US Congress House Bill 2745 (Prior Session Legislation)

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June 8 2009 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

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.

TARP Repayment and Termination Act of 2009

Rep Brady, Kevin	Rep King, Steve	Rep Poe, Ted	Rep Terry, Lee
Rep Wilson, Joe	Rep Gohmert, Louie	Rep Fallin, Mary	Rep Flake, Jeff
Rep Forbes, J. Randy	Rep Franks, Trent	Rep Harper, Gregg	Rep Herger, Wally
Rep Jordan, Jim	Rep Lamborn, Doug	Rep Olson, Pete	Rep Pitts, Joseph R.
Rep Jones, Walter B., Jr.	Rep Garrett, Scott	Rep Burgess, Michael C.	Rep Hall, Ralph M.
Rep Hensarling, Jeb	Rep Marchant, Kenny	Rep Posey, Bill	Rep Sessions, Pete
Rep Smith, Lamar	Rep Bachmann, Michele	Rep Cole, Tom	Rep Latta, Robert E.
Rep Shadegg, John B.	Rep Hunter, Duncan D.	Rep Bonner, Jo	Rep Chaffetz, Jason
Rep Foxx, Virginia	Rep Price, Tom

Date	Chamber	Action
2009-06-08		Referred to the House Committee on Financial Services.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HN02745:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-111hr2745ih/pdf/BILLS-111hr2745ih.pdf