Text: H.R.6337 — 111th Congress (2009-2010)All Bill Information (Except Text)

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Introduced in House (09/29/2010)


111th CONGRESS
2d Session
H. R. 6337

To amend the Emergency Economic Stabilization Act of 2008 to require each institution with outstanding assistance under the Troubled Asset Relief Program to disclose such fact to the institution’s customers.


IN THE HOUSE OF REPRESENTATIVES
September 29, 2010

Mr. Hensarling (for himself, Mr. Bachus, Mr. Garrett of New Jersey, Mrs. Biggert, Mr. Marchant, Mr. Pitts, Mr. Franks of Arizona, Mrs. Blackburn, Mr. Gingrey of Georgia, Mr. Rooney, Mr. Shadegg, Mr. Kingston, Mr. Price of Georgia, Mr. Posey, Mr. Pence, Mr. Jordan of Ohio, Mr. Gohmert, Mr. Bishop of Utah, Mr. Culberson, Mr. Fleming, Mr. Olson, Mr. Issa, and Mr. Akin) 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 require each institution with outstanding assistance under the Troubled Asset Relief Program to disclose such fact to the institution’s customers.

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 “Truth in Bailouts Act”.

SEC. 2. Disclosure requirement.

Section 120 of the Emergency Economic Stabilization Act of 2008 is amended by adding at the end the following new subsection:

“(c) Disclosure requirement.—

“(1) IN GENERAL.—After the end of the 90-day period beginning on the date of the enactment of the Truth in Bailouts Act, each TARP recipient shall—

“(A) display at each place of business maintained by such recipient a sign or signs disclosing, in a clear and conspicuous manner, the following: ‘This institution has received financial assistance from the Federal Government under the Troubled Asset Relief Program and has not yet repaid the taxpayers.’; and

“(B) display such disclosure in a clear and conspicuous manner on the main page of such recipient’s internet website.

“(2) TARP RECIPIENT DEFINED.—For purposes of this subsection, the term ‘TARP recipient’ means any financial institution in which the Treasury holds an equity or debt position acquired under TARP.”.