H.R. 384 (111th): TARP Reform and Accountability Act of 2009

Introduced:
Jan 09, 2009 (111th Congress, 2009–2010)
Status:
Died (Passed House)
Sponsor
Barney Frank
Representative for Massachusetts's 4th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Jan 22, 2009
Length
95 pages
Related Bills
H.Res. 62 (rule)

Agreed To (Simple Resolution)
Jan 15, 2009

H.Res. 53 (rule)

Agreed To (Simple Resolution)
Jan 14, 2009

 
Status

This bill was introduced in a previous session of Congress and was passed by the House on January 21, 2009 but was never passed by the Senate.

Progress
Introduced Jan 09, 2009
Referred to Committee Jan 09, 2009
Passed House Jan 21, 2009
 
Full Title

To reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.

Summary

No summaries available.

Votes
Jan 15, 2009 1:37 p.m.
Agreed to 275/152
Jan 15, 2009 1:47 p.m.
Failed 151/274
Jan 15, 2009 1:54 p.m.
Failed 142/282
Jan 15, 2009 2:03 p.m.
Agreed to 426/0
Jan 21, 2009 3:37 p.m.
Agreed to 427/1
Jan 21, 2009 4:44 p.m.
Passed 260/166

Cosponsors
none
Committees

House Financial Services

House Judiciary

House Ways and Means

Senate Finance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


1/9/2009--Introduced.
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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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