[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 116 Introduced in Senate (IS)]







111th CONGRESS
  1st Session
                                 S. 116

To require the Secretary of the Treasury to allocate $10,000,000,000 of 
  Troubled Asset Relief Program funds to local governments that have 
 suffered significant losses due to highly-rated investments in failed 
                        financial institutions.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 6, 2009

Mrs. Feinstein introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To require the Secretary of the Treasury to allocate $10,000,000,000 of 
  Troubled Asset Relief Program funds to local governments that have 
 suffered significant losses due to highly-rated investments in failed 
                        financial institutions.

    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 Assistance for Local 
Governments Act of 2009''.

SEC. 2. ASSISTANCE TO LOCAL GOVERNMENTS.

    Section 101(a) of the Emergency Economic Stabilization Act of 2008 
(12 U.S.C. 5211(a)) is amended by adding at the end the following:
            ``(4) Assistance to local governments.--
                    ``(A) Purchase authority.--The Secretary shall use 
                $10,000,000,000 of funds made available for the TARP to 
                assist public instrumentalities, such as counties and 
                cities, that have suffered significant increased costs 
                or losses due to investments with failed financial 
                institutions, as described in subparagraph (B).
                    ``(B) Limited to highly rated investments.--
                Assistance under this paragraph shall be limited to 
                public instrumentalities that have suffered due to 
                investments that the Secretary determines were highly 
                rated in any failed financial institution, whether or 
                not the financial institution is assisted under this 
                Act.''.
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