[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4118 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4118

To prohibit the Federal Government from holding security interests, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 19, 2009

 Mr. Kirk (for himself and Mr. Roskam) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To prohibit the Federal Government from holding security interests, 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 ``Taxpayer Investment Protection Act 
of 2009''.

SEC. 2. DEFINITION.

    For purposes of this Act, the following definitions shall apply:
            (1) Ownership interest.--The term ``ownership interest'' 
        means an interest in a troubled asset described in section 
        3(9)(B) of the Emergency Economic Stabilization Act of 2008 (12 
        U.S.C. 5202(a)(1)), as in effect on the day before the date of 
        the enactment of this Act, that was purchased by the Secretary 
        under section 101(a)(1) of such Act (12 U.S.C. 5211(a)(1)).
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.

SEC. 3. SALE OF FEDERAL CORPORATE PROPERTY.

    (a) Divestiture.--Except as provided in subsection (b), the 
Secretary shall divest the Federal Government of any ownership interest 
not later than December 31, 2010.
    (b) Conforming Amendment.--Section 3(9) of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5202(9)) is amended--
            (1) in subparagraph (A), by striking ``; and'' at the end 
        and inserting a period;
            (2) by striking ``means--'' and all that follows through 
        ``residential'' in subparagraph (A) and inserting ``means 
        residential''; and
            (3) by striking subparagraph (B).
    (c) Deposit of Funds.--
            (1) In general.--Section 115(a)(3) of the Emergency 
        Economic Stabilization Act of 2008 (12 U.S.C. 5225(a)(3)) is 
        amended by striking ``outstanding at any one time''.
            (2) Deposit of funds into treasury.--
                    (A) In general.--On and after the date of enactment 
                of this Act, all repayments of obligations arising 
                under the Emergency Economic Stabilization Act of 2008 
                (12 U.S.C. 5201 et seq.), and all proceeds from the 
                sale of assets acquired by the Federal Government under 
                that Act, shall be paid into the general fund of the 
                Treasury for reduction of the public debt, in 
                accordance with section 106(d) of that Act (12 U.S.C. 
                5216(d)), as amended by this subsection.
                    (B) Conforming amendment.--Section 106(d) of the 
                Emergency Economic Stabilization Act of 2008 (12 U.S.C. 
                5216(d)) is amended by inserting ``, and repayments of 
                obligations arising under this Act,'' after ``section 
                113''.
    (d) Federal Deposit Insurance Corporation.--No provision of this 
Act may be construed so as to impede the ability of the Federal Deposit 
Insurance Corporation to maintain the stability of the banking system.

SEC. 4. OVERSIGHT BY FINANCIAL STABILITY OVERSIGHT BOARD.

    Section 104(a) of the Emergency Economic Stabilization Act of 2008 
(12 U.S.C. 5214(a)) is amended--
            (1) in paragraph (2), by striking ``and'' at the end;
            (2) in paragraph (3), by striking the semicolon at the end 
        and inserting ``; and''; and
            (3) by adding at the end the following:
            ``(4) reviewing the implementation of section 3 of the 
        Taxpayer Investment Protection Act of 2009.''.

SEC. 5. REPORTS REQUIRED.

    (a) Reports on Winding Down or Divestment Required.--The Secretary 
shall submit to the Congress periodic reports on the plans of the 
Secretary for compliance with this Act, providing detail on equity 
divestiture plans and return of capital for the following corporate 
investments:
            (1) Bank of America: $35,000,000,000 in notes and preferred 
        stock.
            (2) Chrysler: $12,500,000,000 in common equity and notes.
            (3) General Motors: $49,500,000,000 in common and preferred 
        equity, notes.
            (4) Citigroup: $45,000,000,000 in common stock and notes.
            (5) AIG: $40,000,000,000 applied to acquire 79.9 percent of 
        equity, plus amounts outstanding on a $30,000,000,000 line of 
        credit.
            (6) Hartford Financial Services: $3,400,000,000 in 
        preferred stock.
            (7) Lincoln National Corporation: $950,000,000 in preferred 
        stock.
            (8) GMAC: $884,000,000 in common equity.
    (b) Timing of Reports.--The Secretary shall submit the reports 
under subsection (a)--
            (1) not later than January 1, 2010; and
            (2) each month thereafter until all ownership interests are 
        divested under section 3(a).
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