II 111th CONGRESS 1st Session S. 463 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.

1.

Short title

This Act may be cited as the TARP Taxpayer Protection and Corporate Responsibility Act of 2009.

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.

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.

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.

5.

Effective date

This Act shall become effective on March 1, 2009.