TARP Repayment and Termination Act of 2009
Latest action · Jun 8, 2009 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 8, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
TARP Repayment and Termination Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to grant any financial institution that received or receives assistance under the Troubled Asset Relief Program (TARP) the right to repay all of it immediately if the institution will be well capitalized after such repayment and has made any payment due to the Secretary of the Treasury by reason of receiving such assistance.
Allows bank holding companies assessed under the Supervisory Capital Assessment Program (SCAP) to repay all of their TARP assistance immediately if the Secretary determines that they meet specified criteria, including the ability, along with their subsidiary banks, to meet all ongoing funding requirements and obligations to counterparties while reducing reliance on government capital and the Temporary Liquidity Guarantee Program (TLGP).
Directs the Secretary to notify financial institutions unable to repay their TARP assistance of detailed steps to take to put themselves in a position to make such repayment.
Gives financial institutions making a full repayment of TARP assistance the right to repurchase preferred shares purchased or held by the Secretary as a result of the Secretary's exercise of warrants at the same price paid by the Secretary for such shares or warrants.
Requires the Secretary to liquidate at the market price warrants associated with repaid TARP assistance.
Eliminates the Secretary's authority to extend TARP beyond its termination date.
Cosponsors 33
Members who signed on, in the order they did. Signatures ran from Jun 12, 2009 to Sep 25, 2009.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Bill Posey | Jun 12, 2009 | |
| R-CO | Doug Lamborn | Jun 12, 2009 | |
| R-CA | Duncan Hunter | Jun 12, 2009 | |
| R-MS | Gregg Harper | Jun 12, 2009 | |
| R-VA | J. Randy Forbes | Jun 12, 2009 | |
| R-UT | Jason Chaffetz | Jun 12, 2009 | |
| R-AZ | Jeff Flake | Jun 12, 2009 | |
| R-OH | Jim Jordan | Jun 12, 2009 | |
| R-AL | Jo Bonner | Jun 12, 2009 | |
| R-SC | Joe Wilson | Jun 12, 2009 | |
| R-AZ | John B. Shadegg | Jun 12, 2009 | |
| R-PA | Joseph R. Pitts | Jun 12, 2009 | |
| R-TX | Kenny Marchant | Jun 12, 2009 | |
| R-TX | Kevin Brady | Jun 12, 2009 | |
| R-TX | Lamar Smith | Jun 12, 2009 | |
| R-TX | Louie Gohmert | Jun 12, 2009 | |
| R-OK | Mary Fallin | Jun 12, 2009 | |
| R-MN | Michele Bachmann | Jun 12, 2009 | |
| R-TX | Pete Olson | Jun 12, 2009 | |
| R-OH | Robert E. Latta | Jun 12, 2009 | |
| R-NJ | Scott Garrett | Jun 12, 2009 | |
| R-IA | Steve King | Jun 12, 2009 | |
| R-TX | Ted Poe | Jun 12, 2009 | |
| R-OK | Tom Cole | Jun 12, 2009 | |
| R-GA | Tom Price | Jun 12, 2009 | |
| R-AZ | Trent Franks | Jun 12, 2009 | |
| R-NC | Virginia Foxx | Jun 12, 2009 | |
| R-CA | Wally Herger | Jun 12, 2009 | |
| R-TX | Pete Sessions | Jun 15, 2009 | |
| R-TX | Ralph M. Hall | Jun 26, 2009 | |
| R-NC | Walter B. Jones | Jun 26, 2009 | |
| R-TX | Michael C. Burgess | Sep 10, 2009 | |
| R-NE | Lee Terry | Sep 25, 2009 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jun 8, 2009 |
Actions 2
Everything that happened, newest first.
- Jun 8, 2009Introduced in House
- Jun 8, 2009Referred to the House Committee on Financial Services.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Emergency Economic Stabilization Act of 2008 to provide repayment procedures for certain assistance received under the Troubled Asset Relief Program.
- Short Titles as Introduced
- TARP Repayment and Termination Act of 2009
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jun 8, 2009Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
