II
111th CONGRESS
1st Session
S. 463
IN THE SENATE OF THE UNITED STATES
February 24, 2009
Mr. Kerry introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To impose limitations on certain expenditures by participants in the Troubled Asset Relief Program.
Short title
This Act may be cited as the
TARP Taxpayer Protection and Corporate
Responsibility Act of 2009
.
Limitation on expenditures by TARP recipients
No recipient of assistance under the
Troubled Asset Relief Program established under title I of the Emergency
Economic Stabilization Act of 2008 (in this Act referred to as a TARP
recipient
) may sponsor, host, or pay for entertainment or holiday
events during the calendar year in which such assistance is received or the
next occurring calendar year.
Waivers authorized
Criteria for waiver
The Secretary of the Treasury (in this Act referred to as
the Secretary
) may waive the limitations under section 2, upon
request, for any event which the TARP recipient certifies is directly related
to the business operations of the TARP recipient, or otherwise at the
discretion of the Secretary.
Timing
The Secretary shall respond to a request for a waiver under this section not later than 30 days after the date of receipt of such request.
Enforcement
In general
In the case of a violation of this section, a TARP recipient shall pay to the Secretary of the Treasury a fine of—
$100,000 per violation, to be assessed against the chief executive officer of the TARP recipient (or the equivalent thereof) in his or her individual capacity, which may not be indemnified or otherwise reimbursed by the TARP recipient; plus
an amount equal to the cost of the event that is the subject of the violation, to be assessed against the TARP recipient.
Payment of fines
The fine amount required to be paid under subsection (a) shall be submitted to the Secretary not later than 30 days after the fine is imposed, to be increased by $10,000 for each day that such fine remains unpaid thereafter.
Effective date
This Act shall become effective on March 1, 2009.