S.1723 - TARP Recipient Ownership Trust Act of 2009111th Congress (2009-2010)
|Sponsor:||Sen. Corker, Bob [R-TN] (Introduced 09/29/2009)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||09/29/2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.1723 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in Senate (09/29/2009)
TARP Recipient Ownership Trust Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to delegate to a private entity management authority over troubled assets with respect to any entity assisted under the Troubled Asset Relief Program (TARP).
Prohibits any expenditure of TARP funds 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 and its assets by December 24, 2011, unless: (1) the trustees report to Congress that liquidation would not maximize profitability of the company and the return on investment to the taxpayer; and (2) Congress enacts into law a joint resolution disapproving the liquidation plan of the Secretary.