H.R.3594 - TARP Recipient Ownership Trust Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Bachus, Spencer [R-AL-6] (Introduced 09/17/2009)|
|Committees:||House - Financial Services; Rules|
|Latest Action:||House - 09/17/2009 Referred to House Rules (All Actions)|
This bill has the status Introduced
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Summary: H.R.3594 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (09/17/2009)
TARP Recipient Ownership Trust Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to delegate to a private entity management authority over troubled assets with respect to any entity assisted under the Troubled Asset Relief Program (TARP).
Prohibits any expenditure of TARP funds until the Secretary transfers all voting, nonvoting, and common equity in any designated TARP recipient to a limited liability company, to be held and managed in trust on behalf of U.S. taxpayers.
Requires the trustees to liquidate the trust and its assets by December 24, 2011, unless: (1) the trustees report to Congress that liquidation would not maximize profitability of the company and the return on investment to the taxpayer; and (2) Congress enacts into law a joint resolution approving continuation of the TARP management plan established under this Act.