[Congressional Record Volume 155, Number 138 (Tuesday, September 29, 2009)]
[Senate]
[Pages S9932-S9933]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. CORKER (for himself, Mr. Warner, Mr. Bennet, and Ms. 
        Klobuchar):
  S. 1723. A bill to authorize the Secretary of the Treasury to 
delegate management authority over troubled assets purchased under the 
Troubled Asset Relief Program, to require the establishment of a trust 
to manage assets of certain designated TARP recipients, and for other 
purposes; to the Committee on Banking, Housing, and Urban Affairs.
  Mr. CORKER. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 1723

       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 Recipient Ownership 
     Trust Act of 2009''.

     SEC. 2. AUTHORITY OF THE SECRETARY OF THE TREASURY TO 
                   DELEGATE TARP ASSET MANAGEMENT.

       Section 106(b) of the Emergency Economic Stabilization Act 
     of 2008 (12 U.S.C. 5216(b)) is amended by inserting before 
     the period at the end the following: ``, and the Secretary 
     may delegate such management authority to a private entity, 
     as the Secretary determines appropriate, with respect to any 
     entity assisted under this Act''.

     SEC. 3. CREATION OF MANAGEMENT AUTHORITY FOR DESIGNATED TARP 
                   RECIPIENTS.

       (a) Federal Assistance Limited.--Notwithstanding any 
     provision of the Emergency Economic Stabilization Act of 
     2008, or any other provision of law, no funds may be expended 
     under the Troubled Asset Relief Program, or any other 
     provision of that Act, on or after the date of enactment of 
     this Act, until the Secretary transfers all voting, 
     nonvoting, and common equity in any designated TARP recipient 
     to a limited liability company established by the Secretary 
     for such purpose, to be held and managed in trust on behalf 
     of the United States taxpayers.
       (b) Appointment of Trustees.--
       (1) In general.--The President shall appoint 3 independent 
     trustees to manage the equity held in the trust, separate and 
     apart from the United States Government.
       (2) Criteria.--Trustees appointed under this subsection--
       (A) may not be elected or appointed Government officials;
       (B) shall serve at the pleasure of the President, and may 
     be removed for just cause in violation of their fiduciary 
     responsibilities only; and
       (C) shall each be paid at a rate equal to the rate payable 
     for positions at level III of the Executive Schedule under 
     section 5311 of title 5, United States Code.
       (c) Duties of Trust.--Pursuant to protecting the interests 
     and investment of the United States taxpayer, the trust 
     established under this section shall, with the purpose of 
     maximizing the profitability of the designated TARP 
     recipient--
       (1) exercise the voting rights of the shares of the 
     taxpayer on all core governance issues;
       (2) select the representation on the boards of directors of 
     any designated TARP recipient; and
       (3) have a fiduciary duty to the American taxpayer for the 
     maximization of the return on the investment of the taxpayer 
     made under the Emergency Economic Stabilization Act of 2008, 
     in the same manner and to the same extent that any director 
     of an issuer of securities has with respect to its 
     shareholders under the securities laws and all applications 
     of State law.
       (d) Liquidation.--
       (1) In general.--The trustees shall liquidate the trust 
     established under this section, including the assets held by 
     such trust, not later than December 24, 2011, unless--
       (A) the trustees submit a report to the Congress that 
     liquidation would not maximize the profitability of the 
     company and the return on investment to the taxpayer; and
       (B) within 15 calendar days after the date on which the 
     Congress receives such report, there is enacted into law a 
     joint resolution disapproving the liquidation plan of the 
     Secretary, as described in paragraph (2).
       (2) Contents of joint resolution.--For purposes of this 
     subsection, the term ``joint resolution'' means only a joint 
     resolution--
       (A) that is introduced not later than 3 calendar days after 
     the date on which the report referred to in paragraph (1)(A) 
     is received by the Congress;
       (B) which does not have a preamble;
       (C) the title of which is as follows: ``Joint resolution 
     relating to the disapproval of the liquidation of the TARP 
     management trust''; and
       (D) the matter after the resolving clause of which is as 
     follows: ``That Congress disapproves the liquidation of the 
     TARP management trust established under the TARP Recipient 
     Ownership Trust Act of 2009.''.
       (3) Fast track consideration in house of representatives.--
       (A) Reconvening.--Upon receipt of a report under paragraph 
     (1)(A), the Speaker, if the House would otherwise be 
     adjourned, shall

[[Page S9933]]

     notify the Members of the House that, pursuant to this 
     subsection, the House shall convene not later than the second 
     calendar day after receipt of such report.
       (B) Reporting and discharge.--Any committee of the House of 
     Representatives to which a joint resolution is referred shall 
     report it to the House not later than 5 calendar days after 
     the date of receipt of the report described in paragraph 
     (1)(A). If a committee fails to report the joint resolution 
     within that period, the committee shall be discharged from 
     further consideration of the joint resolution and the joint 
     resolution shall be referred to the appropriate calendar.
       (C) Proceeding to consideration.--After each committee 
     authorized to consider a joint resolution reports it to the 
     House or has been discharged from its consideration, it shall 
     be in order, not later than the sixth day after Congress 
     receives the report described in paragraph (1)(A), to move to 
     proceed to consider the joint resolution in the House. All 
     points of order against the motion are waived. Such a motion 
     shall not be in order after the House has disposed of a 
     motion to proceed on the joint resolution. The previous 
     question shall be considered as ordered on the motion to its 
     adoption without intervening motion. The motion shall not be 
     debatable. A motion to reconsider the vote by which the 
     motion is disposed of shall not be in order.
       (D) Consideration.--The joint resolution shall be 
     considered as read. All points of order against the joint 
     resolution and against its consideration are waived. The 
     previous question shall be considered as ordered on the joint 
     resolution to its passage without intervening motion except 
     two hours of debate equally divided and controlled by the 
     proponent and an opponent. A motion to reconsider the vote on 
     passage of the joint resolution shall not be in order.
       (4) Fast track consideration in senate.--
       (A) Reconvening.--Upon receipt of a report under paragraph 
     (1)(A), if the Senate has adjourned or recessed for more than 
     2 days, the majority leader of the Senate, after consultation 
     with the minority leader of the Senate, shall notify the 
     Members of the Senate that, pursuant to this subsection, the 
     Senate shall convene not later than the second calendar day 
     after receipt of such message.
       (B) Placement on calendar.--Upon introduction in the 
     Senate, the joint resolution shall be placed immediately on 
     the calendar.
       (C) Floor consideration.--
       (i) In general.--Notwithstanding Rule XXII of the Standing 
     Rules of the Senate, it is in order at any time during the 
     period beginning on the 4th day after the date on which 
     Congress receives a report of the plan of the Secretary 
     described in paragraph (1)(A) and ending on the 6th day after 
     the date on which Congress receives a report of the plan of 
     the Secretary described in paragraph (1)(A) (even though a 
     previous motion to the same effect has been disagreed to) to 
     move to proceed to the consideration of the joint resolution, 
     and all points of order against the joint resolution (and 
     against consideration of the joint resolution) are waived. 
     The motion to proceed is not debatable. The motion is not 
     subject to a motion to postpone. A motion to reconsider the 
     vote by which the motion is agreed to or disagreed to shall 
     not be in order. If a motion to proceed to the consideration 
     of the resolution is agreed to, the joint resolution shall 
     remain the unfinished business until disposed of.
       (ii) Debate.--Debate on the joint resolution, and on all 
     debatable motions and appeals in connection therewith, shall 
     be limited to not more than 10 hours, which shall be divided 
     equally between the majority and minority leaders or their 
     designees. A motion further to limit debate is in order and 
     not debatable. An amendment to, or a motion to postpone, or a 
     motion to proceed to the consideration of other business, or 
     a motion to recommit the joint resolution is not in order.
       (iii) Vote on passage.--The vote on passage shall occur 
     immediately following the conclusion of the debate on a joint 
     resolution, and a single quorum call at the conclusion of the 
     debate if requested in accordance with the rules of the 
     Senate.
       (iv) Rulings of the chair on procedure.--Appeals from the 
     decisions of the Chair relating to the application of the 
     rules of the Senate, as the case may be, to the procedure 
     relating to a joint resolution shall be decided without 
     debate.
       (5) Rules relating to senate and house of 
     representatives.--
       (A) Coordination with action by other house.--If, before 
     the passage by one House of a joint resolution of that House, 
     that House receives from the other House a joint resolution, 
     then the following procedures shall apply:
       (i) The joint resolution of the other House shall not be 
     referred to a committee.
       (ii) With respect to a joint resolution of the House 
     receiving the resolution--

       (I) the procedure in that House shall be the same as if no 
     joint resolution had been received from the other House; but
       (II) the vote on passage shall be on the joint resolution 
     of the other House.

       (B) Treatment of joint resolution of other house.--If one 
     House fails to introduce or consider a joint resolution under 
     this subsection, the joint resolution of the other House 
     shall be entitled to expedited floor procedures under this 
     subsection.
       (C) Treatment of companion measures.--If, following passage 
     of the joint resolution in the Senate, the Senate then 
     receives the companion measure from the House of 
     Representatives, the companion measure shall not be 
     debatable.
       (D) Consideration after passage.--
       (i) In general.--If Congress passes a joint resolution, the 
     period beginning on the date the President is presented with 
     the joint resolution and ending on the date the President 
     takes action with respect to the joint resolution shall be 
     disregarded in computing the 15-calendar day period described 
     in paragraph (1)(A).
       (ii) Vetoes.--If the President vetoes the joint 
     resolution--

       (I) the period beginning on the date the President vetoes 
     the joint resolution and ending on the date the Congress 
     receives the veto message with respect to the joint 
     resolution shall be disregarded in computing the 15-calendar 
     day period described in paragraph (1)(A); and
       (II) debate on a veto message in the Senate under this 
     subsection shall be 1 hour equally divided between the 
     majority and minority leaders or their designees.

       (E) Rules of house of representatives and senate.--This 
     paragraph, and paragraphs (2), (3), and (4) are enacted by 
     Congress--
       (i) as an exercise of the rulemaking power of the Senate 
     and House of Representatives, respectively, and as such it is 
     deemed a part of the rules of each House, respectively, but 
     applicable only with respect to the procedure to be followed 
     in that House in the case of a joint resolution, and it 
     supersedes other rules only to the extent that it is 
     inconsistent with such rules; and
       (ii) with full recognition of the constitutional right of 
     either House to change the rules (so far as relating to the 
     procedure of that House) at any time, in the same manner, and 
     to the same extent as in the case of any other rule of that 
     House.

     SEC. 4. DEFINITIONS.

       As used in this Act--
       (1) the term ``designated TARP recipient'' means any entity 
     that has received, or will receive, financial assistance 
     under the Troubled Asset Relief Program or any other 
     provision of the Emergency Economic Stabilization Act of 2008 
     (Public Law 110-343), such that the Federal Government holds 
     or controls, or will hold or control at a future date, not 
     less than a 10 percent ownership stake in the company as a 
     result of such assistance;
       (2) the term ``Secretary'' means the Secretary of the 
     Treasury or the designee of the Secretary; and
       (3) the terms ``director'', ``issuer'', ``securities'', and 
     ``securities laws'' have the same meanings as in section 3 of 
     the Securities Exchange Act of 1934 (15 U.S.C. 78c).
                                 ______