II 

111TH CONGRESS 

1ST SESSION S. 2867 

To require the Secretary of the Treasury to provide assistance to community 

depository institutions under the Public-Private Investment Program, 

and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 10, 2009 

Mrs. MURRAY 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 provide assistance to community depository institutions under the 

Public-Private Investment Program, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. PUBLIC-PRIVATE INVESTMENT ASSISTANCE TO 

4 COMMUNITY INSTITUTIONS. 

5 (a) IN GENERAL.—Of amounts made available to 

6 carry out the Troubled Asset Relief Program under sec7 tion 115(a)(3) of the Emergency Economic Stabilization 

8 Act of 2008, the Secretary of the Treasury shall dedicate 


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1 not less than $30,000,000,000 to purchase troubled assets 

2 from community depository institutions under the Public3 Private Investment Program established by the Secretary. 

4 (b) OVERSIGHT.—The Comptroller General of the 

5 United States, the Special Inspector General for the Trou6 bled Asset Relief Program established under section 121 

7 of the Emergency Economic Stabilization Act of 2008, 

8 and the Congressional Oversight Panel established under 

9 section 125 of that Act, shall each— 

10 (1) conduct a regular evaluation on the status 

11 and performance of assistance provided under this 

12 section; and 

13 (2) prepare and submit findings to Congress on 

14 such evaluations, together with reports required to 

15 be submitted by each such agency under the Emer16 gency Economic Stabilization Act of 2008. 

17 (c) REPORTING.—Not later than 60 days after the 

18 date of enactment of this Act, the chairperson of the board 

19 of directors of the Federal Deposit Insurance Corporation 

20 and the Secretary of the Treasury shall provide a com21 prehensive report to Congress on the status of the Legacy 

22 Loans program, including— 

23 (1) identifying barriers to attracting greater 

24 numbers of banks and investors to participate; 


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1 (2) a detailed summary of all proposals being 

2 considered to address existing barriers and expand 

3 participation in the program; and 

4 (3) specific proposals to attract greater partici5 pation of community depository institutions. 

6 (d) DEFINITIONS.—As used in this section— 

7 (1) the term ‘‘community depository institu8 tion’’ means a depository institution (as defined in 

9 section 3 of the Federal Deposit Insurance Act (12 

10 U.S.C. 1813)) and a Federal credit union or State 

11 credit union (as those terms are defined in defined 

12 in section 101 of the Federal Credit Union Act (12 

13 U.S.C. 1752)) having not more than 

14 $10,000,000,000 in aggregate assets; and 

15 (2) the term ‘‘troubled assets’’ has the same 

16 meaning as in section 3 of the Emergency Economic 

17 Stabilization Act of 2008 (12 U.S.C. 5202). 

Æ 


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