[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 463 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 463

 To impose limitations on certain expenditures by participants in the 
                     Troubled Asset Relief Program.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 24, 2009

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

_______________________________________________________________________

                                 A BILL


 
 To impose limitations on certain expenditures by participants in the 
                     Troubled Asset Relief Program.

    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 Taxpayer Protection and 
Corporate Responsibility Act of 2009''.

SEC. 2. LIMITATION ON EXPENDITURES BY TARP RECIPIENTS.

    No recipient of assistance under the Troubled Asset Relief Program 
established under title I of the Emergency Economic Stabilization Act 
of 2008 (in this Act referred to as a ``TARP recipient'') may sponsor, 
host, or pay for entertainment or holiday events during the calendar 
year in which such assistance is received or the next occurring 
calendar year.

SEC. 3. WAIVERS AUTHORIZED.

    (a) Criteria for Waiver.--The Secretary of the Treasury (in this 
Act referred to as the ``Secretary'') may waive the limitations under 
section 2, upon request, for any event which the TARP recipient 
certifies is directly related to the business operations of the TARP 
recipient, or otherwise at the discretion of the Secretary.
    (b) Timing.--The Secretary shall respond to a request for a waiver 
under this section not later than 30 days after the date of receipt of 
such request.

SEC. 4. ENFORCEMENT.

    (a) In General.--In the case of a violation of this section, a TARP 
recipient shall pay to the Secretary of the Treasury a fine of--
            (1) $100,000 per violation, to be assessed against the 
        chief executive officer of the TARP recipient (or the 
        equivalent thereof) in his or her individual capacity, which 
        may not be indemnified or otherwise reimbursed by the TARP 
        recipient; plus
            (2) an amount equal to the cost of the event that is the 
        subject of the violation, to be assessed against the TARP 
        recipient.
    (b) Payment of Fines.--The fine amount required to be paid under 
subsection (a) shall be submitted to the Secretary not later than 30 
days after the fine is imposed, to be increased by $10,000 for each day 
that such fine remains unpaid thereafter.

SEC. 5. EFFECTIVE DATE.

    This Act shall become effective on March 1, 2009.
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