II
111th CONGRESS
1st Session
S. 116
IN THE SENATE OF THE UNITED STATES
January 6, 2009
Mrs. Feinstein introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To require the Secretary of the Treasury to allocate $10,000,000,000 of Troubled Asset Relief Program funds to local governments that have suffered significant losses due to highly-rated investments in failed financial institutions.
Short title
This Act may be cited as the
TARP Assistance for Local Governments
Act of 2009
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Assistance to local governments
Section 101(a) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(a)) is amended by adding at the end the following:
Assistance to local governments
Purchase authority
The Secretary shall use $10,000,000,000 of funds made available for the TARP to assist public instrumentalities, such as counties and cities, that have suffered significant increased costs or losses due to investments with failed financial institutions, as described in subparagraph (B).
Limited to highly rated investments
Assistance under this paragraph shall be limited to public instrumentalities that have suffered due to investments that the Secretary determines were highly rated in any failed financial institution, whether or not the financial institution is assisted under this Act.
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