I 
111TH CONGRESS 
1ST SESSION H. R. 4118 
To prohibit the Federal Government from holding security interests, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 19, 2009 
Mr. KIRK (for himself and Mr. ROSKAM) introduced the following bill; which 
was referred to the Committee on Financial Services 
A BILL 
To prohibit the Federal Government from holding security 
interests, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Taxpayer Investment 
Protection Act of 2009’’. 
SEC. 2. DEFINITION. 
For purposes of this Act, the following definitions 
shall apply: 
(1) OWNERSHIP INTEREST.—The term ‘‘owner-
ship interest’’ means an interest in a troubled asset 
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described in section 3(9)(B) of the Emergency Eco-
nomic Stabilization Act of 2008 (12 U.S.C. 
5202(a)(1)), as in effect on the day before the date 
of the enactment of this Act, that was purchased by 
the Secretary under section 101(a)(1) of such Act 
(12 U.S.C. 5211(a)(1)). 
(2) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
SEC. 3. SALE OF FEDERAL CORPORATE PROPERTY. 
(a) DIVESTITURE.—Except as provided in subsection 
(b), the Secretary shall divest the Federal Government of 
any ownership interest not later than December 31, 2010. 
(b) CONFORMING AMENDMENT.—Section 3(9) of the 
Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5202(9)) is amended— 
(1) in subparagraph (A), by striking ‘‘; and’’ at 
the end and inserting a period; 
(2) by striking ‘‘means—’’ and all that follows 
through ‘‘residential’’ in subparagraph (A) and in-
serting ‘‘means residential’’; and 
(3) by striking subparagraph (B). 
(c) DEPOSIT OF FUNDS.— 
(1) IN
GENERAL.—Section 115(a)(3) of the 
Emergency Economic Stabilization Act of 2008 (12 
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U.S.C. 5225(a)(3)) is amended by striking ‘‘out-
standing at any one time’’. 
(2) DEPOSIT OF FUNDS INTO TREASURY.— 
(A) IN GENERAL.—On and after the date 
of enactment of this Act, all repayments of obli-
gations arising under the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5201 et 
seq.), and all proceeds from the sale of assets 
acquired by the Federal Government under that 
Act, shall be paid into the general fund of the 
Treasury for reduction of the public debt, in ac-
cordance with section 106(d) of that Act (12 
U.S.C. 5216(d)), as amended by this sub-
section. 
(B) CONFORMING
AMENDMENT.—Section 
106(d) of the Emergency Economic Stabiliza-
tion Act of 2008 (12 U.S.C. 5216(d)) is amend-
ed by inserting ‘‘, and repayments of obligations 
arising under this Act,’’ after ‘‘section 113’’. 
(d) FEDERAL DEPOSIT INSURANCE CORPORATION.— 
No provision of this Act may be construed so as to impede 
the ability of the Federal Deposit Insurance Corporation 
to maintain the stability of the banking system. 
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SEC. 4. OVERSIGHT BY FINANCIAL STABILITY OVERSIGHT 
BOARD. 
Section 104(a) of the Emergency Economic Stabiliza-
tion Act of 2008 (12 U.S.C. 5214(a)) is amended— 
(1) in paragraph (2), by striking ‘‘and’’ at the 
end; 
(2) in paragraph (3), by striking the semicolon 
at the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(4) reviewing the implementation of section 3 
of the Taxpayer Investment Protection Act of 
2009.’’. 
SEC. 5. REPORTS REQUIRED. 
(a) REPORTS ON WINDING DOWN OR DIVESTMENT 
REQUIRED.—The Secretary shall submit to the Congress 
periodic reports on the plans of the Secretary for compli-
ance with this Act, providing detail on equity divestiture 
plans and return of capital for the following corporate in-
vestments: 
(1) Bank of America: $35,000,000,000 in notes 
and preferred stock. 
(2) Chrysler: $12,500,000,000 in common eq-
uity and notes. 
(3) General Motors: $49,500,000,000 in com-
mon and preferred equity, notes. 
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(4) Citigroup: $45,000,000,000 in common 
stock and notes. 
(5) AIG: $40,000,000,000 applied to acquire 
79.9 percent of equity, plus amounts outstanding on 
a $30,000,000,000 line of credit. 
(6) 
Hartford 
Financial 
Services: 
$3,400,000,000 in preferred stock. 
(7) 
Lincoln 
National 
Corporation: 
$950,000,000 in preferred stock. 
(8) GMAC: $884,000,000 in common equity. 
(b) TIMING OF REPORTS.—The Secretary shall sub-
mit the reports under subsection (a)— 
(1) not later than January 1, 2010; and 
(2) each month thereafter until all ownership 
interests are divested under section 3(a). 
Æ 
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