3.0.0 195 2017-12-13T21:35:30Z 2017-12-13T21:35:30Z Senate S S 2009-01-09 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-01-09T18:33:48Z 2009-01-09 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2009-01-09 Sponsor introductory remarks on measure. (CR S239-244) IntroReferral B00100 9 Library of Congress 2009-01-09 Introduced in Senate IntroReferral 10000 9 Library of Congress D000432 Sen. Dorgan, Byron L. [D-ND] BYRON DORGAN D ND LESLIE N S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH 2009-01-29 False Finance and Financial Sector Advisory bodies Aviation and airports Banking and financial institutions regulation Business records Congressional oversight Corporate finance and management Credit and credit markets Criminal investigation, prosecution, interrogation Financial crises and stabilization Fraud offenses and financial crimes Government lending and loan guarantees Government studies and investigations Public participation and lobbying Wages and earnings Finance and Financial Sector 00 2009-01-09 Introduced in Senate 2009-04-25T16:46:11Z Taxpayer Protection Act - Makes a federal financial entity (the Secretary of the Treasury, members of the Financial Institutions Examination Council, and the Federal Housing Finance Agency) that provides emergency economic assistance to any private entity subject to oversight, reporting, accountability, and transparency provisions of the Emergency Economic Stabilization Act of 2008. Requires monthly reports to Congress on the recipients of such assistance and the collateral provided.

Requires the intended recipient of such assistance, before receiving funds, to agree in writing to specified conditions regarding: (1) monthly reports to Congress; (2) access by the financial entity to relevant personnel and data; (3) limits on executive compensation; (4) prohibitions on bonuses to the recipient's 25 most highly compensated employees; (5) prohibitions on the use of assistance for entertainment and lobbying expenditures; and (6) the sale or divestiture of passenger aircraft. Considers any violation of such agreement as a default on the recipient's obligation.

Directs the Attorney General to establish a Taxpayer Protection Prosecution Task Force to: (1) investigate and prosecute financial fraud that contributed to the collapse of our financial markets; (2) seek to recover any ill-gotten gains; and (3) make recommendations about extending the statute of limitation for complex financial fraud.

Establishes the Financial Market Investigation and Reform Commission to: (1) report on the causes of the collapse of the nation's financial system and credit crisis; (2) report on the extent to which federal entities had information on risky or reckless financial practices that posed a threat to the financial system's well-being; (3) build on any investigations by congressional committees and federal banking agencies to avoid duplication of effort; and (4) report to the President and Congress with recommendations to prevent a similar crisis in the future.

]]> Taxpayer Protection Act Short Titles as Introduced Taxpayer Protection Act Display Title Taxpayer Protection Act Official Title as Introduced A bill to extend oversight, accountability, and transparency provisions of the Emergency Economic Assistance Act of 2008 to all Federal emergency economic assistance to private entities, to impose tough conditions for all recipients of such emergency economic assistance, to set up a Federal task force to investigate and prosecute criminal activities that contributed to our economic crisis, and to establish a bipartisan financial market investigation and reform commission, and for other purposes. Introduced in Senate 2009-01-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s195is/xml/BILLS-111s195is.xml 2009-01-09 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.