H.R.4118 - Taxpayer Investment Protection Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Kirk, Mark Steven [R-IL-10] (Introduced 11/19/2009)|
|Committees:||House - Financial Services|
|Latest Action:||11/19/2009 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.4118 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (11/19/2009)
Taxpayer Investment Protection Act of 2009 - Directs the Secretary of the Treasury to divest, by December 31, 2010, the federal ownership interest in certain troubled assets purchased by the Secretary under the Troubled Asset Relief Program (TARP) under the Emergency Economic Stabilization Act of 2008 (EESA).
Requires all repayments of obligations arising under EESA, and all proceeds from the sale of assets acquired by the federal government under EESA, to be paid into the general fund of the Treasury for reduction of the public debt.
Instructs the Secretary to report periodically to Congress on plans for compliance with this Act, providing detail on equity divestiture plans and return of capital for the following corporate investments: (1) Bank of America; (2) Chrysler; (3) General Motors; (4) Citigroup; (5) American International Group, Inc. (AIG); (6) Hartford Financial Services; (7) Lincoln National Corporation; and (8) GMAC (formerly General Motors Acceptance Corporation).