I 111th CONGRESS 1st Session H. R. 979 IN THE HOUSE OF REPRESENTATIVES February 11, 2009 Mr. Hare (for himself, Mr. Arcuri, Mr. Kissell, Ms. Giffords, Mr. Space, Mr. Boccieri, Mr. Massa, Mr. Lipinski, Mrs. Kirkpatrick of Arizona, Ms. Pingree of Maine, and Mr. Tonko) introduced the following bill; which was referred to the Committee on Financial Services A BILL To limit excessive and luxury expenses by recipients of assistance under the Emergency Economic Stabilization Act of 2008, and for other purposes.

1.

Short title

This Act may be cited as the Stop Taxpayer-Offensive Practices Act of 2009 or the STOP Act.

2.

Limits on excessive and luxury expenses by recipients of assistance under TARP

(a)

In general

Title I of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.) is amended by adding at the end the following new section:

137.

Limitation on excessive and luxury expenses by recipients of assistance

(a)

Policies established by Secretary

The Secretary shall establish policies regarding excessive or luxury expenditures, as identified by the Secretary, which prohibit excessive expenditures by any recipient of assistance under this title on— (1)entertainment or events; (2)office and facility renovations; (3)any aviation or other transportation service; and (4)any other activity or event that is not a reasonable expenditure for any conference, staff development, performance incentive, or other similar activity or event conducted in the normal course of the business operations of the recipient. (b)

Action by recipient

The board of directors of each recipient of assistance under this title (or any other person or entity in whom the management of the recipient is vested) shall establish company-wide policies for limiting excessive or luxury expenditures by the recipient that are not inconsistent with the policies established by the Secretary under subsection (a). (c)

Effective period

Any policy established by the Secretary or any board of directors that is applicable under this section to any recipient of assistance under this title shall remain effective for such recipient while any such assistance remains outstanding.

. (b)

Clerical amendment

The table of contents for the Emergency Economic Stabilization Act of 2008 is amended by inserting after the item relating to section 136 the following new item: 137. Limitation on excessive and luxury expenses by recipients of assistance. .