I 111th CONGRESS 1st Session H. R. 3436 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.

1.

Short title

This Act may be cited as the TARP Executive Disclosure Act.

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.