II 111th CONGRESS 1st Session S. 2867 IN THE SENATE OF THE UNITED STATES December 10, 2009 Mrs. Murray 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 provide assistance to community depository institutions under the Public-Private Investment Program, and for other purposes.

1.

Public-Private Investment assistance to community institutions

(a)

In general

Of amounts made available to carry out the Troubled Asset Relief Program under section 115(a)(3) of the Emergency Economic Stabilization Act of 2008, the Secretary of the Treasury shall dedicate not less than $30,000,000,000 to purchase troubled assets from community depository institutions under the Public-Private Investment Program established by the Secretary. (b)

Oversight

The Comptroller General of the United States, the Special Inspector General for the Troubled Asset Relief Program established under section 121 of the Emergency Economic Stabilization Act of 2008, and the Congressional Oversight Panel established under section 125 of that Act, shall each— (1)conduct a regular evaluation on the status and performance of assistance provided under this section; and (2)prepare and submit findings to Congress on such evaluations, together with reports required to be submitted by each such agency under the Emergency Economic Stabilization Act of 2008. (c)

Reporting

Not later than 60 days after the date of enactment of this Act, the chairperson of the board of directors of the Federal Deposit Insurance Corporation and the Secretary of the Treasury shall provide a comprehensive report to Congress on the status of the Legacy Loans program, including— (1)identifying barriers to attracting greater numbers of banks and investors to participate; (2)a detailed summary of all proposals being considered to address existing barriers and expand participation in the program; and (3)specific proposals to attract greater participation of community depository institutions. (d)

Definitions

As used in this section— (1)the term community depository institution means a depository institution (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) and a Federal credit union or State credit union (as those terms are defined in defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752)) having not more than $10,000,000,000 in aggregate assets; and (2)the term troubled assets has the same meaning as in section 3 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5202).