Summary: S.116 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for S.116. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (01/06/2009)

TARP Assistance for Local Governments Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to instruct the Secretary of the Treasury to use $10 billion of funds made available for the TARP (Troubled Asset Relief Program) to assist public instrumentalities, such as counties and cities, that have suffered significant increased costs or losses due to investments with failed financial institutions.

Restricts such assistance to public instrumentalities that have suffered due to investments that were highly rated in any failed financial institution, whether or not the financial institution is assisted under such Act.