[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4519 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4519

 To direct the Secretary of the Treasury to make publicly available on 
 the Internet the electronic communications of certain TARP recipients.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 26, 2010

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

_______________________________________________________________________

                                 A BILL


 
 To direct the Secretary of the Treasury to make publicly available on 
 the Internet the electronic communications of certain TARP recipients.

    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 ``Financial Crisis Public Disclosure 
Act of 2010''.

SEC. 2. PUBLIC DISCLOSURE.

    Not later than 120 days after the date of the enactment of this 
Act, the Secretary of the Treasury shall make publicly available on the 
Internet the electronic communications of certain employees at large 
TARP-recipient firms.

SEC. 3. DEFINITIONS.

    For purposes of this Act:
            (1) Certain employees.--The term ``certain employees'' 
        means a firm's officers, directors, and those employees of the 
        firm engaged in the trading or selling of derivatives, 
        securities, or swaps.
            (2) Electronic communication.--The term ``electronic 
        communication'' means e-mail and attached files whose subject 
        matter concerns activities related in any way to the current 
        financial and economic crisis in the United States (within the 
        scope of the meaning of such term as used in section 5 of the 
        Fraud Enforcement Recovery Act of 2009), including 
        communications related to the structuring, trading, sale, or 
        other use of complex financial instruments like swaps, 
        structured finance transactions, and other derivatives.
            (3) Large tarp-recipient firms.--The term ``large TARP-
        recipient firms'' means a company--
                    (A) that received assistance under the Troubled 
                Asset Relief Program under title I of the Emergency 
                Economic Stabilization Act of 2008 (12 U.S.C. 5211 et 
                seq.); and
                    (B) that has more than $60,000,000,000 of such 
                assistance outstanding on the date that the Financial 
                Crisis Public Disclosure Act of 2010 was introduced in 
                the House of Representatives.
            (4) Publicly available.--The term ``publicly available'' 
        means available to the general public free of charge on a Web 
        site that allows for the communications subject to this Act to 
        be used in a format that is easily searchable and manipulable.

SEC. 4. PRIVACY EXEMPTION.

    An electronic communication is exempt from the disclosure 
requirements under section 2 if such communication is of a purely 
personal nature or would otherwise be privileged.
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