S.1280 - TARP Recipient Ownership Trust Act of 2009111th Congress (2009-2010)
|Sponsor:||Sen. Corker, Bob [R-TN] (Introduced 06/17/2009)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||06/17/2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6727-6728) (All Actions)|
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Summary: S.1280 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in Senate (06/17/2009)
TARP Recipient Ownership Trust Act of 2009 - Amends Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to delegate to a private entity management authority with respect to any entity assisted under the Act.
Prohibits any expenditure of funds under the Troubled Asset Relief Program (TARP) until the Secretary transfers all voting, nonvoting, and common equity in any designated TARP recipient to a limited liability company, to be held and managed in trust on behalf of U.S. taxpayers.
Requires the trustees to liquidate the trust, including the assets it holds, by December 24, 2011, unless the trustees report to Congress that liquidation would not maximize profitability of the company and the return on investment to the taxpayer.