I 
111TH CONGRESS 
1ST SESSION H. R. 3594 
To authorize the Secretary of the Treasury to delegate management authority 
over troubled assets purchased under the Troubled Asset Relief Program, 
to require the establishment of a trust to manage assets of certain 
designated TARP recipients, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 17, 2009 
Mr. BACHUS (for himself, Mr. BOEHNER, Mr. KANJORSKI, Mr. GARRETT of 
New Jersey, Mr. MOORE of Kansas, Mr. LEE of New York, Ms. 
HERSETH
SANDLIN, Mr. ROGERS
of Alabama, Mr. JONES, Mrs. 
BACHMANN, and Mr. PAULSEN) introduced the following bill; which was 
referred to the Committee on Financial Services, and in addition to the 
Committee on Rules, 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 authorize the Secretary of the Treasury to delegate man-
agement authority over troubled assets purchased under 
the Troubled Asset Relief Program, to require the estab-
lishment of a trust to manage assets of certain des-
ignated TARP recipients, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
VerDate Nov 24 2008 
01:53 Sep 18, 2009
Jkt 079200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H3594.IH
H3594
jbell on DSKDVH8Z91PROD with BILLS
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘TARP Recipient Own-
ership Trust Act of 2009’’. 
SEC. 2. AUTHORITY OF THE SECRETARY OF THE TREASURY 
TO DELEGATE TARP ASSET MANAGEMENT. 
Section 106(b) of the Emergency Economic Stabiliza-
tion Act of 2008 (12 U.S.C. 5216(b)) is amended by in-
serting before the period at the end the following: ‘‘, and 
the Secretary may delegate such management authority 
to a private entity, as the Secretary determines appro-
priate, with respect to any entity assisted under this Act’’. 
SEC. 3. CREATION OF MANAGEMENT AUTHORITY FOR DES-
IGNATED TARP RECIPIENTS. 
(a) 
FEDERAL
ASSISTANCE
LIMITED.—Notwith-
standing any provision of the Emergency Economic Sta-
bilization Act of 2008, or any other provision of law, no 
funds may be expended under the Troubled Asset Relief 
Program, or any other provision of that Act, on or after 
the date of enactment of this Act, until the Secretary of 
the Treasury transfers all voting, nonvoting, and common 
equity in any designated TARP recipient to a limited li-
ability company established by the Secretary for such pur-
pose, to be held and managed in trust on behalf of the 
United States taxpayers. 
(b) APPOINTMENT OF TRUSTEES.— 
VerDate Nov 24 2008 
01:53 Sep 18, 2009
Jkt 079200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H3594.IH
H3594
jbell on DSKDVH8Z91PROD with BILLS
(1) IN GENERAL.—The President shall appoint 
3 independent trustees to manage the equity held in 
the trust, separate and apart from the United States 
Government. 
(2) CRITERIA.—Trustees appointed under this 
subsection— 
(A) may not be elected or appointed Gov-
ernment officials; 
(B) shall serve at the pleasure of the 
President, and may be removed for just cause 
in violation of their fiduciary responsibilities 
only; and 
(C) shall each be paid at a rate equal to 
the rate payable for positions at level III of the 
Executive Schedule under section 5311 of title 
5, United States Code. 
(c) DUTIES OF TRUST.—Pursuant to protecting the 
interests and investment of the United States taxpayer, 
the trust established under this section shall, with the pur-
pose of maximizing the profitability of the designated 
TARP recipient— 
(1) exercise the voting rights of the shares of 
the taxpayer on all core governance issues; 
(2) select the representation on the boards of 
directors of any designated TARP recipient; and 
VerDate Nov 24 2008 
01:53 Sep 18, 2009
Jkt 079200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H3594.IH
H3594
jbell on DSKDVH8Z91PROD with BILLS