I 

111TH CONGRESS 

1ST SESSION H. R. 3436 

To require chief executive officers of certain financial institutions that receive 

assistance under title I of the Emergency Economic Stabilization Act 

of 2008, under the 3d undesignated paragraph of section 13 of the 

Federal Reserve Act, or from the Secretary of the Treasury or the 

Federal Deposit Insurance Corporation under any other provision of 

law to submit financial disclosures under the Ethics in Government 

Act of 1978 to the Secretary of the Treasury, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 31, 2009 

Mr. CUMMINGS introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Government Reform 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 

A BILL 

To require chief executive officers of certain financial institutions that receive assistance under title I of the Emergency Economic Stabilization Act of 2008, under the 

3d undesignated paragraph of section 13 of the Federal 

Reserve Act, or from the Secretary of the Treasury or 

the Federal Deposit Insurance Corporation under any 

other provision of law to submit financial disclosures 

under the Ethics in Government Act of 1978 to the 

Secretary of the Treasury, and for other purposes. 


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•HR 3436 IH

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘TARP Executive Dis5 closure Act’’. 

6 SEC. 2. FINANCIAL DISCLOSURES REQUIRED. 

7 (a) IN GENERAL.—Before the disclosure due date, 

8 each chief executive officer of any financial institution that 

9 receives assistance under title I of the Emergency Eco10 nomic Stabilization Act of 2008, under the 3d undesig11 nated paragraph of section 13 of the Federal Reserve Act, 

12 or from the Secretary of the Treasury or the Federal De13 posit Insurance Corporation under any other provision of 

14 law that, in the aggregate exceeds $30,000,000,000 from 

15 all such sources, shall file with the Secretary of the Treas16 ury a report containing all the information required under 

17 section 102 of the Ethics in Government Act of 1978 in 

18 the same manner and to the same extent such senior exec19 utive officer would be required such a report if the officer 

20 were described in section 101(b)(1) of such Act. 

21 (b) TREATMENT UNDER THE ETHICS IN GOVERN22 MENT ACT OF 1978.— 

23 (1) SECRETARY.—The Secretary of the Treas24 ury shall be treated as the designated agency ethics 


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1 official (as defined in section 109(3) of the Ethics 

2 in Government Act of 1978) for purposes of— 

3 (A) taking any action under section 104 of 

4 the Ethics in Government Act of 1978 with re5 spect to any person who fails to file a report 

6 under this section or who files a false report; 

7 (B) acting as custodian of, and providing 

8 public access to, reports filed under this section 

9 in accordance with section 105 of such Act; and 

10 (C) reviewing such reports under section 

11 106 of such Act. 

12 (2) CHIEF EXECUTIVE OFFICER.—Each chief 

13 executive officer of a financial institution who is re14 quired to submit a report under this section with the 

15 Secretary of the Treasury shall be treated as an in16 dividual described in 101(b)(1) of the Ethics in Gov17 ernment Act of 1978 who is required to file a report 

18 under section 102 of such Act for purposes of title 

19 I of such Act. 

20 (c) TERMINATION AND REPAYMENT OF ASSIST21 ANCE.—In addition to any action under section 104 of the 

22 Ethics in Government Act of 1978 against any individual 

23 who fails to comply with the reporting requirement of sub24 section (a), the Secretary of the Treasury may take such 

25 action as may be appropriate to terminate and require the 


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1 repayment of the assistance provided to any financial in2 stitution which gave rise to such reporting requirement 

3 under this section with respect to any senior executive offi4 cer of such institution, and the Board of Governors of the 

5 Federal Reserve System or the Federal Deposit Insurance 

6 Corporation shall promptly carry out any such determina7 tion of the Secretary with respect to any assistance pro8 vided by such Board or Corporation to such financial insti9 tution. 

10 (d) DEFINITIONS.—For purposes of this section, the 

11 following definitions shall apply: 

12 (1) CHIEF EXECUTIVE OFFICER.—The term 

13 ‘‘chief executive officer’’ includes the chairperson of 

14 the board of directors of any financial institution, if 

15 such position or person is different than the chief 

16 executive officer of the institution. 

17 (2) DISCLOSURE DUE DATE.—The term ‘‘dis18 closure due date’’ means the latest of— 

19 (A) the end of the 30-day period beginning 

20 on the date of the enactment of this Act; 

21 (B) the end of the 30-day period beginning 

22 on the date any financial institution receives as23 sistance under title I of the Emergency Eco24 nomic Stabilization Act of 2008, under the 3d 

25 undesignated paragraph of section 13 of the 


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1 Federal Reserve Act, or from the Secretary of 

2 the Treasury or the Federal Deposit Insurance 

3 Corporation under any other provision of law 

4 that, in the aggregate first exceeds 

5 $30,000,000,000; or 

6 (C) the end of the 30-day period beginning 

7 when the individual becomes the chief executive 

8 officer of any such financial institution. 

9 (3) FINANCIAL INSTITUTION.—The term ‘‘fi10 nancial institution’’ has the same meaning as in sec11 tion 3(5) of the Emergency Economic Stabilization 

12 Act of 2008 and includes any person receiving as13 sistance under the 3d undesignated paragraph of 

14 section 13 of the Federal Reserve Act. 

Æ 


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