United States · Bill · HR
H.R. 384 (111th)
TARP Reform and Accountability Act of 2009
Introduced
9 January 2009
Last action
22 January 2009 · Introduced
Status
Received in the Senate and Read twice and referred to the Committee on Finance.
Sponsors
Rep. Frank, Barney [D-MA-4]
Subjects
Housing
Source updated
14 August 2025
Summary
TARP Reform and Accountability Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to require specified depository institutions under the Troubled Asset Relief Program (TARP) to report periodically on their use of TARP assistance. Requires the Secretary to incorporate within the TARP assistance agreement how the funds are to be used and the benchmarks an institution must meet in using such funds. Requires federal banking regulatory agencies to examine annually the use of TARP funds made by the deposit institutions. Prohibits the use of TARP funds by a TARP-assisted institution for mergers or acquisitions unless such a transaction: (1) will reduce risk to the taxpayer; or (2) could have been consummated without such funds. Sets forth executive compensation and corporate governance requirements. Amends the Federal Deposit Insurance Act (FDIA) to require that reports of condition submitted by federally-assisted deposit institutions include the amount of any increase or decrease in new lending attributable to TARP investment or assistance. Amends the Act to condition TARP assistance to a depository institution upon its issuance to the Secretary of common stock warrants. Instructs the Secretary to make TARP available funds to smaller community financial institutions. Increases the size of the Financial Stability Oversight Board and authorizes it to overturn by a 2/3 vote any policy determination made by the Secretary. Conditions TARP assistance upon development of a Board-approved foreclosure mitigation and implementation plan. Cites circumstances in which a servicer shall not be: (1) liable for entering into a loan modification or workout plan with respect to any mortgage that meets specified criteria; (2) limited in the ability to modify mortgages, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or (3) obligated to repurchase loans or otherwise make payments to the securitization vehicle on account of a modification, workout, or other loss mitigation plan for residential mortgages that constitute a part or all of the mortgages in the securitization vehicle. Directs the President to designate officers from the Executive Branch (President's designees) to implement specified purposes, including the restructuring necessary to achieve the long-term financial viability of domestic automobile manufacturers. Requires the President's designees to: (1) authorize and direct the disbursement of bridge loans to, or to enter into commitments for lines of credit for, each automobile manufacturer that submitted a loan request and a plan to Congress on December 2, 2008; and (2) determine measures to assess the progress of each eligible automobile manufacturer toward transforming such plan into a restructuring plan. Conditions such bridge loans upon an eligible automobile manufacturer's issuance of common stock warrants to the President's designee. Subjects bridge loan recipients to specified standards for executive compensation and corporate governance. Grants the Comptroller General oversight authority over the President's designee. Makes it the duty of the Special Inspector General to audit and investigate the President's designee. Requires the President's designee to report to Congress within five days of making any such bridge loan. Authorizes the Secretary to establish or support: (1) facilities for the availability of consumer loans, including vehicle and student loans; (2) state and local governments, and other issuers of municipal securities, experiencing difficulty accessing financing in the capital markets (including direct purchases and credit enhancement); and (3) facilities to support the availability of commercial real estate loans, including asset-backed securities. Amends the National Housing Act to revise the HOPE for Homeowners Program to: (1) revise requirements governing insured mortgages and premium payments; (2) authorize the Program's Board of Directors to establish a payment to the servicer of the existing senior mortgage for every loan insured under the Program; and (3) instruct the Secretary to fund increased credit subsidy costs. Instructs the Secretary to implement a program to stimulate demand for home purchases and to reduce unsold inventories of residential properties, ensuring the availability of affordable interest rates on mortgages made for the purchase of one- to four-family residential properties. Amends the FDIA and the Federal Credit Union Act to make permanent the increase in the standard maximum deposit insurance amount from $100,000 to $250,000. Revises requirements for systemic risk special assessments (to recover any loss to the Deposit Insurance Fund arising from actions taken or assistance provided with respect to an insured depository institution) to include assessments on depository institution holding companies.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
9 January 2009
Introduced
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Source: IntroReferral
9 January 2009
Introduced
Referred to House Financial Services
Source: IntroReferral
9 January 2009
Introduced
Introduced in House
Source: IntroReferral
9 January 2009
Introduced
Introduced in House
Source: IntroReferral
13 January 2009
Reported
Rules Committee Resolution H. Res. 53 Reported to House. Rule provides for consideration of H.R. 384 with 2 hours of general debate. Measure will be considered read. Bill is closed to amendments. The resolution waives all points of order against consideration of the bill except those arising under clause 9 of rule XXI. The resolution provides that the Committee of the Whole shall rise without motion after general debate and that no further consideration of the bill shall occur except pursuant to a subsequent order of the House.
Source: Floor
14 January 2009
Reported
Rules Committee Resolution H. Res. 62 Reported to House. Rule provides for consideration of H.R. 384. Measure will be considered read. Specified amendments are in order. The resolution provides for further consideration of H.R. 384 with no further general debate.
Source: Floor
14 January 2009
Floor
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
Source: Floor
14 January 2009
Floor
Considered under the provisions of rule H. Res. 53. (consideration: CR H282-290)
Source: Floor
14 January 2009
Floor
Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business.
Source: Floor
14 January 2009
Passed
On motion that the Committee rise Agreed to by voice vote.
Source: Floor
14 January 2009
Floor
Mr. Frank (MA) moved that the Committee rise.
Source: Floor
14 January 2009
Floor
Rule provides for consideration of H.R. 384 with 2 hours of general debate. Measure will be considered read. Bill is closed to amendments. The resolution waives all points of order against consideration of the bill except those arising under clause 9 of rule XXI. The resolution provides that the Committee of the Whole shall rise without motion after general debate and that no further consideration of the bill shall occur except pursuant to a subsequent order of the House.
Source: Floor
14 January 2009
Floor
The Speaker designated the Honorable John T. Salazar to act as Chairman of the Committee.
Source: Floor
14 January 2009
Floor
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 53 and Rule XVIII.
Source: Floor
14 January 2009
Passed
Rule H. Res. 53 passed House.
Source: Floor
15 January 2009
Floor
Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business.
Source: Floor
15 January 2009
Floor
DEBATE - Pursuant to the provisions of H.Res. 62, the Committee of the Whole proceeded with 40 minutes of debate on the Frank amendment.
Source: Floor
15 January 2009
Floor
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
Source: Floor
15 January 2009
Floor
Considered as unfinished business. (consideration: CR H335-367; text of measure as introduced: CR H335-343)
Source: Floor
15 January 2009
Passed
Rule H. Res. 62 passed House.
Source: Floor
21 January 2009
Floor
Mr. Gohmert appealed the ruling of the chair. The question was then put on sustaining the ruling of the chair. (consideration: CR H414)
Source: Floor
21 January 2009
Floor
The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 384.
Source: Floor
21 January 2009
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
21 January 2009
Vote
On passage Passed by recorded vote: 260 - 166 (Roll no. 26).
Source: Floor
21 January 2009
Vote
Passed/agreed to in House: On passage Passed by recorded vote: 260 - 166 (Roll no. 26).
Source: Floor
21 January 2009
Floor
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H417)
Source: Floor
21 January 2009
Vote
On motion to table appeal of the ruling of the chair Agreed to by recorded vote: 251 - 176 (Roll no. 24).
Source: Floor
21 January 2009
Floor
Mr. Frank (MA) moved to table appeal of the ruling of the chair.
Source: Floor
21 January 2009
Floor
Point of order sustained against the motion to recommit with instructions.
Source: Floor
21 January 2009
ResolvingDifferences
Mr. Frank (MA) raised a point of order against the motion to recommit with instructions. Mr. Frank stated that the provisions of the motion to recommit exceed the scope of the bill and the motion to recommit is therefore, not germane. Sustained by the Chair.
Source: ResolvingDifferences
21 January 2009
Floor
Mr. Gohmert moved to recommit with instructions to Financial Services. (consideration: CR H413-415; text: CR H413-414)
Source: Floor
21 January 2009
Floor
The previous question was ordered pursuant to the rule. (consideration: CR H413)
Source: Floor
21 January 2009
Floor
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 384.
Source: Floor
21 January 2009
Floor
Considered as unfinished business. (consideration: CR H407-412)
Source: Floor
21 January 2009
Floor
Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business.
Source: Floor
21 January 2009
Floor
DEBATE - Pursuant to the provisions of H. Res. 62, the Committee of the Whole proceeded with 10 minutes of debate on the Myrick amendment.
Source: Floor
21 January 2009
Floor
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
Source: Floor
22 January 2009
Introduced
Received in the Senate and Read twice and referred to the Committee on Finance.
Source: IntroReferral
Votes
No vote records are attached yet.
Versions
- Referred in Senate · 22 January 2009 · Download file
- Engrossed in House · 21 January 2009 · Download file
- Introduced in House · 9 January 2009 · Download file
Documents
7 official files
Referred in Senate (text)
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Referred in Senate (text)
Referred in Senate · EN · 22 January 2009
Referred in Senate (PDF)
Referred in Senate · EN · 22 January 2009
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Engrossed in House (text)
Engrossed in House · EN · 21 January 2009
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Engrossed in House (PDF)
Engrossed in House · EN · 21 January 2009
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Introduced in House (text)
Introduced in House · EN · 9 January 2009
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Introduced in House (PDF)
Introduced in House · EN · 9 January 2009
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Introduced in House
summary · EN · 9 January 2009
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Sponsors
Related records
- related to → Providing for the consideration of the bill (H.R. 384) to reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.
- related to → Providing for further consideration of the bill (H.R. 384) to reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program, and for other purposes.
- amends ← An amendment numbered 3 in House Report 111-3 to remove the Secretary's authority to delegate an observer to attend meetings of the board of directors of any assisted institution.
- amends ← An amendment numbered 4 printed in House Report 111-3 to amend the EESA to require that, provided TARP funds are not used for their purchase, the Secretary shall facilitate an auction of troubled assets by third party purchases and, if such auction does not take place within 3 months from enactment, the Secretary must report to Congress on the mechanism the Secretary deems best to use to value and liquidate such assets.
- amends ← An amendment numbered 2 printed in House Report 111-3 to provide a sense of Congress stating that TARP participants, who receive from future TARP funds, should not initiate a foreclosure proceeding or foreclosure sale on any principal homeowner until the new systematic loan modification plan is implemented and deemed fully operational by the Secretary and Chair of FDIC.
- amends ← An amendment printed 7 printed in House Report 111-3 to require the Federal Reserve to disclose detailed information regarding the Federal Reserves Mortgage-Backed Securities purchase program.
- amends ← An amendment numbered 5 printed in House Report 111-3 to eliminate changes and additional funding for the HOPE for Homeowners program.
- amends ← An amendment numbered 1 printed in House Report 111-3 to make sundry clarifications with respect to the use of TARP funds.
- amends ← An amendment numbered 10 printed in House Report 111-3 to clarify that the TARP Special Inspector General has oversight power over any actions taken by Treasury under this legislation that he deems appropriate, with certain exceptions.
- amends ← An amendment numbered 8 printed in House Report 111-3 to prohibit TARP fund recipients from outsourcing new customer service or call center jobs to foreign companies.
Showing 10 of 12 related records.
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/111th-congress/house-bill/384
- Open data entity: https://api.congress.gov/v3/bill/111/hr/384
- us · 111-hr-384 · source updated 14 August 2025