3.0.0 1242 2023-01-11T13:18:38Z 2023-01-11T13:18:38Z Senate S S 2009-06-11 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-06-11T20:02:18Z Government Ownership Exit Plan Act of 2009 111 2904 HR 2009-06-16 Referred to the House Committee on Financial Services. Identical bill CRS 2009-06-11 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2009-06-11 Sponsor introductory remarks on measure. (CR S6533-6534, S6549-6550) IntroReferral B00100 9 Library of Congress 2009-06-11 Introduced in Senate IntroReferral 10000 9 Library of Congress T000250 Sen. Thune, John [R-SD] John Thune R SD R. N C000560 Sen. Coburn, Tom [R-OK] TOM COBURN R OK 2009-06-11 True I000024 Sen. Inhofe, James M. [R-OK] Jim Inhofe R OK 2009-06-11 True V000127 Sen. Vitter, David [R-LA] David Vitter R LA 2009-06-11 True J000291 Sen. Johanns, Mike [R-NE] Mike Johanns R NE 2009-06-11 True C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2009-06-11 True K000352 Sen. Kyl, Jon [R-AZ] Jon Kyl R AZ Llewellyn 2009-06-11 True M000355 Sen. McConnell, Mitch [R-KY] Mitch McConnell R KY 2009-06-11 True B001261 Sen. Barrasso, John [R-WY] John Barrasso R WY 2009-06-11 True E000194 Sen. Ensign, John [R-NV] JOHN ENSIGN R NV 2009-06-11 True H001016 Sen. Hutchison, Kay Bailey [R-TX] KAY HUTCHISON R TX BAILEY 2009-06-15 False B000953 Sen. Brownback, Sam [R-KS] SAM BROWNBACK R KS 2009-06-15 False M000303 Sen. McCain, John [R-AZ] JOHN MCCAIN R AZ SIDNEY 2009-06-16 False B000382 Sen. Bennett, Robert F. [R-UT] ROBERT BENNETT R UT F. 2009-09-10 False Finance and Financial Sector Budget deficits and national debt Civil actions and liability Congressional oversight Corporate finance and management Financial crises and stabilization Fraud offenses and financial crimes Government corporations and government-sponsored enterprises Government ethics and transparency, public corruption Housing finance and home ownership Finance and Financial Sector 00 2009-06-11 Introduced in Senate 2009-09-04T22:15:26Z Government Ownership Exit Plan Act of 2009 - Prohibits the federal government from acquiring, directly or indirectly, any ownership interest in a troubled asset described in the Emergency Economic Stabilization Act of 2008 (EESA) that was purchased from a financial institution by the Secretary of the Treasury.

Requires the Secretary to divest the government of any such interest not later than July 1, 2010, with exceptions allowing ownership interests of not more than six months if: (1) divestiture would have a significant adverse impact on taxpayers; and (2) there is a reasonable expectation that a waiver would allow recovery of the cost of acquiring such interest.

Amends EESA to state that the limit of authority to purchase troubled assets is $700 billion (under current law, such limitation, reduced by $1.259 billion, is described as "outstanding at any one time").

Requires all repayments of obligations arising under EESA, and all proceeds from the sale of assets acquired by the government under that Act, to be paid into the general fund of the Treasury for reduction of the public debt.

Makes it unlawful for an officer or employee of the executive branch to knowingly make, with the intent to influence, a communication regarding a significant management decision of a recipient of EESA assistance to any officer or employee of the recipient.

Makes the Financial Stability Oversight Board responsible for reviewing the ownership interest termination provisions of this Act.

Establishes requirements for reports by the Secretary on: (1) ownership interests; (2) plans for compliance with this Act, including for winding down and divestiture; and (3) ending conservatorship and direct ownership by the government of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac, respectively).

]]> Government Ownership Exit Plan Act of 2009 Display Title Government Ownership Exit Plan Act of 2009 Official Title as Introduced A bill to prohibit the Federal Government from holding ownership interests, and for other purposes. Introduced in Senate IS Short Titles as Introduced Government Ownership Exit Plan Act of 2009 Introduced in Senate 2009-06-11T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s1242is/xml/BILLS-111s1242is.xml 2009-06-11 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.