S. 1198Senate111th Congress (2009-2011)In Committee

Auto Stock for Every Taxpayer Act

Introduced June 8, 2009

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

June 8, 2009

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SenateIntro Referral

Introduced in Senate

June 8, 2009

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

June 8, 2009

Floor Debate

24 members

What members said about S. 1198 on the floor

10 Republicans14 Democrats
John McCain
Sen. John McCainR-AZ · Jul 8, 2009

Will the Senator yield for a question? It is my understanding that the Senate bill the Senator has described directs half of the emergency operations funds to only 10 States, and there are 50 States…

Patty Murray
Sen. Patty MurrayD-WA · Jul 8, 2009

I yield my time to the Senator from Ohio, Senator Voinovich. Mr. President, I move to reconsider the vote and to lay that motion upon the table. The motion to lay upon the table was agreed to. Mr.…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jul 8, 2009

Madam President, we are going to vote, I understand, shortly. It is an important discussion. I am glad we had a little exchange about it. I first want to respond about what the Senator from New…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jul 8, 2009

Mr. President, I ask unanimous consent that the pending amendment be temporarily set aside, and I call up amendment No. 1428. Mr. President, I ask unanimous consent that reading of the amendment be…

Jon Tester
Sen. Jon TesterD-MT · Jul 8, 2009

Mr. President, I rise to speak in opposition to the Feingold-McCain amendment. I do not believe this amendment serves the country well as far as it applies to the reality of public safety in rural…

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Jeff Merkley
Sen. Jeff MerkleyD-OR · Jul 8, 2009

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I ask unanimous consent to speak as in morning business. Mr. President, today, colleagues, I…

Jon Kyl
Sen. Jon KylR-AZ · Jul 8, 2009

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I believe there is an amendment pending. If I am correct in that, I ask unanimous consent to lay…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Jul 8, 2009

Mr. President, I rise in opposition to the amendment offered by the Senator from Arizona. Let me start with some background on the Loran system since it may not be familiar to many of our colleagues.…

Jeff Sessions
Sen. Jeff SessionsR-AL · Jul 8, 2009

Mr. President, recently the Bureau of Labor Statistics reported that the unemployment rate in June of this year had jumped to 9.5 percent; 467,000 jobs were lost in June alone. This is the highest…

Byron L. Dorgan
Sen. Byron L. DorganD-ND · Jul 8, 2009

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. I ask unanimous consent to speak as in morning business for 10 minutes. Madam President, this morning the New…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Jul 8, 2009

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Madam President, I rise today because there is a reckless amendment on the floor of the Senate to strip this…

Mark L. Pryor
Sen. Mark L. PryorD-AR · Jul 8, 2009

Madam President, I ask unanimous consent the order for the quorum call be rescinded. Madam President, I rise today to speak about the fiscal year 2010 Homeland Security Appropriations bill and a…

Charles E. Schumer
Sen. Charles E. SchumerD-NY · Jul 8, 2009

Mr. President, today, I rise asking my colleagues to table the pending amendment filed by my distinguished colleague from Alabama to the Department of Homeland Security appropriations bill. His…

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Kirsten E. Gillibrand
Rep. Kirsten E. GillibrandD-NY-20 · Jul 8, 2009

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I rise today in defense of the $1 million that was allocated in this bill for an emergency…

Jack Reed
Sen. Jack ReedD-RI · Jul 8, 2009

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Madam President, I rise to oppose the amendment that is currently before us, which would eliminate funding…

David Vitter
Sen. David VitterR-LA · Jul 8, 2009

I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I call up Vitter amendment No. 1375. I ask unanimous consent that reading of the amendment be dispensed with.…

Jim DeMint
Sen. Jim DeMintR-SC · Jul 8, 2009

Mr. President, I wish to speak briefly about an amendment that will be up second, I believe, this morning. It is about our southern border in this United States. I think we have made some…

Claire McCaskill
Sen. Claire McCaskillD-MO · Jul 8, 2009

I listened with interest to the questions and the conversations concerning Senator Feingold's amendment. I rise to strongly support this amendment. You know, one of the fantasies around here--and I…

Tom Coburn
Sen. Tom CoburnR-OK · Jul 8, 2009

Mr. President, the problem with this is the earmarks. It is not that New York may not need this. It is that you have taken 50 percent of the money for 10 States. The other 40 States will have to…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Jul 8, 2009

Mr. President, I rise today to speak in opposition to the Feingold amendment, No. 1402, which the Senate will vote on shortly. This amendment would restrict Congress's ability to direct spending to…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Jul 8, 2009

I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I ask unanimous consent to set aside the pending amendment so I may offer an amendment. Mr. President, I call…

Sheldon Whitehouse
Sen. Sheldon WhitehouseD-RI · Jul 8, 2009

Mr. President, I speak today about the importance of retaining funding for the Providence Emergency Operations Center in the fiscal year 2010 Department of Homeland Security Appropriations Act. The…

Lamar Alexander
Sen. Lamar AlexanderR-TN · Jul 8, 2009

Mr. President, I ask unanimous consent if I might have 30 seconds before the vote to make a request? Mr. President, I thank the Senator from Washington. I am here because the Senator from Nebraska…

Kent Conrad
Sen. Kent ConradD-ND · Jul 8, 2009

Mr. President, I rise to offer for the record, the Budget Committee's official scoring of S. 1298, the Department of Homeland Security Appropriations Act for fiscal year 2010. The bill, as reported…

Bill Text

Latest available legislative text

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Introduced in SenateIssued June 8, 2009

II

111th CONGRESS

1st Session

S. 1198

IN THE SENATE OF THE UNITED STATES

June 8, 2009

Mr. Alexander (for himself, Mr. Bennett, Mr. McConnell, Mr. Kyl, Mr. Vitter, Mr. Cornyn, Mr. Isakson, Mr. Roberts, Mr. Gregg, and Mr. Wicker) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

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.

1.

Short title

This Act may be cited as the Auto Stock for Every Taxpayer Act.

2.

Restrictions on TARP expenditures for automobile manufacturers; fiduciary duty to taxpayers; required issuance of common stock to taxpayers

(a)

Prohibition on further TARP funds

Notwithstanding any provision of the Emergency Economic Stabilization Act of 2008 (Public Law 110–434), 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.

(b)

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 the Emergency Economic Stabilization Act of 2008, shall have a fiduciary duty to the American 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.

(c)

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 (e)(1)(B), the Secretary shall issue a certificate of common stock to each eligible taxpayer, which shall represent such taxpayer's share of the aggregate common stock holdings of the United States Government in the designated automobile manufacturer on such date.

(d)

Civil actions authorized

A person who is aggrieved of a violation of the fiduciary duty established under subsection (b) may bring a civil action in an appropriate United States district court to obtain injunctive or other equitable relief relating to the violation.

(e)

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 (Public Law 110–434), 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).