Of a perfecting nature.

SA 1043. Mr. ENSIGN (for himself, Mr. Pryor, Mrs. Boxer, and Ms.
Snowe) submitted an amendment intended to be proposed to amendment SA
1038 proposed by Mrs. Boxer (for herself and Mr. Reid) to the amendment
SA 1018 submitted by Mr. Dodd (for himself and Mr. Shelby) to the bill
S. 896, to prevent mortgage foreclosures and enhance mortgage credit
availability as follows:

On page 1, strike line 6 and all that follows through page
6 line 5, and insert the following:
(a) Short Title.--This section may be cited as the
``Public-Private Investment Program Improvement and Oversight
Act of 2009''.
(b) Public-Private Investment Program.--
(1) In general.--Any program established by the Federal
Government to create a public-private investment fund shall--
(A) in consultation with the Special Inspector General of
the Trouble Asset Relief Program (in this section referred to
as the ``Special Inspector General''), impose strict conflict
of interest rules on managers of public-private investment
funds to ensure that securities bought by the funds are
purchased in arms-length transactions, that fiduciary duties
to public and private investors in the fund are not violated,
and that there is full disclosure of relevant facts and
financial interests (which conflict of interest rules shall
be implemented by the manager of a public-private investment
fund prior to such fund receiving Federal Government
financing);
(B) require each public-private investment fund to make a
quarterly report to the Secretary of the Treasury (in this
section referred to as the ``Secretary'') that discloses the
10 largest positions of such fund (which reports shall be
publicly disclosed at such time as the Secretary of the
Treasury determines that such disclosure will not harm the
ongoing business operations of the fund);
(C) allow the Special Inspector General access to all books
and records of a public-private investment fund, including
all records of financial transactions in machine readable
form, and the confidentiality of all such information shall
be maintained by the Special Inspector General;
(D) require each manager of a public-private investment
fund to retain all books, documents, and records relating to
such public-private investment fund, including electronic
messages;
(E) require each manager of a public-private investment
fund to acknowledge, in writing, a fiduciary duty to both the
public and private investors in such fund;
(F) require each manager of a public-private investment
fund to develop a robust ethics policy that includes methods
to ensure compliance with such policy;
(G) require strict investor screening procedures for
public-private investment funds; and
(H) require each manager of a public-private investment
fund to identify for the Secretary each investor that,
individually or together with its affiliates, directly or
indirectly holds equity interests in the fund acquired as a
result of--
(i) any investment by such investor or any of its
affiliates in a vehicle formed for the purpose of directly or
indirectly investing in the fund; or
(ii) any other investment decision by such investor or any
of its affiliates to directly or indirectly invest in the
fund that, in the aggregate, equal at least 10 percent of the
equity interests in such fund.
(2) Interaction between public-private investment funds and
the term-asset backed securities loan facility.--The
Secretary shall consult with the Special Inspector General
and shall issue regulations governing the interaction of the
Public-Private Investment Program, the Term-Asset Backed
Securities Loan Facility, and other similar public-private
investment programs. Such regulations shall address concerns
regarding the potential for excessive leverage that could
result from interactions between such programs.
(3) Report.--Not later than 60 days after the date of the
establishment of a program described in paragraph (1), the
Special Inspector General shall submit a report to Congress
on the implementation of this section.
(c) Additional Appropriations for the Special Inspector
General.--
(1) In general.--Of amounts made available under section
115(a) of the Emergency Economic Stabilization Act of 2008
(Public Law 110-343), $15,000,000 shall be made available to
the Special Inspector General, which shall be in addition to
amounts otherwise made available to the Special Inspector
General.
(2) Priorities.--In utilizing funds made available under
this section, the Special Inspector General shall prioritize
the performance of audits or investigations of recipients of
non-recourse Federal loans made under the Public Private
Investment Program established by the Secretary of the
Treasury or the Term Asset Loan Facility established by the
Board of Governors of the Federal Reserve System (including
any successor thereto or any other similar program
established by the Secretary or the Board), to the extent
that such priority is consistent with other aspects of the
mission of the Special Inspector General. Such audits or
investigations shall determine the existence of any collusion
between the loan recipient and the seller or originator of
the asset used as loan collateral, or any other conflict of
interest that may have led the loan recipient to deliberately
overstate the value of the asset used as loan collateral.
(d) Rule of Construction.--Notwithstanding any other
provision of law, nothing in this section shall be construed
to apply to any activity of the Federal Deposit Insurance
Corporation in connection with insured depository
institutions, as described in section 13(c)(2)(B) of the
Federal Deposit Insurance Act.
(e) Definition.--In this section, the term ``public-private
investment fund'' means a financial vehicle that is--
(1) established by the Federal Government to purchase pools
of loans, securities, or assets from a financial institution
described in section 101(a)(1) of the Emergency Economic
Stabilization Act of 2008 (12 U.S.C. 5211(a)(1)); and
(2) funded by a combination of cash or equity from private
investors and funds provided by the Secretary of the Treasury
or the Federal Deposit Insurance Corporation.
(f) Offset of Costs of Program Changes.--Notwithstanding
the amendment made by section 202(b) of this Act, paragraph
(3) of section 115(a) of the Emergency Economic Stabilization
Act of 2008 (12 U.S.C. 5225) is amended by inserting ``, as
such amount is reduced by $2,331,000,000,'' after
``$700,000,000,000''.

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