h 491 53777 1231477200 false 1232574240 1232600400 57 384 15908 This legislation would establish tighter oversight on the second released amount of $350 billion under the Troubled Assets Relief Program (TARP) created by the 2008 bailout bill, <a href="http://www.opencongress.org/bill/110-h1424/show">H.R. 1424</a>. This enhanced regulation requires that all institutions receiving such funding file quarterly reports on how the money is used, imposes stricter limits on executive compensation for employees of recipient firms, and enhances the Financial Stability Oversight Board. More info <a href="http://www.opencongress.org/articles/view/811-Frank-Seeks-New-Conditions-for-Bailout-Money">here</a>. 111 400140

1/9/2009--Introduced.TARP Reform and Accountability Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to require specified depository institutions under the Troubled Asset Relief Program (TARP) to report periodically on their use of TARP assistance.Requires the Secretary to incorporate within the TARP assistance agreement how the funds are to be used and the benchmarks an institution must meet in using such funds.Requires federal banking regulatory agencies to examine annually the use of TARP funds made by the deposit institutions.Prohibits the use of TARP funds by a TARP-assisted institution for mergers or acquisitions unless such a transaction: (1) will reduce risk to the taxpayer; or (2) could have been consummated without such funds. Sets forth executive compensation and corporate governance requirements.Amends the Federal Deposit Insurance Act (FDIA) to require that reports of condition submitted by federally-assisted deposit institutions include the amount of any increase or decrease in new lending attributable to TARP investment or assistance.Amends the Act to condition TARP assistance to a depository institution upon its issuance to the Secretary of common stock warrants.Instructs the Secretary to make TARP available funds to smaller community financial institutions.Increases the size of the Financial Stability Oversight Board and authorizes it to overturn by a 2/3 vote any policy determination made by the Secretary.Conditions TARP assistance upon development of a Board-approved foreclosure mitigation and implementation plan.Cites circumstances in which a servicer shall not be: (1) liable for entering into a loan modification or workout plan with respect to any mortgage that meets specified criteria; (2) limited in the ability to modify mortgages, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or (3) obligated to repurchase loans or otherwise make payments to the securitization vehicle on account of a modification, workout, or other loss mitigation plan for residential mortgages that constitute a part or all of the mortgages in the securitization vehicle.Directs the President to designate officers from the Executive Branch (President's designees) to implement specified purposes, including the restructuring necessary to achieve the long-term financial viability of domestic automobile manufacturers.Requires the President's designees to: (1) authorize and direct the disbursement of bridge loans to, or to enter into commitments for lines of credit for, each automobile manufacturer that submitted a loan request and a plan to Congress on December 2, 2008; and (2) determine measures to assess the progress of each eligible automobile manufacturer toward transforming such plan into a restructuring plan.Conditions such bridge loans upon an eligible automobile manufacturer's issuance of common stock warrants to the President's designee.Subjects bridge loan recipients to specified standards for executive compensation and corporate governance.Grants the Comptroller General oversight authority over the President's designee.Makes it the duty of the Special Inspector General to audit and investigate the President's designee.Requires the President's designee to report to Congress within five days of making any such bridge loan.Authorizes the Secretary to establish or support: (1) facilities for the availability of consumer loans, including vehicle and student loans; (2) state and local governments, and other issuers of municipal securities, experiencing difficulty accessing financing in the capital markets (including direct purchases and credit enhancement); and (3) facilities to support the availability of commercial real estate loans, including asset-backed securities.Amends the National Housing Act to revise the HOPE for Homeowners Program to: (1) revise requirements governing insured mortgages and premium payments; (2) authorize the Program's Board of Directors to establish a payment to the servicer of the existing senior mortgage for every loan insured under the Program; and (3) instruct the Secretary to fund increased credit subsidy costs.Instructs the Secretary to implement a program to stimulate demand for home purchases and to reduce unsold inventories of residential properties, ensuring the availability of affordable interest rates on mortgages made for the purchase of one- to four-family residential properties.Amends the FDIA and the Federal Credit Union Act to make permanent the increase in the standard maximum deposit insurance amount from $100,000 to $250,000.Revises requirements for systemic risk special assessments (to recover any loss to the Deposit Insurance Fund arising from actions taken or assistance provided with respect to an insured depository institution) to include assessments on depository institution holding companies.

1232600400 2009-01-22 Fri Nov 13 12:13:01 -0600 2009 introduced 53777 'asset':5 'ensur':15 'reform':2 'relief':6 'troubl':4 'account':16 'program':7,19 'treasuri':13 'secretari':10 66295 false official introduced 53777 'act':5 'tarp':1 'reform':2 'account':4 66397 true popular introduced 53777 'act':5 '2009':7 'tarp':1 'reform':2 'account':4 66423 false short action 53777 1232600400 Thu Jan 22 00:00:00 -0600 2009 183800 Received in the Senate and Read twice and referred to the Committee on Finance. F000339 1940-03-31 15320 2252 Rayburn House Office Building http://www.house.gov/writerep 4 202-225-0182 Barney 'd':4 '-4':6 'ma':5 'rep':1 'frank':3,8,10 'barney':2,7,9 M 400140 Frank Barney_Frank Rep. Barney Frank [D, MA-4] 7567 N00000275 17984 Democrat 202-225-5931 Jewish MA Barney Frank 2.58666666666667 http://www.house.gov/frank/ action 53777 1232600400 Thu Jan 22 00:00:00 -0600 2009 183800 Received in the Senate and Read twice and referred to the Committee on Finance. action 53777 1232570640 Wed Jan 21 16:44:00 -0600 2009 181886 The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 384. vote 53777 1232570640 Wed Jan 21 16:44:00 -0600 2009 roll 181885 pass 5144 26 On passage Passed by recorded vote: 260 - 166 (Roll no. 26). vote h action 53777 1232570100 Wed Jan 21 16:35:00 -0600 2009 181884 On motion to recommit with instructions Failed by the Yeas and Nays: 199 - 228 (Roll no. 25). action 53777 1232569020 Wed Jan 21 16:17:00 -0600 2009 181883 The previous question on the motion to recommit with instructions was ordered without objection. action 53777 1232568420 Wed Jan 21 16:07:00 -0600 2009 181882 Floor summary: DEBATE - The House proceeded with 10 minutes of debate on the Barrett (SC) motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment pertaining to provisions dealing with Title I- TARP Terminiation and Full Repayment Plan. action 53777 1232568360 Wed Jan 21 16:06:00 -0600 2009 181881 Mr. Barrett (SC) moved to recommit with instructions to Financial Services. action 53777 1232568360 Wed Jan 21 16:06:00 -0600 2009 181880 On motion to table appeal of the ruling of the chair Agreed to by recorded vote: 251 - 176 (Roll no. 24). action 53777 1232567160 Wed Jan 21 15:46:00 -0600 2009 181879 Mr. Frank (MA) moved to table appeal of the ruling of the chair. action 53777 1232566860 Wed Jan 21 15:41:00 -0600 2009 181877 Point of order sustained against the motion to recommit with instructions. action 53777 1232566860 Wed Jan 21 15:41:00 -0600 2009 181878 Mr. Gohmert appealed the ruling of the chair. The question was then put on sustaining the ruling of the chair. action 53777 1232566860 Wed Jan 21 15:41:00 -0600 2009 181876 Mr. Frank (MA) raised a point of order against the motion to recommit with instructions. Mr. Frank stated that the provisions of the motion to recommit exceed the scope of the bill and the motion to recommit is therefore, not germane. Sustained by the Chair. action 53777 1232566800 Wed Jan 21 15:40:00 -0600 2009 181875 Mr. Gohmert moved to recommit with instructions to Financial Services. action 53777 1232566740 Wed Jan 21 15:39:00 -0600 2009 181874 The previous question was ordered pursuant to the rule. action 53777 1232566680 Wed Jan 21 15:38:00 -0600 2009 181873 The House rose from the Committee of the Whole House on the state of the Union to report H.R. 384. action 53777 1232564760 Wed Jan 21 15:06:00 -0600 2009 181872 The House resolved into Committee of the Whole House on the state of the Union for further consideration. action 53777 1232564760 Wed Jan 21 15:06:00 -0600 2009 181871 Considered as unfinished business. action 53777 1232562840 Wed Jan 21 14:34:00 -0600 2009 181869 POSTPONED PROCEEDINGS - At the conclusion of debate on the Hinchey amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Hinchey demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. action 53777 1232562840 Wed Jan 21 14:34:00 -0600 2009 181870 Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business. action 53777 1232562240 Wed Jan 21 14:24:00 -0600 2009 181868 DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Hinchey amendment. action 53777 1232561580 Wed Jan 21 14:13:00 -0600 2009 181867 DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Flake amendment. action 53777 1232560920 Wed Jan 21 14:02:00 -0600 2009 181866 DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Frank (MA) amendment. action 53777 1232560560 Wed Jan 21 13:56:00 -0600 2009 181865 DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Myrick amendment. action 53777 1232560500 Wed Jan 21 13:55:00 -0600 2009 181864 The House resolved into Committee of the Whole House on the state of the Union for further consideration. action 53777 1232560500 Wed Jan 21 13:55:00 -0600 2009 181863 Considered as unfinished business. action 53777 1232081940 Thu Jan 15 12:59:00 -0600 2009 181550 DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with ten minutes of debate on the Patrick Murphy amendment. action 53777 1232081820 Thu Jan 15 12:57:00 -0600 2009 181549 POSTPONED PROCEEDINGS - At the conclusion of the Bachmann amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Ms. Bachmann demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. action 53777 1232080980 Thu Jan 15 12:43:00 -0600 2009 181548 DEBATE - Pursuant to the provisions of H. Res. 62 the Committee of the Whole proceeded with ten minutes of debate on the Bachmann amendment. action 53777 1232080500 Thu Jan 15 12:35:00 -0600 2009 181547 Mr. Holt asked unanimous consent to modify his amendment. Objection was heard. action 53777 1232080140 Thu Jan 15 12:29:00 -0600 2009 181546 DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with ten minutes of debate on the Holt amendment. action 53777 1232080080 Thu Jan 15 12:28:00 -0600 2009 181545 Subsequently, the Committee resumed it's sitting. action 53777 1232080080 Thu Jan 15 12:28:00 -0600 2009 181543 POSTPONED PROCEEDINGS - At the conclusion of debate on the Hensarling amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Hensarling demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. action 53777 1232080080 Thu Jan 15 12:28:00 -0600 2009 181544 The Committee of the Whole rose informally to receive a message from the President. action 53777 1232079300 Thu Jan 15 12:15:00 -0600 2009 181542 DEBATE - Purusuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with ten minutes of debate on the Hensarling amendment. action 53777 1232078580 Thu Jan 15 12:03:00 -0600 2009 181541 DEBATE - Pursuant to the provisions of H.Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Matsui amendment. action 53777 1232078520 Thu Jan 15 12:02:00 -0600 2009 181540 POSTPONED PROCEEDINGS - At the conclusion of debate on the Frank amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Frank demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. action 53777 1232042640 Thu Jan 15 14:04:00 -0600 2009 181553 Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business. action 53777 1232039400 Thu Jan 15 13:10:00 -0600 2009 181552 UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question on adoption of amendments which were debated earlier and on which further proceedings had been postponed. action 53777 1232039400 Thu Jan 15 13:10:00 -0600 2009 181551 POSTPONED PROCEEDINGS - At the conclusion of debate on the Patrick Murphy amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Patrick Murphy demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. action 53777 1232032440 Thu Jan 15 11:14:00 -0600 2009 181539 DEBATE - Pursuant to the provisions of H.Res. 62, the Committee of the Whole proceeded with 40 minutes of debate on the Frank amendment. action 53777 1232032380 Thu Jan 15 11:13:00 -0600 2009 181538 The House resolved into Committee of the Whole House on the state of the Union for further consideration. action 53777 1232032320 Thu Jan 15 11:12:00 -0600 2009 181537 Considered as unfinished business. action 53777 1232032260 Thu Jan 15 11:11:00 -0600 2009 181536 Rule H. Res. 62 passed House. action 53777 1231974720 Wed Jan 14 19:12:00 -0600 2009 181284 Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business. action 53777 1231971480 Wed Jan 14 18:18:00 -0600 2009 181283 Rules Committee Resolution H. Res. 62 Reported to House. Rule provides for consideration of H.R. 384. Measure will be considered read. Specified amendments are in order. The resolution provides for further consideration of H.R. 384 with no further general debate. action 53777 1231970580 Wed Jan 14 18:03:00 -0600 2009 181280 Considered as unfinished business. action 53777 1231970580 Wed Jan 14 18:03:00 -0600 2009 181282 GENERAL DEBATE - The Committee of the Whole resumed general debate on H.R. 384. action 53777 1231970580 Wed Jan 14 18:03:00 -0600 2009 181281 The House resolved into Committee of the Whole House on the state of the Union for further consideration. action 53777 1231970460 Wed Jan 14 18:01:00 -0600 2009 181279 Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business. action 53777 1231970400 Wed Jan 14 18:00:00 -0600 2009 181278 On motion that the Committee rise Agreed to by voice vote. action 53777 1231970340 Wed Jan 14 17:59:00 -0600 2009 181277 Mr. Frank (MA) moved that the Committee rise. action 53777 1231966140 Wed Jan 14 16:49:00 -0600 2009 181276 GENERAL DEBATE - The Committee of the Whole proceeded with two hour of general debate on H.R. 384. action 53777 1231966080 Wed Jan 14 16:48:00 -0600 2009 181275 The Speaker designated the Honorable John T. Salazar to act as Chairman of the Committee. action 53777 1231966080 Wed Jan 14 16:48:00 -0600 2009 181274 House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 53 and Rule XVIII. action 53777 1231966080 Wed Jan 14 16:48:00 -0600 2009 181273 Rule provides for consideration of H.R. 384 with 2 hours of general debate. Measure will be considered read. Bill is closed to amendments. The resolution waives all points of order against consideration of the bill except those arising under clause 9 of rule XXI. The resolution provides that the Committee of the Whole shall rise without motion after general debate and that no further consideration of the bill shall occur except pursuant to a subsequent order of the House. action 53777 1231966080 Wed Jan 14 16:48:00 -0600 2009 181272 Considered under the provisions of rule H. Res. 53. action 53777 1231965480 Wed Jan 14 16:38:00 -0600 2009 181271 Rule H. Res. 53 passed House. action 53777 1231896420 Tue Jan 13 21:27:00 -0600 2009 180491 Rules Committee Resolution H. Res. 53 Reported to House. Rule provides for consideration of H.R. 384 with 2 hours of general debate. Measure will be considered read. Bill is closed to amendments. The resolution waives all points of order against consideration of the bill except those arising under clause 9 of rule XXI. The resolution provides that the Committee of the Whole shall rise without motion after general debate and that no further consideration of the bill shall occur except pursuant to a subsequent order of the House. action 53777 1231477200 Fri Jan 09 00:00:00 -0600 2009 180148 Referred to House Judiciary introduced 53777 1231477200 Fri Jan 09 00:00:00 -0600 2009 180144 action 53777 1231477200 Fri Jan 09 00:00:00 -0600 2009 180145 Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. action 53777 1231477200 Fri Jan 09 00:00:00 -0600 2009 180146 Referred to House Financial Services action 53777 1231477200 Fri Jan 09 00:00:00 -0600 2009 180147 Referred to House Ways and Means 7 260 53777 Wed Jan 21 15:44:00 -0600 2009 true 5144 false 166 26 140 0 On Passage: H R 384 TARP Reform and Accountability Act false 1/2 Passed On Passage Wed Jan 21 16:06:21 -0600 2009 house 6 199 53777 Wed Jan 21 15:34:00 -0600 2009 false 5143 false 228 25 64 0 On Motion to Recommit with Instructions: H R 384 TARP Reform and Accountability Act true 1/2 Failed On Motion to Recommit with Instructions Wed Jan 21 16:06:03 -0600 2009 house 6 251 53777 Wed Jan 21 15:05:00 -0600 2009 true 5142 false 176 24 73 0 Table Appeal of the Ruling of the Chair: H R 384 TARP Reform and Accountability Act false 1/2 Passed Table Appeal of the Ruling of the Chair Wed Jan 21 16:05:45 -0600 2009 house 11 427 53777 Wed Jan 21 14:37:00 -0600 2009 true 5141 false 1 23 70 0 On Agreeing to the Amendment: Amendment 10 to H R 384 true 1/2 Agreed to On Agreeing to the Amendment Wed Jan 21 16:05:05 -0600 2009 house 13 426 53777 Thu Jan 15 13:03:00 -0600 2009 true 5137 false 0 22 68 0 On Agreeing to the Amendment: Amendment 6 to H R 384 true 1/2 Agreed to On Agreeing to the Amendment Thu Jan 15 14:06:31 -0600 2009 house 15 142 53777 Thu Jan 15 12:54:00 -0600 2009 false 5136 false 282 21 79 0 On Agreeing to the Amendment: Amendment 5 to H R 384 true 1/2 Failed On Agreeing to the Amendment Thu Jan 15 14:06:12 -0600 2009 house 14 151 53777 Thu Jan 15 12:47:00 -0600 2009 false 5135 false 274 20 86 0 On Agreeing to the Amendment: Amendment 3 to H R 384 true 1/2 Failed On Agreeing to the Amendment Thu Jan 15 14:05:52 -0600 2009 house 12 275 53777 Thu Jan 15 12:37:00 -0600 2009 true 5134 false 152 19 74 0 On Agreeing to the Amendment: Amendment 1 to H R 384 false 1/2 Agreed to On Agreeing to the Amendment Thu Jan 15 14:05:06 -0600 2009 house