Text: H.R.1761 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in House (03/26/2009)


111th CONGRESS
1st Session
H. R. 1761


To amend the Emergency Economic Stabilization Act of 2008 to restrict the use of TARP funds for domestic purposes.


IN THE HOUSE OF REPRESENTATIVES

March 26, 2009

Mr. Kildee (for himself, Ms. Kaptur, Ms. Sutton, Mr. Michaud, Mr. Hare, Mr. Stupak, Mr. Dingell, Mr. Visclosky, Mr. Holden, Mr. Ryan of Ohio, Ms. Shea-Porter, Mr. Brady of Pennsylvania, and Ms. Kilroy) introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To amend the Emergency Economic Stabilization Act of 2008 to restrict the use of TARP funds for domestic purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as “The Responsible Use of Taxpayer Help Act”.

SEC. 2. Requirement to use TARP funds for domestic purposes.

Title I of the Emergency Economic Stabilization Act of 2008 is amended by adding at the end the following new section:

“SEC. 137. Requirement to use TARP funds for domestic purposes.

“A financial institution shall not use any assistance provided under this title to—

“(1) purchase or invest in any foreign asset or business;

“(2) transfer money to, or invest in, a foreign subsidiary of the financial institution;

“(3) pay any type of compensation to an employee of the financial institution unless such employee is a United States citizen or lawful permanent resident; or

“(4) make any other purchase, payment, transfer, or investment, the primary effect of which is to benefit a foreign entity.”.