[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3436 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3436

 To require chief executive officers of certain financial institutions 
    that receive assistance under title I of the Emergency Economic 
   Stabilization Act of 2008, under the 3d undesignated paragraph of 
  section 13 of the Federal Reserve Act, or from the Secretary of the 
 Treasury or the Federal Deposit Insurance Corporation under any other 
 provision of law to submit financial disclosures under the Ethics in 
Government Act of 1978 to the Secretary of the Treasury, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 31, 2009

 Mr. Cummings introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committees on 
 Oversight and Government Reform and the Judiciary, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
 To require chief executive officers of certain financial institutions 
    that receive assistance under title I of the Emergency Economic 
   Stabilization Act of 2008, under the 3d undesignated paragraph of 
  section 13 of the Federal Reserve Act, or from the Secretary of the 
 Treasury or the Federal Deposit Insurance Corporation under any other 
 provision of law to submit financial disclosures under the Ethics in 
Government Act of 1978 to the Secretary of the Treasury, 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 ``TARP Executive Disclosure Act''.

SEC. 2. FINANCIAL DISCLOSURES REQUIRED.

    (a) In General.--Before the disclosure due date, each chief 
executive officer of any financial institution that receives assistance 
under title I of the Emergency Economic Stabilization Act of 2008, 
under the 3d undesignated paragraph of section 13 of the Federal 
Reserve Act, or from the Secretary of the Treasury or the Federal 
Deposit Insurance Corporation under any other provision of law that, in 
the aggregate exceeds $30,000,000,000 from all such sources, shall file 
with the Secretary of the Treasury a report containing all the 
information required under section 102 of the Ethics in Government Act 
of 1978 in the same manner and to the same extent such senior executive 
officer would be required such a report if the officer were described 
in section 101(b)(1) of such Act.
    (b) Treatment Under the Ethics in Government Act of 1978.--
            (1) Secretary.--The Secretary of the Treasury shall be 
        treated as the designated agency ethics official (as defined in 
        section 109(3) of the Ethics in Government Act of 1978) for 
        purposes of--
                    (A) taking any action under section 104 of the 
                Ethics in Government Act of 1978 with respect to any 
                person who fails to file a report under this section or 
                who files a false report;
                    (B) acting as custodian of, and providing public 
                access to, reports filed under this section in 
                accordance with section 105 of such Act; and
                    (C) reviewing such reports under section 106 of 
                such Act.
            (2) Chief executive officer.--Each chief executive officer 
        of a financial institution who is required to submit a report 
        under this section with the Secretary of the Treasury shall be 
        treated as an individual described in 101(b)(1) of the Ethics 
        in Government Act of 1978 who is required to file a report 
        under section 102 of such Act for purposes of title I of such 
        Act.
    (c) Termination and Repayment of Assistance.--In addition to any 
action under section 104 of the Ethics in Government Act of 1978 
against any individual who fails to comply with the reporting 
requirement of subsection (a), the Secretary of the Treasury may take 
such action as may be appropriate to terminate and require the 
repayment of the assistance provided to any financial institution which 
gave rise to such reporting requirement under this section with respect 
to any senior executive officer of such institution, and the Board of 
Governors of the Federal Reserve System or the Federal Deposit 
Insurance Corporation shall promptly carry out any such determination 
of the Secretary with respect to any assistance provided by such Board 
or Corporation to such financial institution.
    (d) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Chief executive officer.--The term ``chief executive 
        officer'' includes the chairperson of the board of directors of 
        any financial institution, if such position or person is 
        different than the chief executive officer of the institution.
            (2) Disclosure due date.--The term ``disclosure due date'' 
        means the latest of--
                    (A) the end of the 30-day period beginning on the 
                date of the enactment of this Act;
                    (B) the end of the 30-day period beginning on the 
                date any financial institution receives assistance 
                under title I of the Emergency Economic Stabilization 
                Act of 2008, under the 3d undesignated paragraph of 
                section 13 of the Federal Reserve Act, or from the 
                Secretary of the Treasury or the Federal Deposit 
                Insurance Corporation under any other provision of law 
                that, in the aggregate first exceeds $30,000,000,000; 
                or
                    (C) the end of the 30-day period beginning when the 
                individual becomes the chief executive officer of any 
                such financial institution.
            (3) Financial institution.--The term ``financial 
        institution'' has the same meaning as in section 3(5) of the 
        Emergency Economic Stabilization Act of 2008 and includes any 
        person receiving assistance under the 3d undesignated paragraph 
        of section 13 of the Federal Reserve Act.
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