H.R.3436 - TARP Executive Disclosure Act111th Congress (2009-2010)
|Sponsor:||Rep. Cummings, Elijah E. [D-MD-7] (Introduced 07/31/2009)|
|Committees:||House - Financial Services; Oversight and Government Reform; Judiciary|
|Latest Action:||09/14/2009 Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties. (All Actions)|
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Summary: H.R.3436 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (07/31/2009)
TARP Executive Disclosure Act - Requires each chief executive officer of any financial institution that receives federal assistance under the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008 (EESA), or other specified federal law, to report to the Secretary of the Treasury specified financial information required under the Ethics in Government Act of 1978.
Treats the Secretary as the designated agency ethics official for purposes of: (1) taking any action under the Ethics in Government Act of 1978 with respect to any person who fails to file such a report, or who files a false report; (2) acting as custodian of, and providing public access, to reports filed under this Act; and (3) reviewing such reports.
Authorizes the Secretary, in addition to any other specified action against an individual who fails to comply with this reporting requirement, to terminate and require the repayment of the assistance provided to a financial institution which gave rise to the reporting requirement with respect to any of its senior executive officers.
Requires the Board of Governors of the Federal Reserve System or the Federal Deposit Insurance Corporation (FDIC) to carry out the Secretary's determination with respect to any assistance to the financial institution the Board or the FDIC provided.