To limit disbursement of additional funds under the Troubled Asset Relief Program to certain automobile manufacturers, to impose fiduciary duties on the Secretary of the Treasury with respect to shareholders of such automobile manufacturers, to require the issuance of shares of common stock to eligible taxpayers which represent the common stock holdings of the United States Government in such automobile manufacturers, and for other purposes.

SA 1862. Mr. ALEXANDER submitted an amendment intended to be proposed
to amendment SA 1813 submitted by Mr. Dorgan to the bill H.R. 3183,
making appropriations for energy and water development and related
agencies for the fiscal year ending September 30, 2010, and for other
purposes; which was ordered to lie on the table; as follows:

On page 68, between lines 15 and 16, insert the following:

SEC. ___. RESTRICTIONS ON TARP EXPENDITURES FOR AUTOMOBILE
MANUFACTURERS; FIDUCIARY DUTY TO TAXPAYERS;
REQUIRED ISSUANCE OF COMMON STOCK TO TAXPAYERS.

(a) Short Title.--This section may be cited as the ``Auto
Stock for Every Taxpayer Act''.
(b) Prohibition on Further TARP Funds.--Notwithstanding any
provision of the Emergency Economic Stabilization Act of 2008
(12 U.S.C. 5201 et seq.) or any other provision of law, the
Secretary may not expend or obligate any funds made available
under that Act on or after the date of enactment of this Act
with respect to any designated automobile manufacturer.
(c) Fiduciary Duty to Shareholders.--With respect to any
designated automobile manufacturer, the Secretary, and the
designee of the Secretary who is responsible for the exercise
of shareholder voting rights with respect to a designated
automobile manufacturer pursuant to assistance provided under
title I of the Emergency Economic Stabilization Act of 2008
(12 U.S.C. 5201 et seq.), shall have a fiduciary duty to each
eligible taxpayer for the maximization of the return on the
investment of the taxpayer under that Act, in the same
manner, and to the same extent that any director of an issuer
of securities has with respect to its shareholders under the
securities laws and all applicable provisions of State law.
(d) Required Issuance of Common Stock to Eligible
Taxpayers.--Not later than 1 year after the emergence of any
designated automobile manufacturer from bankruptcy protection
described in subsection (f)(1)(B), the Secretary shall direct
the designated automobile manufacturer to issue through the
Secretary a certificate of common stock to each eligible
taxpayer, which shall represent such taxpayer's per capita
share of the aggregate common stock holdings of the United
States Government in the designated automobile manufacturer
on such date.
(e) Civil Actions Authorized.--A person who is aggrieved of
a violation of the fiduciary duty established under
subsection (c) may bring a civil action in an appropriate
United States district court to obtain injunctive or other
equitable relief relating to the violation.
(f) Definitions.--As used in this section--
(1) the term ``designated automobile manufacturer'' means
an entity organized under the laws of a State, the primary
business of which is the manufacture of automobiles, and any
affiliate thereof, if such automobile manufacturer--
(A) has received funds under the Emergency Economic
Stabilization Act of 2008 (12 U.S.C. 5201 et seq.), or funds
were obligated under that Act, before the date of enactment
of this Act; and
(B) has filed for bankruptcy protection under chapter 11 of
title 11, United States Code, during the 90-day period
preceding the date of enactment of this Act;
(2) the term ``eligible taxpayer'' means any individual
taxpayer who filed a Federal taxable return for taxable year
2008 (including any joint return) not later than the due date
for such return (including any extension);
(3) the term ``Secretary'' means the Secretary of the
Treasury or the designee of the Secretary; and
(4) the terms ``director'', ``issuer'', ``securities'', and
``securities laws'' have the same meanings as in section 3 of
the Securities Exchange Act of 1934 (15 U.S.C. 78c).
______