[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7119 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7119

   To impose certain limits on the exercise by the Secretary of the 
 Treasury of certain actions under any other Act which authorizes the 
     Secretary to purchase troubled assets, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 26, 2008

Mr. Kirk (for himself, Mr. Carney, Mr. Lincoln Diaz-Balart of Florida, 
Mr. English of Pennsylvania, and Mr. Shadegg) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To impose certain limits on the exercise by the Secretary of the 
 Treasury of certain actions under any other Act which authorizes the 
     Secretary to purchase troubled assets, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PROHIBITION ON TAXPAYER FUNDS FOR SENIOR OFFICER INCOME.

    (a) In General.--None of the funds made available under any Act 
which authorizes the Secretary to purchase troubled assets may be used 
to provide income, as defined under the Internal Revenue Code of 1986, 
for any senior officer of any company, entity or partnership that 
receives credit or other direct assistance under such other Act.

SEC. 2. TERMINATION AUTHORITY.

    Notwithstanding any other provision of law, the Secretary of the 
Treasury is authorized to terminate the employment of any senior 
officer of any company, entity or partnership who receives credit or 
direct assistance under any other Act which authorizes the Secretary to 
purchase troubled assets.

SEC. 3. SENIOR OFFICER DEFINED.

    For purposes of this Act, the term ``senior officer'' is defined as 
any chairman of the board, chief executive officer, chief financial 
officer, managing partner or any individual deemed by the Secretary as 
having primary management or financial authority over the company, 
entity, or partnership prior to the receipt of credit or direct 
assistance under any other Act which authorizes the Secretary to 
purchase troubled assets.
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