(c) NOT FOR USE IN INFLATION ADJUSTMENTS.—The 
temporary increase in the standard maximum deposit in-
surance amount made under this section shall not be used 
to make any inflation adjustment under section 11(a)(1)(F) 
of the Federal Deposit Insurance Act (12 U.S.C. 
1821(a)(1)(F)) for purposes of that Act or the Federal Cred-
it Union Act. 
TITLE II—BUDGET-RELATED 
PROVISIONS 
SEC. 201. INFORMATION FOR CONGRESSIONAL SUPPORT 
AGENCIES. 
Upon request, and to the extent otherwise consistent 
with law, all information used by the Secretary in connec-
tion with activities authorized under this Act (including 
the records to which the Comptroller General is entitled 
under this Act) shall be made available to congressional 
support agencies (in accordance with their obligations to 
support the Congress as set out in their authorizing stat-
utes) for the purposes of assisting the committees of Con-
gress with conducting oversight, monitoring, and analysis 
of the activities authorized under this Act.
SEC. 202. REPORTS BY THE OFFICE OF MANAGEMENT AND 
BUDGET AND THE CONGRESSIONAL BUDGET 
OFFICE. 
(a) REPORTS BY THE OFFICE OF MANAGEMENT AND 
BUDGET.—Within 60 days of the first exercise of the au-
thority granted in section 101(a), but in no case later than 
December 31, 2008, and semiannually thereafter, the Office 
of Management and Budget shall report to the President 
and the Congress— 
(1) 
the 
estimate, 
notwithstanding 
section 
502(5)(F) of the Federal Credit Reform Act of 1990 
(2 U.S.C. 661a(5)(F)), as of the first business day 
that is at least 30 days prior to the issuance of the 
report, of the cost of the troubled assets, and guaran-
tees of the troubled assets, determined in accordance 
with section 123; 
(2) the information used to derive the estimate, 
including assets purchased or guaranteed, prices paid, 
revenues received, the impact on the deficit and debt, 
and a description of any outstanding commitments to 
purchase troubled assets; and 
(3) a detailed analysis of how the estimate has 
changed from the previous report. 
Beginning with the second report under subsection (a), the 
Office of Management and Budget shall explain the dif-
ferences between the Congressional Budget Office estimates
delivered in accordance with subsection (b) and prior Office 
of Management and Budget estimates. 
(b) REPORTS BY THE CONGRESSIONAL BUDGET OF-
FICE.—Within 45 days of receipt by the Congress of each 
report from the Office of Management and Budget under 
subsection (a), the Congressional Budget Office shall report 
to the Congress the Congressional Budget Office’s assessment 
of the report submitted by the Office of Management and 
Budget, including— 
(1) the cost of the troubled assets and guarantees 
of the troubled assets, 
(2) the information and valuation methods used 
to calculate such cost, and 
(3) the impact on the deficit and the debt. 
(c) FINANCIAL EXPERTISE.—In carrying out the du-
ties in this subsection or performing analyses of activities 
under this Act, the Director of the Congressional Budget 
Office may employ personnel and procure the services of 
experts and consultants. 
(d) AUTHORIZATION OF APPROPRIATIONS.—There are 
authorized to be appropriated such sums as may be nec-
essary to produce reports required by this section.
SEC. 203. ANALYSIS IN PRESIDENT’S BUDGET. 
(a) IN GENERAL.—Section 1105(a) of title 31, United 
States Code, is amended by adding at the end the following 
new paragraph: 
‘‘(35) as supplementary materials, a separate 
analysis of the budgetary effects for all prior fiscal 
years, the current fiscal year, the fiscal year for which 
the budget is submitted, and ensuing fiscal years of 
the actions the Secretary of the Treasury has taken or 
plans to take using any authority provided in the 
Emergency Economic Stabilization Act of 2008, in-
cluding— 
‘‘(A) an estimate of the current value of all 
assets purchased, sold, and guaranteed under the 
authority provided in the Emergency Economic 
Stabilization Act of 2008 using methodology re-
quired by the Federal Credit Reform Act of 1990 
(2 U.S.C. 661 et seq.) and section 123 of the 
Emergency Economic Stabilization Act of 2008; 
‘‘(B) an estimate of the deficit, the debt held 
by the public, and the gross Federal debt using 
methodology required by the Federal Credit Re-
form Act of 1990 and section 123 of the Emer-
gency Economic Stabilization Act of 2008; 
‘‘(C) an estimate of the current value of all 
assets purchased, sold, and guaranteed under the
authority provided in the Emergency Economic 
Stabilization Act of 2008 calculated on a cash 
basis; 
‘‘(D) a revised estimate of the deficit, the 
debt held by the public, and the gross Federal 
debt, substituting the cash-based estimates in 
subparagraph (C) for the estimates calculated 
under subparagraph (A) pursuant to the Federal 
Credit Reform Act of 1990 and section 123 of the 
Emergency Economic Stabilization Act of 2008; 
and 
‘‘(E) the portion of the deficit which can be 
attributed to any action taken by the Secretary 
using authority provided by the Emergency Eco-
nomic Stabilization Act of 2008 and the extent 
to which the change in the deficit since the most 
recent estimate is due to a reestimate using the 
methodology required by the Federal Credit Re-
form Act of 1990 and section 123 of the Emer-
gency Economic Stabilization Act of 2008.’’ 
(b) CONSULTATION.—In implementing this section, the 
Director of Office of Management and Budget shall consult 
periodically, but at least annually, with the Committee on 
the Budget of the House of Representatives, the Committee
on the Budget of the Senate, and the Director of the Con-
gressional Budget Office. 
(c) EFFECTIVE DATE.—This section and the amend-
ment made by this section shall apply beginning with re-
spect to the fiscal year 2010 budget submission of the Presi-
dent. 
SEC. 204. EMERGENCY TREATMENT. 
All provisions of this Act are designated as an emer-
gency requirement and necessary to meet emergency needs 
pursuant to section 204(a) of S. Con. Res 21 (110th Con-
gress), the concurrent resolution on the budget for fiscal year 
2008 and rescissions of any amounts provided in this Act 
shall not be counted for purposes of budget enforcement. 
TITLE III—TAX PROVISIONS 
SEC. 301. GAIN OR LOSS FROM SALE OR EXCHANGE OF CER-
TAIN PREFERRED STOCK. 
(a) IN GENERAL.—For purposes of the Internal Rev-
enue Code of 1986, gain or loss from the sale or exchange 
of any applicable preferred stock by any applicable finan-
cial institution shall be treated as ordinary income or loss. 
(b) APPLICABLE PREFERRED STOCK.—For purposes of 
this section, the term ‘‘applicable preferred stock’’ means 
any stock— 
(1) which is preferred stock in—
(A) the Federal National Mortgage Associa-
tion, established pursuant to the Federal Na-
tional Mortgage Association Charter Act (12 
U.S.C. 1716 et seq.), or 
(B) the Federal Home Loan Mortgage Cor-
poration, established pursuant to the Federal 
Home Loan Mortgage Corporation Act (12 
U.S.C. 1451 et seq.), and 
(2) which— 
(A) was held by the applicable financial in-
stitution on September 6, 2008, or 
(B) was sold or exchanged by the applicable 
financial institution on or after January 1, 
2008, and before September 7, 2008. 
(c) APPLICABLE FINANCIAL INSTITUTION.—For pur-
poses of this section: 
(1) IN GENERAL.—Except as provided in para-
graph (2), the term ‘‘applicable financial institution’’ 
means— 
(A) a financial institution referred to in 
section 582(c)(2) of the Internal Revenue Code of 
1986, or 
(B) a depository institution holding com-
pany (as defined in section 3(w)(1) of the Fed-
eral 
Deposit 
Insurance 
Act 
(12 
U.S.C. 
1813(w)(1))). 
(2) SPECIAL RULES FOR CERTAIN SALES.—In 
the case of— 
(A) a sale or exchange described in sub-
section (b)(2)(B), an entity shall be treated as an 
applicable financial institution only if it was an 
entity described in subparagraph (A) or (B) of 
paragraph (1) at the time of the sale or ex-
change, and 
(B) a sale or exchange after September 6, 
2008, of preferred stock described in subsection 
(b)(2)(A), an entity shall be treated as an appli-
cable financial institution only if it was an enti-
ty described in subparagraph (A) or (B) of para-
graph (1) at all times during the period begin-
ning on September 6, 2008, and ending on the 
date of the sale or exchange of the preferred stock. 
(d) SPECIAL RULE
FOR CERTAIN PROPERTY NOT 
HELD
ON SEPTEMBER 6, 2008.—The Secretary of the 
Treasury or the Secretary’s delegate may extend the appli-
cation of this section to all or a portion of the gain or loss 
from a sale or exchange in any case where— 
(1) an applicable financial institution sells or 
exchanges applicable preferred stock after September
6, 2008, which the applicable financial institution 
did not hold on such date, but the basis of which in 
the hands of the applicable financial institution at 
the time of the sale or exchange is the same as the 
basis in the hands of the person which held such stock 
on such date, or 
(2) the applicable financial institution is a part-
ner in a partnership which— 
(A) held such stock on September 6, 2008, 
and later sold or exchanged such stock, or 
(B) sold or exchanged such stock during the 
period described in subsection (b)(2)(B). 
(e) REGULATORY AUTHORITY.—The Secretary of the 
Treasury or the Secretary’s delegate may prescribe such 
guidance, rules, or regulations as are necessary to carry out 
the purposes of this section. 
(f) EFFECTIVE DATE.—This section shall apply to 
sales or exchanges occurring after December 31, 2007, in 
taxable years ending after such date.
100 
SEC. 302. SPECIAL RULES FOR TAX TREATMENT OF EXECU-
TIVE COMPENSATION OF EMPLOYERS PAR-
TICIPATING IN THE TROUBLED ASSETS RE-
LIEF PROGRAM. 
(a) DENIAL OF DEDUCTION.—Subsection (m) of sec-
tion 162 of the Internal Revenue Code of 1986 is amended 
by adding at the end the following new paragraph: 
‘‘(5) SPECIAL RULE FOR APPLICATION TO EM-
PLOYERS PARTICIPATING IN THE TROUBLED ASSETS 
RELIEF PROGRAM.— 
‘‘(A) IN GENERAL.—In the case of an appli-
cable employer, no deduction shall be allowed 
under this chapter— 
‘‘(i) in the case of executive remunera-
tion for any applicable taxable year which 
is attributable to services performed by a 
covered executive during such applicable 
taxable year, to the extent that the amount 
of such remuneration exceeds $500,000, or 
‘‘(ii) in the case of deferred deduction 
executive remuneration for any taxable year 
for services performed during any applica-
ble taxable year by a covered executive, to 
the extent that the amount of such remu-
neration exceeds $500,000 reduced (but not 
below zero) by the sum of—
101 
‘‘(I) the executive remuneration 
for such applicable taxable year, plus 
‘‘(II) the portion of the deferred 
deduction executive remuneration for 
such services which was taken into ac-
count under this clause in a preceding 
taxable year. 
‘‘(B) APPLICABLE
EMPLOYER.—For pur-
poses of this paragraph— 
‘‘(i) IN GENERAL.—Except as provided 
in clause (ii), the term ‘applicable em-
ployer’ means any employer from whom 1 
or more troubled assets are acquired under 
a program established by the Secretary 
under section 101(a) of the Emergency Eco-
nomic Stabilization Act of 2008 if the ag-
gregate amount of the assets so acquired for 
all taxable years exceeds $300,000,000. 
‘‘(ii) DISREGARD OF CERTAIN ASSETS 
SOLD THROUGH DIRECT PURCHASE.—If the 
only sales of troubled assets by an employer 
under the program described in clause (i) 
are through 1 or more direct purchases 
(within the meaning of section 113(c) of the 
Emergency Economic Stabilization Act of
102 
2008), such assets shall not be taken into 
account under clause (i) in determining 
whether the employer is an applicable em-
ployer for purposes of this paragraph. 
‘‘(iii) AGGREGATION RULES.—Two or 
more persons who are treated as a single 
employer under subsection (b) or (c) of sec-
tion 414 shall be treated as a single em-
ployer, except that in applying section 
1563(a) for purposes of either such sub-
section, paragraphs (2) and (3) thereof shall 
be disregarded. 
‘‘(C) APPLICABLE
TAXABLE
YEAR.—For 
purposes of this paragraph, the term ‘applicable 
taxable year’ means, with respect to any em-
ployer— 
‘‘(i) the first taxable year of the em-
ployer— 
‘‘(I) which includes any portion of 
the period during which the authorities 
under section 101(a) of the Emergency 
Economic Stabilization Act of 2008 
are in effect (determined under section 
120 thereof), and
103 
‘‘(II) in which the aggregate 
amount of troubled assets acquired 
from the employer during the taxable 
year pursuant to such authorities 
(other than assets to which subpara-
graph (B)(ii) applies), when added to 
the aggregate amount so acquired for 
all preceding taxable years, exceeds 
$300,000,000, and 
‘‘(ii) any subsequent taxable year 
which includes any portion of such period. 
‘‘(D) COVERED EXECUTIVE.—For purposes 
of this paragraph— 
‘‘(i) IN GENERAL.—The term ‘covered 
executive’ means, with respect to any appli-
cable taxable year, any employee— 
‘‘(I) who, at any time during the 
portion of the taxable year during 
which the authorities under section 
101(a) of the Emergency Economic 
Stabilization Act of 2008 are in effect 
(determined under section 120 thereof), 
is the chief executive officer of the ap-
plicable employer or the chief financial 
officer of the applicable employer, or
104 
an individual acting in either such ca-
pacity, or 
‘‘(II) who is described in clause 
(ii). 
‘‘(ii) HIGHEST COMPENSATED EMPLOY-
EES.—An employee is described in this 
clause if the employee is 1 of the 3 highest 
compensated officers of the applicable em-
ployer for the taxable year (other than an 
individual described in clause (i)(I)), deter-
mined— 
‘‘(I) on the basis of the share-
holder disclosure rules for compensa-
tion under the Securities Exchange Act 
of 1934 (without regard to whether 
those rules apply to the employer), and 
‘‘(II) by only taking into account 
employees employed during the portion 
of the taxable year described in clause 
(i)(I). 
‘‘(iii) EMPLOYEE
REMAINS
COVERED 
EXECUTIVE.—If an employee is a covered 
executive with respect to an applicable em-
ployer for any applicable taxable year, such 
employee shall be treated as a covered execu-