H.R. 6987 (110th): Taxpayer Bailout Protection Act of 2008

Introduced:
Sep 22, 2008 (110th Congress, 2007–2009)
Sponsor:
Rep. Tom Feeney [R-FL24]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on September 22, 2008, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 22, 2008
Cosponsors
4 cosponsors (4R) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Sarbanes-Oxley Act of 2002 to require officers to repay bonus amounts received during a year in which their company is subject to a taxpayer bailout, as well as the two previous years.

Summary

No summaries available.

Text

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Last updated Sep 22, 2008.
3 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

9/22/2008--Introduced.
Taxpayer Bailout Protection Act of 2008 - Amends the Sarbanes-Oxley Act of 2002 to require an officer of an issuer of registered securities to pay to the Department of the Treasury any bonus or other incentive-based or equity-based compensation received from the issuer during a year in which the issuer is subject to a taxpayer bailout and the two prior years. Defines "taxpayer bailout" as: (1) placement of the issuer under conservatorship, receivership, or other assumption of the management, governance, and control of the issuer by the Treasury or by the Board of Governors of the Federal Reserve; or (2) an emergency loan of public funds made to the issuer by the Treasury or the Board, if the Board Chairman determines that such a loan is necessary to prevent the issuer's imminent failure.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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