Text: H.R.4519 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in House (01/26/2010)


111th CONGRESS
2d Session
H. R. 4519


To direct the Secretary of the Treasury to make publicly available on the Internet the electronic communications of certain TARP recipients.


IN THE HOUSE OF REPRESENTATIVES

January 26, 2010

Mr. Israel introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To direct the Secretary of the Treasury to make publicly available on the Internet the electronic communications of certain TARP recipients.

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 “Financial Crisis Public Disclosure Act of 2010”.

SEC. 2. Public disclosure.

Not later than 120 days after the date of the enactment of this Act, the Secretary of the Treasury shall make publicly available on the Internet the electronic communications of certain employees at large TARP-recipient firms.

SEC. 3. Definitions.

For purposes of this Act:

(1) CERTAIN EMPLOYEES.—The term “certain employees” means a firm’s officers, directors, and those employees of the firm engaged in the trading or selling of derivatives, securities, or swaps.

(2) ELECTRONIC COMMUNICATION.—The term “electronic communication” means e-mail and attached files whose subject matter concerns activities related in any way to the current financial and economic crisis in the United States (within the scope of the meaning of such term as used in section 5 of the Fraud Enforcement Recovery Act of 2009), including communications related to the structuring, trading, sale, or other use of complex financial instruments like swaps, structured finance transactions, and other derivatives.

(3) LARGE TARP-RECIPIENT FIRMS.—The term “large TARP-recipient firms” means a company—

(A) that received assistance under the Troubled Asset Relief Program under title I of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.); and

(B) that has more than $60,000,000,000 of such assistance outstanding on the date that the Financial Crisis Public Disclosure Act of 2010 was introduced in the House of Representatives.

(4) PUBLICLY AVAILABLE.—The term “publicly available” means available to the general public free of charge on a Web site that allows for the communications subject to this Act to be used in a format that is easily searchable and manipulable.

SEC. 4. Privacy exemption.

An electronic communication is exempt from the disclosure requirements under section 2 if such communication is of a purely personal nature or would otherwise be privileged.