Municipal Bond Insurance Enhancement Act of 2009 - Establishes in the Department of the Treasury the Office of Public Finance. Requires the Director of such Office to carry out a program to provide reinsurance for insured losses of municipal bond insurers.
Directs the Secretary of the Treasury to establish and submit to Congress within five years after the enactment of this Act a plan for the sale of reinsurance assets acquired under this Act.
Amends the Internal Revenue Code to provide that reinsurance provided by this Act shall not be treated as a federal guarantee for purposes of disallowing the exemption of interest on municipal bonds.