H.R.7226 - Net Worth Certificate Program Act of 2008110th Congress (2007-2008)
|Sponsor:||Rep. Shadegg, John B. [R-AZ-3] (Introduced 09/29/2008)|
|Committees:||House - Financial Services|
|Latest Action:||House - 09/29/2008 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.7226 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in House (09/29/2008)
Net Worth Certificate Program Act of 2008 - Directs the Chairman of the Federal Deposit Insurance Corporation (FDIC) to create a net worth certificate program that will settle the financial markets without significant expense to taxpayers.
States that such program will be authorized to purchase net worth certificates by issuing FDIC senior notes to the banks in the form of subordinated debentures, or in any other form the Chairman determines meets program goals and requirements.
Requires the Chairman to certify that a bank eligible for the program is both: (1) in danger of failing; and (2) could be viable if given more time.
Requires the Chairman to issue new, strict supervision rules for banks that wish to enter the program, including oversight of top executive compensation and removal of poor management.