S.116 - TARP Assistance for Local Governments Act of 2009
A bill to require the Secretary of the Treasury to allocate $10,000,000,000 of Troubled Asset Relief Program funds to local governments that have suffered significant losses due to highly-rated investments in failed financial institutions.
One Moment Please
Loading Bill Text
Rollover any line of text to comment and/or link to it.
To require the Secretary of the Treasury to allocate $10,000,000,000 of Troubled Asset Relief Program funds to local governments that have suffered significant losses due to highly-rated investments in failed financial institutions.CommentsClose CommentsPermalink
Mrs. FEINSTEIN introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsCommentsClose CommentsPermalink
To require the Secretary of the Treasury to allocate $10,000,000,000 of Troubled Asset Relief Program funds to local governments that have suffered significant losses due to highly-rated investments in failed financial institutions.CommentsClose CommentsPermalink
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink
Section 101(a) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(a)) is amended by adding at the end the following:CommentsClose CommentsPermalink
‘(A) PURCHASE AUTHORITY- The Secretary shall use $10,000,000,000 of funds made available for the TARP to assist public instrumentalities, such as counties and cities, that have suffered significant increased costs or losses due to investments with failed financial institutions, as described in subparagraph (B).CommentsClose CommentsPermalink
‘(B) LIMITED TO HIGHLY RATED INVESTMENTS- Assistance under this paragraph shall be limited to public instrumentalities that have suffered due to investments that the Secretary determines were highly rated in any failed financial institution, whether or not the financial institution is assisted under this Act.’.CommentsClose CommentsPermalink
OpenCongress is a free and open-source project of the Participatory Politics Foundation, a 501(c)3 non-profit organization with a mission to increase civic engagement. The non-profit Sunlight Foundation is the Founding and Primary Supporter of OpenCongress.
U.S. Congress - Text of S.116 as Introduced in Senate TARP Assistance for Local Governments Act of 2009
