110 HR 7119 IH: To impose certain limits on the exercise by the Secretary U.S. House of Representatives 2008-09-26 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.

I 110th CONGRESS 2d Session H. R. 7119 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.

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.

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.

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.