[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2676 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2676

 To amend chapter 3 of title 31, United States Code, to provide for an 
      Assistant Secretary of the Treasury for Community Financial 
    Institutions and an Office of Ombudsman for Community Financial 
                 Institutions, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 3, 2009

 Mr. Cardoza introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend chapter 3 of title 31, United States Code, to provide for an 
      Assistant Secretary of the Treasury for Community Financial 
    Institutions and an Office of Ombudsman for Community Financial 
                 Institutions, 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. SHORT TITLE.

    This Act may be cited as the ``Administrative Support and Oversight 
for Community Financial Institutions Act of 2009''.

SEC. 2. ASSISTANT SECRETARY FOR COMMUNITY FINANCIAL INSTITUTIONS.

    (a) Established.--The 1st sentence of section 301(e) of title 31, 
United States Code, is amended--
            (1) by striking ``10'' and inserting ``11''; and
            (2) by inserting ``, 1 of whom shall be designated by the 
        President as the Assistant Secretary for Community Financial 
        Institutions'' before the period at the end.
    (b) Additional Duties.--Subchapter I of chapter 3 of title 31, 
United States Code, is amended by inserting after section 301 the 
following new section:
``Sec. 301A. Assistant Secretary for Community Financial Institutions
    ``(a) In General.--In addition to other duties and powers 
prescribed the Secretary, the Assistant Secretary for Community 
Financial Institutions designated under section 301(e) shall--
            ``(1) advise the Secretary on the impact of policies and 
        regulations of the Department on community financial 
        institutions; and
            ``(2) provide guidance to the Secretary to ensure that the 
        policies and regulations of the Department strengthen community 
        financial institutions.''.
    (c) Clerical Amendment.--The table of sections for subchapter I of 
chapter 3 of title 31, United States Code, is amended by inserting 
after the item relating to section 301 the following new item:

``301A. Assistant Secretary for Community Financial Institutions.''.

SEC. 3. OFFICE OF OMBUDSMAN FOR COMMUNITY FINANCIAL INSTITUTIONS.

    Section 301A of title 31, United States Code (as added by section 
2), is amended by adding at the end the following new subsections:
    ``(b) Office of Ombudsman for Community Financial Institutions.--
            ``(1) Establishment.--The Secretary of Treasury shall 
        establish an Office of Ombudsman for Community Financial 
        Institutions (hereafter in this subsection referred to as the 
        `Ombudsman Office'), the head of which shall be the Assistant 
        Secretary for Community Financial Institutions.
            ``(2) Functions.--The functions of the Assistant Secretary 
        for Community Financial Institutions as the head of the 
        Ombudsman Office shall be to provide assistance to and answer 
        questions from community financial institutions regarding 
        policies of the Secretary and their effects on community 
        financial institutions.
            ``(3) Additional functions relating to tarp and p-pip.--The 
        Assistant Secretary for Community Financial Institutions as the 
        head of the Ombudsman Office shall also provide assistance to 
        community financial institutions regarding--
                    ``(A) applications and the application process for 
                Troubled Asset Relief Program funds;
                    ``(B) sales of assets to or purchase of assets from 
                the Public-Private Investment Program for Legacy Assets 
                established by the Secretary of the Treasury, in 
                conjunction with the Board of Governors of the Federal 
                Reserve System and the Federal Deposit Insurance 
                Corporation;
                    ``(C) status of pending applications for Troubled 
                Asset Relief Program funds or sales to or purchases 
                from the Public-Private Investment Program for Legacy 
                Assets; and
                    ``(D) compliance with regulations associated with 
                acceptance of Troubled Asset Relief Program funds or 
                sales to or purchases from the Public-Private 
                Investment Program for Legacy Assets.
                    ``(E) Toll-free telephone numbers.--The Assistant 
                Secretary shall establish and maintain toll-free 
                telephone assistance phone numbers as follows:
                            ``(i) A telephone number shall be made 
                        available for community financial institution 
                        general inquiries 8 hours a day and 7 days a 
                        week.
                            ``(ii) A telephone number shall be made 
                        available for community financial institution 
                        inquiries about the Troubled Asset Relief 
                        Program 8 hours a day and 7 days a week.''.
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