Like Countable?

Install the App
TRY NOW

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Financial Services
    IntroducedJune 16th, 2009

Bill Details

Official information provided by the Congressional Research Service. Learn more or make a suggestion.
The Congressional Research Service writes summaries for most legislation. These summaries are listed here. Countable will update some legislation with a revised summary, title or other key elements.

Suggest an update to this bill using our form.

Title

Government Ownership Exit Plan Act of 2009

Official Title

To prohibit the Federal Government from holding ownership interests, and for other purposes.

Summary

Government Ownership Exit Plan Act of 2009 - Prohibits the federal government from acquiring, directly or indirectly, any ownership interest in a troubled asset described in the Emergency Economic Stabilization Act of 2008 (EESA) that was purchased from a financial institution by the Secretary of the Treasury. Requires the Secretary to divest the government of any such interest not later than July 1, 2010, with exceptions allowing ownership interests of not more than six months if: (1) divestiture would have a significant adverse impact on taxpayers; and (2) there is a reasonable expectation that a waiver would allow recovery of the cost of acquiring such interest. Amends EESA to state that the limit of authority to purchase troubled assets is $700 billion (under current law, such limitation, reduced by $1.259 billion, is described as "outstanding at any one time"). Requires all repayments of obligations arising under EESA, and all proceeds from the sale of assets acquired by the government under that Act, to be paid into the general fund of the Treasury for reduction of the public debt. Makes it unlawful for an officer or employee of the executive branch to knowingly make, with the intent to influence, a communication regarding a significant management decision of a recipient of EESA assistance to any officer or employee of the recipient. Makes the Financial Stability Oversight Board responsible for reviewing the ownership interest termination provisions of this Act. Establishes requirements for reports by the Secretary on: (1) ownership interests; (2) plans for compliance with this Act, including for winding down and divestiture; and (3) ending conservatorship and direct ownership by the government of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac, respectively).