H.R.384 - TARP Reform and Accountability Act

To reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program. view all titles (3)

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All Bill Titles

  • Official: To reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program. as introduced.
  • Popular: TARP Reform and Accountability Act as introduced.
  • Short: TARP Reform and Accountability Act of 2009 as introduced.

Bill's Views

  • Today: 23
  • Past Seven Days: 107
  • All-Time: 53,779
 
Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
01/08/09
 
01/21/09
 
 
 
 
 

Official Bill Text Comment on about 101 Pages

Sponsor

Representative

Barney Frank

D-MA

No Co-Sponsors
 

Latest Vote

Result: Passed - January 21, 2009

Roll call number 26 in the House

Question: On Passage: H R 384 TARP Reform and Accountability Act

Required percentage of 'Aye' votes: 1/2 (50%)
Percentage of 'aye' votes: 60%
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Democrats Voting 'Aye'

Neil Abercrombie
Rep. Gary Ackerman [D, NY-5]
John Adler
Rep. Robert Andrews [D, NJ-1]
Michael Arcuri
Rep. Joe Baca [D, CA-43]
Brian Baird
Rep. Tammy Baldwin [D, WI-2]
Rep. John Barrow [D, GA-12]
Melissa Bean
Rep. Xavier Becerra [D, CA-31]
Rep. Shelley Berkley [D, NV-1]
Rep. Howard Berman [D, CA-28]
Robert Berry
Rep. Timothy Bishop [D, NY-1]
Rep. Sanford Bishop [D, GA-2]
Rep. Earl Blumenauer [D, OR-3]
John Boccieri
Rep. Dan Boren [D, OK-2]
Rep. Leonard Boswell [D, IA-3]
Allen Boyd
Rep. Robert Brady [D, PA-1]
Rep. Bruce Braley [D, IA-1]
Rep. Corrine Brown [D, FL-3]
Rep. George Butterfield [D, NC-1]
Rep. Lois Capps [D, CA-23]
Rep. Michael Capuano [D, MA-8]
Rep. Dennis Cardoza [D, CA-18]
Rep. Russ Carnahan [D, MO-3]
Christopher Carney
Rep. André Carson [D, IN-7]
Rep. Kathy Castor [D, FL-11]
Rep. Ben Chandler [D, KY-6]
Travis Childers
Rep. Yvette Clarke [D, NY-11]
Rep. William Clay [D, MO-1]
Rep. Emanuel Cleaver [D, MO-5]
Rep. James Clyburn [D, SC-6]
Rep. Steve Cohen [D, TN-9]
Rep. Gerald Connolly [D, VA-11]
Rep. Jim Cooper [D, TN-5]
Rep. Jim Costa [D, CA-20]
Rep. Jerry Costello [D, IL-12]
Rep. Joe Courtney [D, CT-2]
Rep. Joseph Crowley [D, NY-7]
Rep. Henry Cuellar [D, TX-28]
Rep. Elijah Cummings [D, MD-7]
Kathleen Dahlkemper
Rep. Susan Davis [D, CA-53]
Rep. Danny Davis [D, IL-7]
Lincoln Davis
Artur Davis
Rep. Peter DeFazio [D, OR-4]
Rep. Diana DeGette [D, CO-1]
William Delahunt
Rep. Rosa DeLauro [D, CT-3]
Rep. Norman Dicks [D, WA-6]
Rep. John Dingell [D, MI-15]
Rep. Lloyd Doggett [D, TX-25]
Rep. Joe Donnelly [D, IN-2]
Rep. Michael Doyle [D, PA-14]
Steve Driehaus
Thomas Edwards
Rep. Donna Edwards [D, MD-4]
Rep. Keith Ellison [D, MN-5]
Brad Ellsworth
Rep. Eliot Engel [D, NY-17]
Rep. Anna Eshoo [D, CA-14]
Bob Etheridge
Rep. Sam Farr [D, CA-17]
Rep. Chaka Fattah [D, PA-2]
Rep. Bob Filner [D, CA-51]
Bill Foster
Rep. Barney Frank [D, MA-4]
Rep. Marcia Fudge [D, OH-11]
Rep. Gabrielle Giffords [D, AZ-8]
Sen. Kirsten Gillibrand [D, NY]
Rep. Charles Gonzalez [D, TX-20]
Barton Gordon
Alan Grayson
Rep. Raymond Green [D, TX-29]
Rep. Al Green [D, TX-9]
Rep. Raul Grijalva [D, AZ-7]
Rep. Luis Gutiérrez [D, IL-4]
John Hall
Deborah Halvorson
Phil Hare
Rep. Jane Harman [D, CA-36]
Rep. Alcee Hastings [D, FL-23]
Rep. Martin Heinrich [D, NM-1]
Stephanie Herseth Sandlin
Rep. Brian Higgins [D, NY-27]
Baron Hill
Rep. James Himes [D, CT-4]
Rep. Maurice Hinchey [D, NY-22]
Rep. Rubén Hinojosa [D, TX-15]
Rep. Mazie Hirono [D, HI-2]
Paul Hodes
Rep. Rush Holt [D, NJ-12]
Rep. Michael Honda [D, CA-15]
Rep. Steny Hoyer [D, MD-5]
Rep. Jay Inslee [D, WA-1]
Rep. Steve Israel [D, NY-2]
Rep. Jesse Jackson [D, IL-2]
Rep. Sheila Jackson-Lee [D, TX-18]
Rep. Henry Johnson [D, GA-4]
Rep. Eddie Johnson [D, TX-30]
Steve Kagen
Paul Kanjorski
Rep. Marcy Kaptur [D, OH-9]
Patrick Kennedy
Rep. Dale Kildee [D, MI-5]
Carolyn Kilpatrick
Mary Jo Kilroy
Rep. Ronald Kind [D, WI-3]
Rep. Larry Kissell [D, NC-8]
Ron Klein
Suzanne Kosmas
Frank Kratovil
Rep. Dennis Kucinich [D, OH-10]
Rep. James Langevin [D, RI-2]
Rep. Rick Larsen [D, WA-2]
Rep. John Larson [D, CT-1]
Rep. Barbara Lee [D, CA-9]
Rep. Sander Levin [D, MI-12]
Rep. John Lewis [D, GA-5]
Rep. Daniel Lipinski [D, IL-3]
Rep. David Loebsack [D, IA-2]
Rep. Zoe Lofgren [D, CA-16]
Rep. Nita Lowey [D, NY-18]
Rep. Ben Luján [D, NM-3]
Rep. Stephen Lynch [D, MA-9]
Daniel Maffei
Rep. Carolyn Maloney [D, NY-14]
Rep. Edward Markey [D, MA-7]
Betsy Markey
Eric Massa
Rep. Jim Matheson [D, UT-2]
Rep. Doris Matsui [D, CA-5]
Rep. Carolyn McCarthy [D, NY-4]
Rep. Betty McCollum [D, MN-4]
Rep. James McDermott [D, WA-7]
Rep. James McGovern [D, MA-3]
Michael McMahon
Rep. Jerry McNerney [D, CA-11]
Kendrick Meek
Rep. Gregory Meeks [D, NY-6]
Charles Melancon
Rep. Michael Michaud [D, ME-2]
Rep. Bradley Miller [D, NC-13]
Rep. George Miller [D, CA-7]
Harry Mitchell
Alan Mollohan
Rep. Gwen Moore [D, WI-4]
Dennis Moore
Rep. James Moran [D, VA-8]
Rep. Christopher Murphy [D, CT-5]
Patrick Murphy
John Murtha
Rep. Jerrold Nadler [D, NY-8]
Rep. Grace Napolitano [D, CA-38]
Rep. Richard Neal [D, MA-2]
Glenn Nye
James Oberstar
David Obey
Rep. John Olver [D, MA-1]
Solomon Ortiz
Rep. Frank Pallone [D, NJ-6]
Rep. William Pascrell [D, NJ-8]
Rep. Edward Pastor [D, AZ-4]
Rep. Donald Payne [D, NJ-10]
Rep. Ed Perlmutter [D, CO-7]
Thomas Perriello
Rep. Gary Peters [D, MI-9]
Rep. Chellie Pingree [D, ME-1]
Rep. Jared Polis [D, CO-2]
Earl Pomeroy
Rep. David Price [D, NC-4]
Rep. Nick Rahall [D, WV-3]
Rep. Charles Rangel [D, NY-15]
Rep. Silvestre Reyes [D, TX-16]
Rep. Laura Richardson [D, CA-37]
Ciro Rodriguez
Rep. Mike Ross [D, AR-4]
Rep. Steven Rothman [D, NJ-9]
Rep. Lucille Roybal-Allard [D, CA-34]
Rep. Dutch Ruppersberger [D, MD-2]
Rep. Bobby Rush [D, IL-1]
Rep. Timothy Ryan [D, OH-17]
John Salazar
Rep. Loretta Sanchez [D, CA-47]
Rep. Linda Sánchez [D, CA-39]
Rep. John Sarbanes [D, MD-3]
Rep. Janice Schakowsky [D, IL-9]
Mark Schauer
Rep. Adam Schiff [D, CA-29]
Rep. Kurt Schrader [D, OR-5]
Rep. Allyson Schwartz [D, PA-13]
Rep. David Scott [D, GA-13]
Rep. Robert Scott [D, VA-3]
Rep. José Serrano [D, NY-16]
Joe Sestak
Carol Shea-Porter
Rep. Brad Sherman [D, CA-27]
Rep. Albio Sires [D, NJ-13]
Ike Skelton
Rep. Louise Slaughter [D, NY-28]
Rep. Adam Smith [D, WA-9]
Victor Snyder
Zachary Space
Rep. Jackie Speier [D, CA-12]
John Spratt
Rep. Fortney Stark [D, CA-13]
Bart Stupak
Rep. Betty Sutton [D, OH-13]
John Tanner
Ellen Tauscher
Harry Teague
Rep. Bennie Thompson [D, MS-2]
Rep. Michael Thompson [D, CA-1]
Rep. John Tierney [D, MA-6]
Dina Titus
Rep. Paul Tonko [D, NY-21]
Rep. Edolphus Towns [D, NY-10]
Rep. Niki Tsongas [D, MA-5]
Rep. Christopher Van Hollen [D, MD-8]
Rep. Nydia Velázquez [D, NY-12]
Rep. Peter Visclosky [D, IN-1]
Rep. Timothy Walz [D, MN-1]
Rep. Debbie Wasserman Schultz [D, FL-20]
Rep. Maxine Waters [D, CA-35]
Diane Watson
Rep. Melvin Watt [D, NC-12]
Rep. Henry Waxman [D, CA-30]
Rep. Anthony Weiner [D, NY-9]
Rep. Peter Welch [D, VT-0]
Robert Wexler
Charles Wilson
Rep. Lynn Woolsey [D, CA-6]
Rep. David Wu [D, OR-1]
Rep. John Yarmuth [D, KY-3]
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Others Voting 'Aye'

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Others Voting 'Abstain'

 

OpenCongress Summary

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, H.R. 1424. 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 here.
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.

Official Summary

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 the
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Official Summary

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.

...Read the Rest

Organizations Supporting H.R.384

  • National Association of Realtors
  • Common Cause
  • Mortgage Bankers Association
  • CCIM Institute
  • Insitute of Real Estate Management
  • International Council of Shopping Centers
  • ...and 15 more. See all.

Organizations Opposing H.R.384

  • National Taxpayers Union
See the money trail behind this bill for more info on how campaign contributions may be influencing senators' and representatives' votes.


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Recent News Coverage

View All (57)  |  View Top Rated

02/18/09
New CRS Report: Troubled Asset Relief Program and Foreclosures

HR 384 was introduced in the House on January 9, 2009; it was passed and sent to the Senate on January 21, 2009. The legislation would provide for ...

Source: Docuticker
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02/10/09
No love for the white guys

Barnie Frank, a Massachusetts Democrat, is now proposing an amendment to HR 384 that would establish as part of the federal government's Troubled Asset ...

Source: Face The State - Colorado, CO
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02/08/09
Oversight Report Highlights Lack of Transparency in TARP

The TARP Reform and Accountability Act of 2009 (HR 384) would : Require insured depository institutions that receive funding under TARP to report quarterly ...

Source: OMB Watch
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Information made available by Daily Life
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Recent Blog Coverage

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01/18/11
H.R.384: Peace Stamp for the Peace Corps Act - U.S. Congress ...

Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post relevant links as quickly as possible. Thanks for helping to ... H.R.

Source: opencongress.org
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01/03/11
Fwd: MegaVote: IN 8th, 1/12/2009

Program. TARP Reform and Accountability Act - H.R.384 The House will likely vote on this bill that would modify the Troubled Assets Relief Program. =================================================================

Source: Kevin's Commentary on the World
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12/26/10
RealTime - Articles: How to Do Your Loan Modification Without ...

HR 384 ", a reform Troubled Asset Relief Program (TARP) of the Treasury Department under the plan, and ensure accountability." http://www.house.gov/apps/list/press/financialsvcs_dem/hr384.pdf] Section 204, p. 24, line 4 (b); ...

Source: Untitled
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