[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2634 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2634

 To amend the Emergency Economic Stabilization Act of 2008 to prohibit 
automobile manufacturers receiving assistance under the Troubled Asset 
Relief Program from opening a new foreign subsidiary or expanding their 
                     current foreign subsidiaries.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 21, 2009

   Mr. Rogers of Michigan (for himself, Mrs. Miller of Michigan, Mr. 
 Hoekstra, and Mr. McCotter) introduced the following bill; which was 
            referred to the Committee on Financial Services

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                                 A BILL


 
 To amend the Emergency Economic Stabilization Act of 2008 to prohibit 
automobile manufacturers receiving assistance under the Troubled Asset 
Relief Program from opening a new foreign subsidiary or expanding their 
                     current foreign subsidiaries.

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

SECTION 1. PROHIBITION ON AUTOMOBILE MANUFACTURER EXPANSION OF NEW OR 
              CURRENT FOREIGN SUBSIDIARIES.

    (a) In General.--Title I of the Emergency Economic Stabilization 
Act of 2008 is amended by adding at the end the following new section:

``SEC. 137. PROHIBITION ON AUTOMOBILE MANUFACTURER EXPANSION OF NEW OR 
              CURRENT FOREIGN SUBSIDIARIES.

    ``(a) In General.--Effective as of the date of the enactment of 
this section, no automotive TARP recipient may open a new foreign 
subsidiary or expand any current foreign subsidiary.
    ``(b) Automotive TARP Recipient Defined.--For purposes of this 
section, the term `automotive TARP recipient' means any automobile 
manufacturer that has received assistance under this title and that has 
not fully repaid such assistance.''.
    (b) Conforming Amendment.--The table of contents for such Act is 
amended by inserting after the item relating to section 136 the 
following new item:

``137. Prohibition on automobile manufacturer expansion of new or 
                            current foreign subsidiaries.''.
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