I
111th CONGRESS
1st Session
H. R. 2634
IN THE HOUSE OF REPRESENTATIVES
May 21, 2009
Mr. Rogers of Michigan (for himself, Mrs. Miller of Michigan, Mr. Hoekstra, and Mr. McCotter) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Emergency Economic Stabilization Act of 2008 to prohibit automobile manufacturers receiving assistance under the Troubled Asset Relief Program from opening a new foreign subsidiary or expanding their current foreign subsidiaries.
Prohibition on automobile manufacturer expansion of new or current foreign subsidiaries
In general
Title I of the Emergency Economic Stabilization Act of 2008 is amended by adding at the end the following new section:
Prohibition on automobile manufacturer expansion of new or current foreign subsidiaries
In general
Effective as of the date of the enactment of this section, no automotive TARP recipient may open a new foreign subsidiary or expand any current foreign subsidiary.
Automotive TARP recipient defined
For purposes of this section, the term automotive TARP recipient means any automobile manufacturer that has received assistance under this title and that has not fully repaid such assistance.
.
Conforming amendment
The table of contents for such Act is amended by inserting after the item relating to section 136 the following new item:
137. Prohibition on automobile manufacturer expansion of new or current foreign subsidiaries.
.