All Information (Except Text) for S.1242 - Government Ownership Exit Plan Act of 2009111th Congress (2009-2010)
|Sponsor:||Sen. Thune, John [R-SD] (Introduced 06/11/2009)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 06/11/2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Actions Overview (1)
|06/11/2009||Introduced in Senate|
06/11/2009 Introduced in Senate
All Actions (2)
|06/11/2009||Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
Action By: Senate
|06/11/2009||Sponsor introductory remarks on measure. (CR S6533-6534, S6549-6550)|
Action By: Senate
06/11/2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
06/11/2009 Sponsor introductory remarks on measure. (CR S6533-6534, S6549-6550)
|Sen. Coburn, Tom [R-OK]*||06/11/2009|
|Sen. Inhofe, James M. [R-OK]*||06/11/2009|
|Sen. Vitter, David [R-LA]*||06/11/2009|
|Sen. Johanns, Mike [R-NE]*||06/11/2009|
|Sen. Cornyn, John [R-TX]*||06/11/2009|
|Sen. Kyl, Jon [R-AZ]*||06/11/2009|
|Sen. McConnell, Mitch [R-KY]*||06/11/2009|
|Sen. Barrasso, John [R-WY]*||06/11/2009|
|Sen. Ensign, John [R-NV]*||06/11/2009|
|Sen. Hutchison, Kay Bailey [R-TX]||06/15/2009|
|Sen. Brownback, Sam [R-KS]||06/15/2009|
|Sen. McCain, John [R-AZ]||06/16/2009|
|Sen. Bennett, Robert F. [R-UT]||09/10/2009|
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Banking, Housing, and Urban Affairs||06/11/2009||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Budget deficits and national debt
- Civil actions and liability
- Congressional oversight
- Corporate finance and management
- Financial crises and stabilization
- Fraud offenses and financial crimes
- Government corporations and government-sponsored enterprises
- Government ethics and transparency, public corruption
- Housing finance and home ownership
Latest Summary (1)
Introduced in Senate (06/11/2009)
Government Ownership Exit Plan Act of 2009 - Prohibits the federal government from acquiring, directly or indirectly, any ownership interest in a troubled asset described in the Emergency Economic Stabilization Act of 2008 (EESA) that was purchased from a financial institution by the Secretary of the Treasury.
Requires the Secretary to divest the government of any such interest not later than July 1, 2010, with exceptions allowing ownership interests of not more than six months if: (1) divestiture would have a significant adverse impact on taxpayers; and (2) there is a reasonable expectation that a waiver would allow recovery of the cost of acquiring such interest.
Amends EESA to state that the limit of authority to purchase troubled assets is $700 billion (under current law, such limitation, reduced by $1.259 billion, is described as "outstanding at any one time").
Requires all repayments of obligations arising under EESA, and all proceeds from the sale of assets acquired by the government under that Act, to be paid into the general fund of the Treasury for reduction of the public debt.
Makes it unlawful for an officer or employee of the executive branch to knowingly make, with the intent to influence, a communication regarding a significant management decision of a recipient of EESA assistance to any officer or employee of the recipient.
Makes the Financial Stability Oversight Board responsible for reviewing the ownership interest termination provisions of this Act.
Establishes requirements for reports by the Secretary on: (1) ownership interests; (2) plans for compliance with this Act, including for winding down and divestiture; and (3) ending conservatorship and direct ownership by the government of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac, respectively).