H.R. 384 - TARP Reform and Accountability Act of 2009

TARP Reform and Accountability Act of 2009

H.R. 384 — 111^th Congress (2009–2010)

Keywords

Real estate, Reform, Bailout, TARP,

Summary

To reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program. (by CRS)

Learn More

At OpenCongress

Title

To reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.

Other Titles

• TARP Reform and Accountability Act of 2009

Sponsor

Barney Frank

Co-Sponsors

Subjects

• Finance and financial sector
• Bank accounts, deposits, capital
• Banking and financial institutions regulation
• Congressional oversight
• Consumer credit
• Corporate finance and management
• Financial crises and stabilization
• Financial services and investments
• Government information and archives
• Housing finance and home ownership
• Interest, dividends, interest rates
• Manufacturing
• Motor vehicles

Related Bills

• H.Res. 53 (111^th) : Providing for the Consideration of the Bill (H.R. 384) to Reform the Troubled Assets Relief Program of the Secretary of the Treasury and Ensure Accountability Under Such Program.
• H.Res. 62 (111^th) : Providing for Further Consideration of the Bill (H.R. 384) to Reform the Troubled Assets Relief Program of the Secretary of the Treasury and Ensure Accountability Under Such Program, and for Other Purposes.

Major Actions

Introduced	1/09/2009
Referred to Committee
Amendments (10 proposed)
Passed House	1/21/2009

Bill History

• All Votes
• All Actions
• Amendments

	Chamber/Committee	Motion	Date	Result
select this vote	House	On agreeing to the Matsui amendment (A002) Agreed to by voice vote.	1/15/2009	PASSED by voice vote
select this vote	House	Amendment 1 to H.R. 384	1/15/2009	This amendment PASSED the House 275 voted YES 152 voted NO 12 voted present/not voting
select this vote	House	Amendment 3 to H.R. 384	1/15/2009	This amendment DID NOT PASS the House 151 voted YES 274 voted NO 14 voted present/not voting
select this vote	House	Amendment 5 to H.R. 384	1/15/2009	This amendment DID NOT PASS the House 142 voted YES 282 voted NO 15 voted present/not voting
select this vote	House	Amendment 6 to H.R. 384	1/15/2009	This amendment PASSED the House 426 voted YES 0 voted NO 13 voted present/not voting
select this vote	House	On agreeing to the Myrick amendment Agreed to by voice vote.	1/21/2009	PASSED by voice vote
select this vote	House	On agreeing to the Frank (MA) amendment (A008) Agreed to by voice vote.	1/21/2009	PASSED by voice vote
select this vote	House	On agreeing to the Flake amendment (A009) Agreed to by voice vote.	1/21/2009	PASSED by voice vote
select this vote	House	Amendment 10 to H.R. 384	1/21/2009	This amendment PASSED the House 427 voted YES 1 voted NO 11 voted present/not voting
select this vote	House	Table Appeal of the Ruling of the Chair: H.R. 384 TARP Reform and Accountability Act	1/21/2009	This motion PASSED the House 251 voted YES 176 voted NO 6 voted present/not voting
select this vote	House	On Motion to Recommit with Instructions: H.R. 384 TARP Reform and Accountability Act	1/21/2009	This motion DID NOT PASS the House 199 voted YES 228 voted NO 6 voted present/not voting
currently selected	House	On Passage - House - H.R. 384 TARP Reform and Accountability Act	1/21/2009	This bill PASSED the House 260 voted YES 166 voted NO 7 voted present/not voting

	Action	Date	Description
	Introduced	1/09/2009
		1/09/2009	Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
		1/09/2009	Referred to House Financial Services
		1/09/2009	Referred to House Ways and Means
		1/09/2009	Referred to House Judiciary
		1/14/2009	Rules Committee Resolution H. Res. 53 Reported to House. Rule provides for consideration of H.R. 384 with 2 hours of general debate. Measure will be considered read. Bill is closed to amendments. The resolution waives all points of order against consideration of the bill except those arising under clause 9 of rule XXI. The resolution provides that the Committee of the Whole shall rise without motion after general debate and that no further consideration of the bill shall occur except pursuant to a subsequent order of the House.
		1/14/2009	Rule H. Res. 53 passed House.
		1/14/2009	Considered under the provisions of rule H. Res. 53.
		1/14/2009	Rule provides for consideration of H.R. 384 with 2 hours of general debate. Measure will be considered read. Bill is closed to amendments. The resolution waives all points of order against consideration of the bill except those arising under clause 9 of rule XXI. The resolution provides that the Committee of the Whole shall rise without motion after general debate and that no further consideration of the bill shall occur except pursuant to a subsequent order of the House.
		1/14/2009	House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 53 and Rule XVIII.
		1/14/2009	The Speaker designated the Honorable John T. Salazar to act as Chairman of the Committee.
		1/14/2009	GENERAL DEBATE - The Committee of the Whole proceeded with two hour of general debate on H.R. 384.
		1/14/2009	Mr. Frank (MA) moved that the Committee rise.
		1/14/2009	On motion that the Committee rise Agreed to by voice vote.
		1/14/2009	Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business.
		1/14/2009	Considered as unfinished business.
		1/14/2009	The House resolved into Committee of the Whole House on the state of the Union for further consideration.
		1/14/2009	GENERAL DEBATE - The Committee of the Whole resumed general debate on H.R. 384.
		1/14/2009	Rules Committee Resolution H. Res. 62 Reported to House. Rule provides for consideration of H.R. 384. Measure will be considered read. Specified amendments are in order. The resolution provides for further consideration of H.R. 384 with no further general debate.
		1/15/2009	Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business.
		1/15/2009	Rule H. Res. 62 passed House.
		1/15/2009	Considered as unfinished business.
		1/15/2009	The House resolved into Committee of the Whole House on the state of the Union for further consideration.
		1/15/2009	Amendment (A001) offered by Mr. Frank (MA).
		1/15/2009	DEBATE - Pursuant to the provisions of H.Res. 62, the Committee of the Whole proceeded with 40 minutes of debate on the Frank amendment.
		1/15/2009	POSTPONED PROCEEDINGS - At the conclusion of debate on the Frank amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Frank demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
		1/15/2009	Amendment (A002) offered by Ms. Matsui.
		1/15/2009	DEBATE - Pursuant to the provisions of H.Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Matsui amendment.
select this vote	Vote	1/15/2009	On agreeing to the Matsui amendment (A002) Agreed to by voice vote.
		1/15/2009	DEBATE - Purusuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with ten minutes of debate on the Hensarling amendment.
		1/15/2009	Amendment (A003) offered by Mr. Hensarling.
		1/15/2009	POSTPONED PROCEEDINGS - At the conclusion of debate on the Hensarling amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Hensarling demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
		1/15/2009	The Committee of the Whole rose informally to receive a message from the President.
		1/15/2009	Subsequently, the Committee resumed it's sitting.
		1/15/2009	DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with ten minutes of debate on the Holt amendment.
		1/15/2009	Amendment (A004) offered by Mr. Holt.
		1/15/2009	Mr. Holt asked unanimous consent to modify his amendment. Objection was heard.
		1/15/2009	DEBATE - Pursuant to the provisions of H. Res. 62 the Committee of the Whole proceeded with ten minutes of debate on the Bachmann amendment.
		1/15/2009	By unanimous consent, the Holt amendment was withdrawn.
		1/15/2009	Amendment (A005) offered by Mrs. Bachmann.
		1/15/2009	POSTPONED PROCEEDINGS - At the conclusion of the Bachmann amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Ms. Bachmann demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
		1/15/2009	DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with ten minutes of debate on the Patrick Murphy amendment.
		1/15/2009	Amendment (A006) offered by Mr. Murphy, Patrick.
		1/15/2009	POSTPONED PROCEEDINGS - At the conclusion of debate on the Patrick Murphy amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Patrick Murphy demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
		1/15/2009	UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question on adoption of amendments which were debated earlier and on which further proceedings had been postponed.
select this vote	Vote	1/15/2009	Amendment 1 to H.R. 384
select this vote	Vote	1/15/2009	Amendment 3 to H.R. 384
select this vote	Vote	1/15/2009	Amendment 5 to H.R. 384
select this vote	Vote	1/15/2009	Amendment 6 to H.R. 384
		1/15/2009	Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business.
		1/21/2009	Considered as unfinished business.
		1/21/2009	The House resolved into Committee of the Whole House on the state of the Union for further consideration.
		1/21/2009	Amendment (A007) offered by Mrs. Myrick.
		1/21/2009	DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Myrick amendment.
select this vote	Vote	1/21/2009	On agreeing to the Myrick amendment Agreed to by voice vote.
		1/21/2009	Amendment (A008) offered by Mr. Frank (MA).
		1/21/2009	DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Frank (MA) amendment.
		1/21/2009	DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Flake amendment.
select this vote	Vote	1/21/2009	On agreeing to the Frank (MA) amendment (A008) Agreed to by voice vote.
		1/21/2009	Amendment (A009) offered by Mr. Flake.
		1/21/2009	DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Hinchey amendment.
select this vote	Vote	1/21/2009	On agreeing to the Flake amendment (A009) Agreed to by voice vote.
		1/21/2009	Amendment (A010) offered by Mr. Hinchey.
		1/21/2009	POSTPONED PROCEEDINGS - At the conclusion of debate on the Hinchey amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Hinchey demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
		1/21/2009	Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business.
		1/21/2009	Considered as unfinished business.
		1/21/2009	The House resolved into Committee of the Whole House on the state of the Union for further consideration.
select this vote	Vote	1/21/2009	Amendment 10 to H.R. 384
		1/21/2009	The House rose from the Committee of the Whole House on the state of the Union to report H.R. 384.
		1/21/2009	The previous question was ordered pursuant to the rule.
		1/21/2009	Mr. Gohmert moved to recommit with instructions to Financial Services.
		1/21/2009	Mr. Frank (MA) raised a point of order against the motion to recommit with instructions. Mr. Frank stated that the provisions of the motion to recommit exceed the scope of the bill and the motion to recommit is therefore, not germane. Sustained by the Chair.
		1/21/2009	Point of order sustained against the motion to recommit with instructions.
		1/21/2009	Mr. Gohmert appealed the ruling of the chair. The question was then put on sustaining the ruling of the chair.
		1/21/2009	Mr. Frank (MA) moved to table appeal of the ruling of the chair.
select this vote	Vote	1/21/2009	Table Appeal of the Ruling of the Chair: H.R. 384 TARP Reform and Accountability Act
		1/21/2009	Mr. Barrett (SC) moved to recommit with instructions to Financial Services.
		1/21/2009	Floor summary: DEBATE - The House proceeded with 10 minutes of debate on the Barrett (SC) motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment pertaining to provisions dealing with Title I- TARP Terminiation and Full Repayment Plan.
		1/21/2009	The previous question on the motion to recommit with instructions was ordered without objection.
select this vote	Vote	1/21/2009	On Motion to Recommit with Instructions: H.R. 384 TARP Reform and Accountability Act
		1/21/2009	The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 384.
currently selected	House Vote on Passage	1/21/2009	On Passage - House - H.R. 384 TARP Reform and Accountability Act
		1/22/2009	Received in the Senate and Read twice and referred to the Committee on Finance.

	Number	Sponsor	Date Offered	Status
select this vote	H. Amdt. 2	Frank, Barney [D-MA4]	January 15, 2009	Passed by roll call vote on January 15, 2009.
	Manager's amendment incorporates sundry clarifications with respect to the use of TARP funds. Show amendment details
select this vote	H. Amdt. 3	Matsui, Doris [D-CA6]	January 15, 2009	Passed by voice vote on January 15, 2009.
	Amendment expresses the sense of the Congress that financial institutions which receive future TARP funds should not foreclose on any principal homeowner until the new loan modification program in the bill is implemented and deemed fully operational. Show amendment details
select this vote	H. Amdt. 4	Hensarling, Jeb [R-TX5]	January 15, 2009	Failed by roll call vote on January 15, 2009.
	Amendment sought to remove the Secretary's authority to delegate an observer to attend meetings of the board of directors of any assisted institution. Show amendment details
	H. Amdt. 5	Holt, Rush [D-NJ12]	January 15, 2009	Withdrawn on January 15, 2009.
	An amendment numbered 4 printed in House Report 111-3 to 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. Show amendment details
select this vote	H. Amdt. 6	Bachmann, Michele [R-MN6]	January 15, 2009	Failed by roll call vote on January 15, 2009.
	Amendment sought to eliminate changes and additional funding for the HOPE for Homeowners program. Show amendment details
select this vote	H. Amdt. 7	Murphy, Patrick [D-PA8]	January 15, 2009	Passed by roll call vote on January 15, 2009.
	Amendment inserts a new title which requires the Federal Reserve to disclose the details of the request process used to select the investment managers; disclose the details of the contracts reached with the investment managers, including price; and disclose the steps that each investment manager has taken to ensure that the program is free of conflicts of interest or an unfair advantage. Show amendment details
select this vote	H. Amdt. 8	Myrick, Sue [R-NC9]	January 21, 2009	Passed by voice vote on January 21, 2009.
	Amendment prohibits TARP fund recipients from outsourcing new customer service or call center jobs to foreign companies. Show amendment details
select this vote	H. Amdt. 9	Frank, Barney [D-MA4]	January 21, 2009	Passed by voice vote on January 21, 2009.
	Amendment requires that any assisted institution publicly report, not less than quarterly, on the institution's use of the assistance provided and requires the Treasury to make those reports readily available online. Show amendment details
select this vote	H. Amdt. 10	Flake, Jeff [R-AZ]	January 21, 2009	Passed by voice vote on January 21, 2009.
	Amendment clarifies that the TARP Special Inspector General has oversight power over any action tied to the distribution of TARP funds. Show amendment details
select this vote	H. Amdt. 11	Hinchey, Maurice [D-NY22]	January 21, 2009	Passed by roll call vote on January 21, 2009.
	Amendment requires Treasury to immediately obtain information from recipients of TARP funds and their precise use of funds allocated prior to January 1, 2009, and further requires Treasury to conduct an analysis of the use of those funds within 30 days of enactment of the bill. Show amendment details