicle and student loans; (2) state and local governments, and other issuers of municipal securities, experiencing difficulty accessing financing in the capital markets (including direct purchases and credit enhancement); and (3) facilities to support the availability of commercial real estate loans, including asset-backed securities.Amends the National Housing Act to revise the HOPE for Homeowners Program to: (1) revise requirements governing insured mortgages and premium payments; (2) authorize the Program's Board of Directors to establish a payment to the servicer of the existing senior mortgage for every loan insured under the Program; and (3) instruct the Secretary to fund increased credit subsidy costs.Instructs the Secretary to implement a program to stimulate demand for home purchases and to reduce unsold inventories of residential properties, ensuring the availability of affordable interest rates on mortgages made for the purchase of one- to four-family residential properties.Amends the FDIA and the Federal Credit Union Act to make permanent the increase in the standard maximum deposit insurance amount from $100,000 to $250,000.Revises requirements for systemic risk special assessments (to recover any loss to the Deposit Insurance Fund arising from actions taken or assistance provided with respect to an insured depository institution) to include assessments on depository institution holding companies.
What is the current status of HR 384?
This bill died with 111th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 384?
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