S.1723 - TARP Recipient Ownership Trust Act of 2009

A bill to authorize the Secretary of the Treasury to delegate management authority over troubled assets purchased under the Troubled Asset Relief Program, to require the establishment of a trust to manage assets of certain designated TARP recipients, and for other purposes. view all titles (2)

All Bill Titles

  • Short: TARP Recipient Ownership Trust Act of 2009 as introduced.
  • Official: A bill to authorize the Secretary of the Treasury to delegate management authority over troubled assets purchased under the Troubled Asset Relief Program, to require the establishment of a trust to manage assets of certain designated TARP recipients, and for other purposes. as introduced.

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Introduced
 
Senate
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House
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President
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09/29/09
 
 
 
 
 
 
 

Official Summary

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 Relie

Official Summary

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.

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