S.3683 - A bill to amend the Emergency Economic Stabilization Act to require approval by the Congress for certain expenditures for the Troubled Asset Relief Program.110th Congress (2007-2008)
|Sponsor:||Sen. Inhofe, James M. [R-OK] (Introduced 11/17/2008)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||11/17/2008 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.3683 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in Senate (11/17/2008)
Amends the Emergency Economic Stabilization Act to revise the limitation on the Secretary of the Treasury's authority to purchase troubled assets through the Troubled Assets Relief Program (TARP).
Changes the Joint Resolution of Disapproval, regarding authority to purchase troubled assets, to a Joint Resolution of Approval. Prohibits the Secretary, that is, from exercising any authority to make any such purchases with regard to any TARP amount authorized, and unobligated as of November 14, 2008, unless within 15 calendar days after Congress receives a report of the Secretary's plan to exercise such authority, a joint resolution approving the plan is enacted into law.