Summary of Amendment Submitted to H.R. 384 - TARP Reform and Accountability Act of 2009

Listed in Alphabetical Order

Jan 14, 2009 5:20 PM

Arcuri (NY)


(Withdrawn) Would authorize the Secretary to provide low-interest loans to contributors to defined benefit pension plans that have been placed in critical status as a result of investments with Bernard L. Madoff Investment Securities, Inc.

Baca (CA)/ Lewis(CA)/ Calvert (CA)


(Withdrawn) Would allow Treasury to take regional public-private partnerships into consideration when developing a loan purchase program.

Baca (CA)


(Withdrawn) Would enable credit unions to participate in TARP by allowing credit unions to include government assistance in the calculation of net worth.

Bachmann (MN)


Would eliminate changes and additional funding for the HOPE for Homeowners program.

Bachmann (MN)


Would remove the authority of the Secretary, under TARP, to assist in financing and restructuring the domestic vehicle manufacturers in the United States.

Bilirakis (FL)


Would require TARP fund recipients to disclose the compensation of their highest paid executives and employees, and require Treasury to list the information disclosed in an online public database.

Braley (IA)


(Withdrawn) Would remove the requirement that persons who bring suit unsuccessfully against servicers for engaging in loan modifications under the Act to pay the servicers' court costs and legal fees.

Brown (FL)


(Withdrawn) Would set residential mortgage servicing standards, require improvements in loan modification and restructuring processes, including section 42 housing, and require the Secretary's consent, where appropriate, to loss mitigation measures.

Brown (FL)


(Revised) Would direct regulatory agencies to suspend requirements for re-appraisal for real estate collateral, and would provide them the authority to permit lenders to extend and/or modify loan terms for borrowers who are paying interest as due.

Capuano (MA)


(Withdrawn) Would clarify that 1-to-4-family homes are included in the term "residential properties" and are therefore eligible to participate in foreclosure mitigation programs.

Capuano (MA)


(Withdrawn) Would allow the Secretary to recover the TARP funds if an assisted entity does not use the funds for their agreed upon purpose.

Cardoza (CA)


(Withdrawn) Would require the Secretary to report to Congress within 45 days of enactment on the effectiveness of foreclosure prevention programs in housing disaster areas, and, upon the Secretary's conclusion that foreclosures have not substantially declined, instructs the Secretary to consider alternative programs.

Castor (FL)


Would require foreclosure mitigation plans to include workforce and outreach to enhance loss mitigation personnel, education for homeowners, and delineation of outreach initiatives.

Crowley (NY)


(Withdrawn) Would authorize TARP funds to be used by recipients for wage support programs and prohibit TARP recipients from laying off employees without cause unless the employees are provided severance or other wage support packages.

Culberson (TX)


(Withdrawn) Would prohibit TARP recipients from providing sports sponsorships, including naming rights to any car, arena field or stadium.

Cummings (MD)


(Withdrawn) Would require the Comptroller of Currency (OCC), along with the Director of Thrift Supervision (OTS), to issue mortgage modification data collection and reporting requirements for banks, and requires the OCC, along with OTS, to submit reports on mortgage modifications in the previous quarter to the Senate Committee on Banking, Housing, and Urban Affairs, the House Committee on Financial Services of the House, and the Joint Economic Committee.

DeFazio (OR)


Would revise the release of the remaining $350 billion in TARP funds in three tranches: $125 billion immediately, $50 billion with Presidential request to Congress, and $175 billion with a Presidential report sent to Congress unless within 15 days a joint resolution of disapproval is enacted.

Dent (PA)


Would require Congressional approval for release of the remaining TARP funds after the President's submits a request.

Ellison (MN)/ Baca (CA)/ Capuano(MA)/ McCarthy(NY)


(Withdrawn) Would require bona fide tenants to be given a minimum of 90 days notice to vacate when their rental residence has been placed in mortgage foreclosure proceedings, including those who are renting through the Section 8 public house assistance program.

Flake (AZ)


Would clarify that the TARP Special Inspector General has oversight power over any actions taken by Treasury under this legislation that he deems appropriate, with certain exceptions.

Flake (AZ)


Would prohibit TARP funds for use in financing and restructuring the domestic automakers.

Frank (MA)


(Revised) Clarifies that the agreements on use of TARP funds do not apply to the small community institutions designated in Section 105; clarifies that the agreements on use of TARP assistance apply after date of enactment; requires protection of renters living in properties for which foreclosure proceedings have begun; clarifies that Treasury must permit insured depositories that are TARP recipients to repay any assistance provided without regard to replacement of the funds; strikes provision requiring divestiture of private passenger aircraft and leases; clarifies that the Secretary may apply new executive compensation restrictions retroactively to institutions that have already received TARP assistance; clarifies that the warrant requirements for new TARP assistance shall be in an amount at least equal to 15% of the aggregate amount of the assistance; clarifies that the Secretary shall take actions to make TARP available to smaller community financial institutions, including those that are privately held; requires reporting, data collection, and analysis of use of TARP funds by participants and establishment of an online publicly available database; requires the OCC and the OTS to collect and report to Congress mortgage modification data; requires the Secretary to facilitate auctions of troubled assets by institutions to third-party purchasers; requires that the Secretary, within 7 days of enactment, commit at least $100 billion, but in no case less than $40 billion, to foreclosure mitigation efforts. At least $20 billion must be dedicated to the systematic foreclosure mitigation plan described in section 205; clarifies authority of Treasury Secretary to assist consumer, automobile fleet, commercial real estate, commercial, small business, farm, minority and disadvantaged businesses, and debtor-in-possession financing loans; adds term “below market” to describe the interest rates to be achieved under the home buyer stimulus program, including for the Hope for Homeowners program; imposes new requirements and reporting on Treasury and recipients of TARP assistance regarding inclusion of minorities and women; adds a new Title VIII requiring new reporting on guarantees made to Citigroup; and adds a new Title IX requiring a GAO study of the financial crisis and Treasury strategy for implementing GAO recommendations.

Gillibrand (NY)


Would apply the executive compensation rules established under the Act to institutions who have already received assistance under TARP, exempting institutions who previously received less than $300 million in assistance.

Gillibrand (NY)


Would apply the executive compensation rules established under the Act to institutions who have already received assistance under TARP.

Gingrey (GA)


Would require that 30% of the remaining TARP funds be dedicated to assisting smaller, local community financial institutions, or otherwise would prevent the release of the remaining funds.

Gohmert (TX)


Substitute amendment that would establish a two-month period suspending federal income tax based on wages earned for services performed and FICA withholding.

Hensarling (TX)


Would require that mortgagors lack the capacity to pay existing mortgage to qualify for the HOPE for Homeowners program.

Hensarling (TX)


Would remove the Secretary's authority to delegate an observer to attend meetings of the board of directors of any assisted institution.

Hensarling (TX)


Would eliminate changes and additional funding for the HOPE for Homeowners program.

Hensarling (TX)


Would remove the authority of the Secretary, under TARP, to assist in financing and restructuring the domestic vehicle manufacturers in the United States.

Hinchey (NY)


(Revised) Would require Treasury to immediately obtain information from recipients of TARP funds and their precise use of funds allocated prior to January 1, 2009, and require the Treasury to conduct an analysis of the use of those funds within 30 days of enactment.

Hinchey (NY)


(Revised) Would require that GAO conduct a study that determines the causes of the financial crisis, require that no TARP funds be used by Treasury until the report has been issued and Treasury issues an overall strategy and timeline for implementing recommendations by GAO with the goal of financial stability and the well-being of taxpayers.

Hinchey (NY)


(Withdrawn) Would require within 6 months that GAO report on the causes of the financial crisis, and that Treasury, using this report, issue an overall strategy and timeline for implementing recommendations by GAO that will achieve a goal of financial stability and well-being of taxpayers.

Holt (NJ)


Would provide that, absent the consent of the targeted insured depository institution, an assisted institution cannot merge with or acquire an insured depository institution that has been denied TARP funds or has an application for TARP funds still pending.

Holt (NJ)


Would provide that an assisted institution cannot engage in a merger or acquisition unless the Secretary determines that, in addition to decreasing the risk to taxpayers, the merger or acquisition will increase return to taxpayers.

Holt (NJ)


Would clarify that an assisted institution cannot engage in a merger or acquisition unless the Secretary determines not only that the transaction could have been consummated without TARP funds, but could have been consummated whether or not TARP funds had been provided to the assisted institution.

Holt (NJ)


Would amend the EESA to require that, provided TARP funds are not used for their purchase, the Secretary shall facilitate an auction of troubled assets by third party purchases and, if such auction does not take place within 3 months from enactment, the Secretary must report to Congress on the mechanism the Secretary deems best to use to value and liquidate such assets.

Inslee (WA)


(Revised) Would designate $5 billion of TARP funds for renewable energy companies that have been heavily impacted by the economic downturn.

Israel (NY)


Would establish a temporary program at Treasury to provide subsidies to reduce interest rates on mortgages for home purchases.

Kaptur (OH)


Would require the Secretary delegate an observer to attend participant board meetings, create an FDIC Board observer, and would increase funds required for foreclosure mitigation to between $100 billion to $200 billion.

Kaptur (OH)


(Revised) Would suspend the expenditure current remaining funds and the release of the final $350 billion of TARP funds until the Congressional Oversight Panel has forensically accounted for each dollar of the initial $350 billion, and has examined the effect of TARP and Federal Reserve policies on the economy.

Kennedy (RI)


(Withdrawn) Would require any consumer credit card issuer which is or becomes an assisted institution to implement, within 60 days, the credit card regulations finalized by the Federal Reserve on December 18, 2008.

Lewis (GA)


(Withdrawn) Would allow the Treasury to serve as the guarantor for payment obligations of qualified transportation property leases.

Lynch (MA)


(Withdrawn) Would require Treasury to report to Congress on the specific loans and securities included in the asset pool included in the agreement between Treasury, Citigroup, and the FDIC, and would require the GAO to report to Congress on the agreement's probable long-term cost to the federal government.

Lynch (MA)


Would provide that the Secretary may not exercise the streamlines process authority granted in Sec 107 of the EESA with regard to any solicitation or contract for carrying out this Act that is entered into by the Secretary after the date of enactment.

Maloney (NY)


(Withdrawn) Would improve data collection and analysis so that the oversight entities can review use of the TARP funds consistently with the goals of the Act.

Matsui (CA)/ Castor (FL)


(2nd Revision) Would provide a sense of Congress stating that TARP participants, who receive from future TARP funds, should not initiate a foreclosure proceeding or foreclosure sale on any principal homeowner until the new systematic loan modification plan is implemented and deemed fully operational by the Secretary and Chair of FDIC.

McCarthy (NY)


(Withdrawn) Would direct $500 million TARP funds to provide support and assistance for financial literacy education for students, borrowers and consumers.

Moran (KS)


(Withdrawn) Would remove requirement that TARP fund recipients divest private passenger aircraft or interest in such aircraft.

Murphy (PA)


Would require the Federal Reserve to disclose detailed information regarding the Federal Reserve's Mortgage-Backed Securities purchase program.

Myrick (NC)


Would prohibit TARP fund recipients from outsourcing new customer service or call center jobs to foreign companies.

Neugebauer (TX)


Would require Congress to grant direct approval of the Secretary’s plan for use of the final $350 billion of TARP funds, preventing additional funds from being committed until Congress passes a resolution of approval.

Perlmutter (CO)


(Withdrawn) Would place loans provided to eligible automakers in a senior and prior debt position as long as it is compliant with the Fifth Amendment to the Constitution.

Price (GA)


Would permanently suspend the HOPE for Homeowners program if, after a 30-day period, the Comptroller General of the United States determines the number of successfully modified mortgages within the period was less than 140,000.

Price (GA)


Would repeal the recapture rule for the first-time homebuyer tax credit.

Putnam (FL)


Would require HOPE for Homeowners Program participants with prior foreclosure and/or bankruptcy history to meet the same standards set forth by HUD.

Schock (IL)


Would direct that no further taxpayer money authorized under the emergency Economic Stabilization Act be distributed until a fully searchable database is created and accessible at no cost to the public, showing all entities receiving federal funds and the purpose for such funds.

Scott (VA)


Would require a fair value assessment of any additional securities and trusts purchased under the authority of the Emergency Economic Stabilization Act of 2008, and limits the purchasing price to the fair value established by the assessment.

Sherman (CA)


Would prohibit the Secretary from purchasing any asset from a financial institution unless such financial institution provides documentary evidence that such asset was owned by an entity headquartered in the United States as of September 20, 2008.

Sherman (CA)


(Revised) Would prohibit any assisted institution from paying any officer or employee of such institution total compensation in excess of $1 million.

Sherman (CA)


(Revised) Would prohibit, except with respect to obligations pursuant to law and existing contract, payment of dividends and the repurchase of stock by an assisted institution, and shall not apply to any class of securities created after January 13, 2009 and those sold solely for cash.

Sherman (CA)


(Revised) Would prohibit assisted institutions from transferring stock to the 25 most highly compensated employees.

Sherman (CA)


(2nd Revision) Would prohibit assisted institutions from owning or leasing any private passenger aircraft and prohibit chartering private aircraft unless such chartering is intended for transportation to or from a location more than 100 miles away from any airport serviced by scheduled commercial aircraft.

Speier (CA)/ Eshoo (CA)


(Revised) Would direct the Secretary to buy the Lehman Brothers Holding Inc. bonds from any State government, any political subdivision of any State, or other public entity or instrumentality established under State law.

Sutton (OH)


(Withdrawn) Would require that any institution that receives TARP money and issues consumer credit cards cannot increase interest rates on credit card holders who are in compliance with the terms of their agreements.

Tiahrt (KS)


Would remove requirement that TARP fund recipients divest private passenger aircraft or interest in such aircraft.

Velázquez (NY)


Would require the Treasury to make no less than $1 billion of the $700 billion authorized for TARP available for equity and debt capital injections in Community Development Financial Institutions.

Walz (MN)


Would require that any assisted institution publicly report, not less than quarterly, on the institution's use of the assistance, and would require the Treasury to make those reports readily available online.

Waters (CA)


(Withdrawn) Would increase the minimum amount of funding for foreclosure mitigation from $40 billion to $70 billion, provide no less than $20 billion be used for the foreclosure mitigation program, require the Secretary to implement the program and other alternatives, and require the Secretary to consult with the FDIC as it contracts with entities to conduct the activities required under the program.

Welch (VT)/ DeFazio (OR)


Would impose a securities transaction tax of .25 percent or that with the Secretary deems sufficient to produce enough revenue to cover the net cost to the taxpayer of TARP and actions taken by the Federal Reserve.