To amend the Emergency Economic Stabilization Act of 2008 to prohibit the Secretary of the Treasury from receiving common stock or certain other voting stock under the Troubled Asset Relief Program, and for other purposes.
About This Bill
Committee
Latest Action · February 25, 2009
Referred to the House Committee on Financial Services.
Amends the Emergency Economic Stabilization Act of 2008 (EESA) to prohibit the Secretary of the Treasury from: (1) making any purchase for which the Secretary receives control-diluting stock; or (2) converting into control-diluting stock any security received by the Secretary (other than a warrant).
Defines control-diluting stock as: (1) common stock of a financial institution; (2) any other voting stock of a financial institution other than voting stock whose voting power the Secretary agrees not to exercise; or (3) a warrant giving the Secretary the right to receive either of such stock.
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