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H.R. 384
The "TARP Reform and Accountability Act of 2009"
To reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.
 
Background
  Majority Amendment Deadline Announcement
Rules Wrap-Up - pt. 1
Rules Wrap-Up - pt. 2
 
Bill Text
  Text of bill (as introduced)
 
Amendments
  Note: The list of amendments and their disposition are not the official record of the Committee on Rules.
For the official list, see the Committee on Rules Majority's Web Site.
 
#SponsorsSummaryStatusNotes
19 Orig Arcuri (NY)
Would authorize the Secretary to provide low-interest loans to contributors to defined benefit pension plans that have been places in critical status as a result of investments with Bernard L. Madoff Investment Securities, Inc.Withdrawn 
18
Ver1
Baca (CA)
Would allow Treasury to take regional public-private partnerships into consideration when developing a loan purchase programWithdrawn 
42 Orig
Baca (CA)
Would enable credit unions to participate in TARP by allowing credit unions to include government assistance in the calculation of net worth.Withdrawn 
24
Ver3
Bachmann (MN)

Would eliminate changes and additional funding for the HOPE for Homeowners program.

Made in Order 
25
Ver2
Bachmann (MN)
Would remove the authority of the Secretary, under TARP, to assist in financing and restructuring the domestic vehicle manufacturers in the United States.Made in Order 
28
Ver2
Bilirakis (FL)

Would require TARP fund recipients to disclose the compensation of their highest paid executives and employees, and require Treasury to list the information disclosed in an online public database.

Submitted 
51 Orig Braley (IA)
Would remove the requirement that persons who bring suit unsuccessfully against servicers for engaging in loan modifications under the Act to pay the servicers' court costs and legal fees.Withdrawn 
3 Orig Brown (FL)

Would set residential mortgage servicing standards, require improvements in loan modification and restructuring processes, including section 42 housing, and require the Secretary's consent, where appropriate, to loss mitigation measures.

Withdrawn 
64 Orig Brown (FL)

Would direct regulatory agencies to suspend requirements for re-appraisal for real estate collateral , and would provide them the authority to permit lenders to extend and/or modify loan terms for borrowers who are paying interest as due.

Submitted 
37
Ver2
Capuano (MA)
Would clarify that 1-to-4-family homes are included in the term "residential properties" and are therefore eligible to participate in foreclosure mitigation programsSubmitted 
38
Ver1
Capuano (MA)
Would allow the Secretary to recover the TARP funds if an assisted entity does not use the funds for their agreed upon purposeSubmitted 
34
Ver1
Cardoza (CA)

Would require the Secretary to report to Congress within 45 days of enactment on the effectiveness of foreclosure prevention programs in housing disaster areas,and, upon the Secretary's conclusion that foreclosures have not substantially declined, instructs the Secretary to consider alternative programs.

Submitted 
39
Ver1
Castor (FL)

Would require foreclosure mitigation plans to include workforce and outreach to enhance loss mitigation personnel, education for homeowners, and delineation of outreach initiatives.

Submitted 
54 Orig Crowley (NY)

(Revised) Would authorize TARP funds to be used by recipients for wage support programs and prohibit TARP recipients from laying off employees without cause unless the employees are provided severance or other wage support packages.

Submitted 
59 Orig Culberson (TX)

Would prohibit TARP recipients from providing sports sponsorships, including naming rights to any car, arena field or stadium.

Withdrawn 
5 Orig Cummings (MD)

Would require the Comptroller of Currency (OCC), along with the Director of Thrift Supervision (OTS), to issue mortgage modification data collection and reporting requirements for banks, and requires the OCC, along with OTS, to submit reports on mortgage modifications in the previous quarter to the Senate Committee on Banking, Housing, and Urban Affairs, the House Committee on Financial Services of the House, and the Joint Economic Committee.

Submitted 
44 Orig DeFazio (OR)
Would revise the release of remaining $350 billion in TARP funds in three tranches: $125 billion immediately, $50 billion with Presidential request to Congress, and $175 billion with a Presidential report sent to Congress unless within 15 days a joint resolution of disapproval is enactedRejectedDefeated 2y-9n
29 Orig Dent (PA)

Would require Congressional approval for release of the remaining TARP funds after the President's submits a request.

RejectedDefeated 2y-9n
16
Ver1
Ellison (MN)
Would require bona fide tenants to be given a minimum of 90 days notice to vacate when their rental residence has been placed in mortgage foreclosure proceedings, including those who are renting through the Section 8 public house assistance programWithdrawn 
21 Ver1
Flake (AZ)
Would clarify that the TARP Special Inspector General has oversight power over any actions taken by Treasury under this legislation that he deems appropriate, with certain exceptions.Made in Order 
22
Ver1
Flake (AZ)
Would prohibit TARP funds for use in financing and restructuring the domestic automakers.Submitted 
43 Orig Frank (MA)

Would require TARP recipients assistance to implement plans for protection of renters living in properties for which foreclosure proceedings have begun; strike the provision requiring divestiture of private passenger aircraft and leases; require the Secretary, within 7 days of enactment, commit at least $40 billion and up to $100 billion to foreclosure mitigation efforts; clarify authority of Treasury Secretary to assist consumer, automobile fleet, commercial real estate, commercial, small business, farm, minority and disadvantaged businesses, and debtor-in-possession financing loans; impose new requirements and reporting on Treasury and TARP recipients inclusion of minorities and women; add a new Title VIII requiring new reporting on guarantees made to Citigroup; and make a number of technical and conforming changes.

Made in Order 
35 Ver1 Gillibrand (NY)
Would apply the executive compensation rules established under the Act to institutions who have already received assistance under TARP, exempting institutions who previously received less than $300 million in assistance.Submitted 
36 Orig
Gillibrand (NY)

Would apply the executive compensation rules established under the Act to institutions who have already received assistance under TARP.

Submitted 
23 Orig Gingrey (GA)

Would require that 30% of the remaining TARP funds be dedicated to assisting smaller, local community financial institutions, or otherwise would prevent the release of the remaining funds.

RejectedDefeated 2y-9n
15 Orig Gohmert (TX)

Substitute Amendment in the nature of a substitute that would establish a two-month period suspending federal income tax based on wages earned for services performed and FICA withholding.

RejectedDefeated 2y-9n
9 Orig Hensarling (TX)

Would require that mortgagors lack the capacity to pay existing mortgage to qualify for the HOPE for Homeowners program.

Submitted 
10 Orig Hensarling (TX)

Would remove the Secretary's authority to delegate an observer to attend meetings of the board of directors of any assisted institution.

Made in Order 
11 Orig Hensarling (TX)

Would eliminate changes and additional funding for the HOPE for Homeowners program.

Submitted 
12 Orig Hensarling (TX)

Would remove the authority of the Secretary, under TARP, to assist in financing and restructuring the domestic vehicle manufacturers in the United States.

Submitted 
56 Orig Hinchey (NY)
Would require Treasury to obtain information from recipients of TARP funds and use of funds allocated prior to January, and require Treasury to conduct an analysis of the use of those fundsMade in Order 
57 Orig Hinchey (NY)

would require that GAO conduct a study that determines the causes of the financial crisis, require that no TARP funds be used by Treasury until the report has been issued and Treasury issues an overall strategy and timeline for implementing recommendations by GAO with the goal of financial stability and the well-being of taxpayers.

RejectedDefeated 2y-9n
58 Orig Hinchey (NY)

Would require within 6 months that GAO report on the causes of the financial crisis, and that Treasury, using this report, issue an overall strategy and timeline for implementing recommendations by GAO that will achieve a goal of financial stability and well-being of taxpayers.

Submitted 
45 Orig Holt (NJ)

Would provide that, absent the consent of the targeted insured depository institution, an assisted institution cannot merge with or acquire an insured depository institution that has been denied TARP funds or has an application for TARP funds still pending.

Submitted 
46 Orig Holt (NJ)

Would provide that an assisted institution cannot engage in a merger or acquisition unless the Secretary determines that, in addition to decreasing the risk to taxpayers, the merger or acquisition will increase return to taxpayers.

Submitted 
47 Orig Holt (NJ)

Would clarify that an assisted institution cannot engage in a merger or acquisition unless the Secretary determines not only that the transaction could have been consummated without TARP funds, but could have been consummated whether or not TARP funds had been provided to the assisted institution.

Submitted 
62 Orig Holt (NJ)

Would amend the EESA to require that, provided TARP funds are not used for their purchase, the Secretary shall facilitate an auction of troubled assets by third party purchases and, if such auction does not take place within 3 months from enactment, the Secretary must report to Congress on the mechanism the Secretary deems best to use to value and liquidate such assets.

Made in Order 
70 Orig Inslee (WA)
Would designate $5 billion of TARP funds for renewable energy companies that have been heavily impacted by the economic downturnRejectedDefeated 2y-9n
65 Orig Israel (NY)
Would establish a temporary program at Treasury to provide subsidies to reduce interest rates on mortgages for home purchasesSubmitted 
41 Orig Kaptur (OH)

Would require the Secretary delegate an observer to attend participant board meetings, create an FDIC Board observer, and would increase funds required for foreclosure mitigation to between $100 billion to $200 billion.

Submitted 
67 Orig Kaptur (OH)
(Revised) Would suspend the expenditure current remaining funds and the release of the final $350 billion of TARP funds until the Congressional Oversight Panel has forensically accounted for each dollar of the initial $350 billion, and has examined the effect of TARP and Federal Reserve policies on the economy.RejectedDefeated 2y-9n
33 Orig Kennedy (RI)

Would require any consumer credit card issuer which is or becomes an assisted institution to implement, within 60 days, the credit card regulations finalized by the Federal Reserve on December 18, 2008.

Withdrawn 
68 Orig Lewis (GA)
(Revised) Would allow the Treasury to serve as the guarantor for payment obligations of qualified transportation property leasesRevised 
8
Ver1
Lynch (MA)

Would require Treasury to report to Congress on the specific loans and securities included in the asset pool included in the agreement between Treasury, Citigroup, and the FDIC, and would require the GAO to report to Congress on the agreement's probable long-term cost to the federal government.

Withdrawn 
63
Ver1
Lynch (MA)

Would provide that the Secretary may not exercise the streamlines process authority granted in Sec 107 of the EESA with regard to any solicitation or contract for carrying out this Act that is entered into by the Secretary after the date of enactment.

Submitted 
66 Orig Maloney (NY)

Would improve data collection and analysis so that the oversight entities can review use of the TARP funds consistently with the goals of the Act.

Withdrawn 
13 Orig Matsui (CA)
Sutton (OH)

Would prohibit TARP participants from initiating foreclosure proceedings or foreclosures sales on homeowners until a systematic loan modification plan is implemented and approved by the Secretary and the Chair of the FDIC.

Made in Order 
27 Orig McCarthy (NY)

Would direct $500 million TARP funds to provide support and assistance for financial literacy education for students, borrowers and consumers.

Withdrawn 
4 Orig Moran (KS)

Would remove requirement that TARP fund recipients divest private passenger aircraft or interest in such aircraft.

Submitted 
14 Orig Murphy (PA)

Would require the Federal Reserve to disclose detailed information regarding the Federal Reserve's Mortgage-Backed Securities purchase program.

Made in Order 
2 Orig Myrick (NC)

Would prohibit TARP fund recipients from outsourcing new customer service or call center jobs to foreign companies.

Made in Order 
60 Orig Neugebauer (TX)

Would require Congress to grant direct approval of the Secretary’s plan for use of the final $350 billion of TARP funds, preventing additional funds from being committed until Congress passes a resolution of approval.

Submitted 
69 Orig Perlmutter (CO)

Would place loans provided to eligible automakers in a senior and prior debt position as long as it is compliant with the Fifth Amendment to the Constitution.

Withdrawn 
6
Ver1
Price (GA)

Would permanently suspend the HOPE for Homeowners program if, after a 30-day period, the Comptroller General of the United States determines the number of successfully modified mortgages within the period was less than 140,000.

RejectedDefeated 2y-9n
7 Orig
Price (GA)

Would repeal the recapture rule for the first-time homebuyer tax credit.

Submitted 
17 Orig Putnam (FL)

Would require HOPE for Homeowners Program participants with prior foreclosure and/or bankruptcy history to meet the same standards set forth by HUD.

Submitted 
48 Orig Schock (IL)

Would direct that no further taxpayer money authorized under the emergency Economic Stabilization Act be distributed until a fully searchable database is created and accessible at no cost to the public, showing all entities receiving federal funds and the purpose for such funds.

Submitted 
26 Orig Scott (VA)

Would require a fair value assessment of any additional securities and trusts purchased under the authority of the Emergency Economic Stabilization Act of 2008, and limits the purchasing price to the fair value established by the assessment.

Submitted 
30 Orig Sherman (CA)

Would prohibit the Secretary from purchasing any asset from a financial institution unless such financial institution provides documentary evidence that such asset was owned by an entity headquartered in the United States as of September 20, 2008.

Submitted 
31 Orig Sherman (CA)

(Revised) Would prohibit any assisted institution from paying any officer or employee of such institution total compensation in excess of $1 million.

Submitted 
32 Orig Sherman (CA)

(Revised) Would prohibit, except with respect to obligations pursuant to law and existing contract, payment of dividends and the repurchase of stock by an assisted institution, and shall not apply to any class of securities created after January 13, 2009 and those sold solely for cash.

Submitted 
49 Orig Sherman (CA)

(Revised) Would prohibit assisted institutions from transferring stock to the 25 most highly compensated employees.

Submitted 
50 Orig Sherman (CA)

(Revised) Would prohibit assisted institutions from chartering private aircraft unless such chartering is intended for transportation to or from a location more than 100 miles away from any airport serviced by scheduled commercial aircraft.

Submitted 
52 Orig Speier (CA)

(Revised) Would direct the Secretary to buy the Lehman Brothers Holding Inc. bonds from any State government, any political subdivision of any State, or other public entity or instrumentality established under State law.

Submitted 
20 Orig Sutton (OH)

Would require that any institution that receives TARP money and issues consumer credit cards cannot increase interest rates on credit card holders who are in compliance with the terms of their agreements.

Withdrawn 
1 Orig Tiahrt (KS)

Would remove requirement that TARP fund recipients divest private passenger aircraft or interest in such aircraft.

Submitted 
40 Orig Velazquez (NY)

Would require the Treasury to make no less than $1 billion of the $700 billion authorized for TARP available for equity and debt capital injections in Community Development Financial Institutions.

Submitted 
53 Orig Walz (MN)

Would require that any assisted institution publicly report, not less than quarterly, on the institution's use of the assistance, and would require the Treasury to make those reports readily available online.

Made in Order 
55 Orig Waters (CA)

(Revised) Would increase the minimum amount of funding for foreclosure mitigation from $40 billion to $70 billion, provide no less than $20 billion be used for the foreclosure mitigation program, require the Secretary to implement the program and other alternatives, and require the Secretary to consult with the FDIC as it contracts with entities to conduct the activities required under the program.

Withdrawn 
61 Orig Welch (VT)

Would impose a securities transaction tax of .25 percent or that with the Secretary deems sufficient to produce enough revenue to cover the net cost to the taxpayer of TARP and actions taken by the Federal Reserve.

Submitted 
 
Rule
Rule Number:
      H. Res. 53
 
Rule Type:
  General Debate
 
Rule Summary:
  1.  General Debate rule.
2.  Provides two hours of general debate equally divided and controlled by the chair and ranking
      minority member of the Committee on Financial Services.
3. Waives all points of order against consideration of the bill except those arising under clause 9 
     of rule XXI.
4. Provides that no further consideration of the bill shall be in order except those pursuant to a
     subsequent order of the House.
 
Rule Text:
  H.Res. 53
H. Rept. 111-2
 

 
Rule Number:
      H.Res. 62
 
Rule Type:
  Structured
 
Rule Summary:
  1.  Provides for further consideration under a structured rule.
2. Provides no additional general debate.
3. Provides that the bill shall be considered as read.
4. Waives all points of order against provisions in the bill.  This waiver does not affect the point of
     order available under clause 9 of rule XXI (regarding earmark disclosure).
5. No amendments shall be in order except those amendments printed in the Rules Committee
     report accompanying the resolution.
6. Provides that the amendments made in order may be offered only in the order printed in the
     report, may be offered only by a Member designated in the report, shall be considered as read,
     shall be debatable for the time specified in the report equally divided and controlled by the
     proponent and an opponent, shall not be subject to amendment, and shall not be subject to a
    demand for division of the question in the House or in the Committee of the Whole.
7. Waives all points of order against the amendments printed in the report except for clauses 9
     and 10 of rule XXI.
8. Provides one motion to recommit with or without instructions.
9. Provides a motion to proceed under section 115 of the Emergency Economic Stabilization Act
     if offered by the Majority Leader or his designee which may be offered not later than the
     legislative day of January 22, 2009. 
 
Rule Text:
  H.Res. 62
H.Rept. 111-3
 

 


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