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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2867 Introduced in Senate (IS)]

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.

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

SECTION 1. PUBLIC-PRIVATE INVESTMENT ASSISTANCE TO COMMUNITY 
              INSTITUTIONS.

    (a) In General.--Of amounts made available to carry out the 
Troubled Asset Relief Program under section 115(a)(3) of the Emergency 
Economic Stabilization Act of 2008, the Secretary of the Treasury shall 
dedicate not less than $30,000,000,000 to purchase troubled assets from 
community depository institutions under the Public-Private Investment 
Program established by the Secretary.
    (b) Oversight.--The Comptroller General of the United States, the 
Special Inspector General for the Troubled Asset Relief Program 
established under section 121 of the Emergency Economic Stabilization 
Act of 2008, and the Congressional Oversight Panel established under 
section 125 of that Act, shall each--
            (1) conduct a regular evaluation on the status and 
        performance of assistance provided under this section; and
            (2) prepare and submit findings to Congress on such 
        evaluations, together with reports required to be submitted by 
        each such agency under the Emergency Economic Stabilization Act 
        of 2008.
    (c) Reporting.--Not later than 60 days after the date of enactment 
of this Act, the chairperson of the board of directors of the Federal 
Deposit Insurance Corporation and the Secretary of the Treasury shall 
provide a comprehensive report to Congress on the status of the Legacy 
Loans program, including--
            (1) identifying barriers to attracting greater numbers of 
        banks and investors to participate;
            (2) a detailed summary of all proposals being considered to 
        address existing barriers and expand participation in the 
        program; and
            (3) specific proposals to attract greater participation of 
        community depository institutions.
    (d) Definitions.--As used in this section--
            (1) the term ``community depository institution'' means a 
        depository institution (as defined in section 3 of the Federal 
        Deposit Insurance Act (12 U.S.C. 1813)) and a Federal credit 
        union or State credit union (as those terms are defined in 
        defined in section 101 of the Federal Credit Union Act (12 
        U.S.C. 1752)) having not more than $10,000,000,000 in aggregate 
        assets; and
            (2) the term ``troubled assets'' has the same meaning as in 
        section 3 of the Emergency Economic Stabilization Act of 2008 
        (12 U.S.C. 5202).
                                 <all>
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