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.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``TARP Recipient Ownership 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 Stabilization Act of 2008 
(12 U.S.C. 5216(b)) is amended by inserting before the period at the 
end the following: ``, and the Secretary may delegate such management 
authority to a private entity, as the Secretary determines appropriate, 
with respect to any entity assisted under this Act''.

SEC. 3. CREATION OF MANAGEMENT AUTHORITY FOR DESIGNATED TARP 
              RECIPIENTS.

    (a) Federal Assistance Limited.--Notwithstanding any provision of 
the Emergency Economic Stabilization 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 liability company established by the 
Secretary for such purpose, to be held and managed in trust on behalf 
of the United States taxpayers.
    (b) Appointment of Trustees.--
            (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 Government 
                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 purpose 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
            (3) have a fiduciary duty to the American taxpayer for the 
        maximization of the return on the investment of the taxpayer 
        made under the Emergency Economic Stabilization Act of 2008, in 
        the same manner and to the same extent that any director of an 
        issuer of securities has with respect to its shareholders under 
        the securities laws and all applications of State law.
    (d) Liquidation.--
            (1) In general.--The trustees shall liquidate the trust 
        established under this section, including the assets held by 
        such trust, not later than December 24, 2011, unless--
                    (A) the trustees submit a report to the Congress 
                that liquidation would not maximize the profitability 
                of the company and the return on investment to the 
                taxpayer; and
                    (B) within 15 calendar days after the date on which 
                the Congress receives such report, there is enacted 
                into law a joint resolution described in paragraph (2).
            (2) Contents of joint resolution.--For purposes of this 
        subsection, the term ``joint resolution'' means only a joint 
        resolution--
                    (A) that is introduced not later than 3 calendar 
                days after the date on which the report referred to in 
                paragraph (1)(A) is received by the Congress;
                    (B) which does not have a preamble;
                    (C) the title of which is as follows: ``Joint 
                resolution relating to the approval of the continuation 
                of the TARP management trust''; and
                    (D) the matter after the resolving clause of which 
                is as follows: ``That Congress approves the 
                continuation of the TARP management trust established 
                under the TARP Recipient Ownership Trust Act of 
                2009.''.
            (3) Fast track consideration in house of representatives.--
                    (A) Reconvening.--Upon receipt of a report under 
                paragraph (1)(A), the Speaker, if the House would 
                otherwise be adjourned, shall notify the Members of the 
                House that, pursuant to this subsection, the House 
                shall convene not later than the second calendar day 
                after receipt of such report.
                    (B) Reporting and discharge.--Any committee of the 
                House of Representatives to which a joint resolution is 
                referred shall report it to the House not later than 5 
                calendar days after the date of receipt of the report 
                described in paragraph (1)(A). If a committee fails to 
                report the joint resolution within that period, the 
                committee shall be discharged from further 
                consideration of the joint resolution and the joint 
                resolution shall be referred to the appropriate 
                calendar.
                    (C) Proceeding to consideration.--After each 
                committee authorized to consider a joint resolution 
                reports it to the House or has been discharged from its 
                consideration, it shall be in order, not later than the 
                sixth day after Congress receives the report described 
                in paragraph (1)(A), to move to proceed to consider the 
                joint resolution in the House. All points of order 
                against the motion are waived. Such a motion shall not 
                be in order after the House has disposed of a motion to 
                proceed on the joint resolution. The previous question 
                shall be considered as ordered on the motion to its 
                adoption without intervening motion. The motion shall 
                not be debatable. A motion to reconsider the vote by 
                which the motion is disposed of shall not be in order.
                    (D) Consideration.--The joint resolution shall be 
                considered as read. All points of order against the 
                joint resolution and against its consideration are 
                waived. The previous question shall be considered as 
                ordered on the joint resolution to its passage without 
                intervening motion except two hours of debate equally 
                divided and controlled by the proponent and an 
                opponent. A motion to reconsider the vote on passage of 
                the joint resolution shall not be in order.
            (4) Fast track consideration in senate.--
                    (A) Reconvening.--Upon receipt of a report under 
                paragraph (1)(A), if the Senate has adjourned or 
                recessed for more than 2 days, the majority leader of 
                the Senate, after consultation with the minority leader 
                of the Senate, shall notify the Members of the Senate 
                that, pursuant to this subsection, the Senate shall 
                convene not later than the second calendar day after 
                receipt of such message.
                    (B) Placement on calendar.--Upon introduction in 
                the Senate, the joint resolution shall be placed 
                immediately on the calendar.
                    (C) Floor consideration.--
                            (i) In general.--Notwithstanding Rule XXII 
                        of the Standing Rules of the Senate, it is in 
                        order at any time during the period beginning 
                        on the 4th day after the date on which Congress 
                        receives a report of the plan of the Secretary 
                        described in paragraph (1)(A) and ending on the 
                        6th day after the date on which Congress 
                        receives a report of the plan of the Secretary 
                        described in paragraph (1)(A) (even though a 
                        previous motion to the same effect has been 
                        disagreed to) to move to proceed to the 
                        consideration of the joint resolution, and all 
                        points of order against the joint resolution 
                        (and against consideration of the joint 
                        resolution) are waived. The motion to proceed 
                        is not debatable. The motion is not subject to 
                        a motion to postpone. A motion to reconsider 
                        the vote by which the motion is agreed to or 
                        disagreed to shall not be in order. If a motion 
                        to proceed to the consideration of the 
                        resolution is agreed to, the joint resolution 
                        shall remain the unfinished business until 
                        disposed of.
                            (ii) Debate.--Debate on the joint 
                        resolution, and on all debatable motions and 
                        appeals in connection therewith, shall be 
                        limited to not more than 10 hours, which shall 
                        be divided equally between the majority and 
                        minority leaders or their designees. A motion 
                        further to limit debate is in order and not 
                        debatable. An amendment to, or a motion to 
                        postpone, or a motion to proceed to the 
                        consideration of other business, or a motion to 
                        recommit the joint resolution is not in order.
                            (iii) Vote on passage.--The vote on passage 
                        shall occur immediately following the 
                        conclusion of the debate on a joint resolution, 
                        and a single quorum call at the conclusion of 
                        the debate if requested in accordance with the 
                        rules of the Senate.
                            (iv) Rulings of the chair on procedure.--
                        Appeals from the decisions of the Chair 
                        relating to the application of the rules of the 
                        Senate, as the case may be, to the procedure 
                        relating to a joint resolution shall be decided 
                        without debate.
            (5) Rules relating to senate and house of 
        representatives.--
                    (A) Coordination with action by other house.--If, 
                before the passage by one House of a joint resolution 
                of that House, that House receives from the other House 
                a joint resolution, then the following procedures shall 
                apply:
                            (i) The joint resolution of the other House 
                        shall not be referred to a committee.
                            (ii) With respect to a joint resolution of 
                        the House receiving the resolution--
                                    (I) the procedure in that House 
                                shall be the same as if no joint 
                                resolution had been received from the 
                                other House; but
                                    (II) the vote on passage shall be 
                                on the joint resolution of the other 
                                House.
                    (B) Treatment of joint resolution of other house.--
                If one House fails to introduce or consider a joint 
                resolution under this subsection, the joint resolution 
                of the other House shall be entitled to expedited floor 
                procedures under this subsection.
                    (C) Treatment of companion measures.--If, following 
                passage of the joint resolution in the Senate, the 
                Senate then receives the companion measure from the 
                House of Representatives, the companion measure shall 
                not be debatable.
                    (D) Consideration after passage.--
                            (i) In general.--If Congress passes a joint 
                        resolution, the period beginning on the date 
                        the President is presented with the joint 
                        resolution and ending on the date the President 
                        takes action with respect to the joint 
                        resolution shall be disregarded in computing 
                        the 15-calendar day period described in 
                        paragraph (1)(A).
                            (ii) Vetoes.--If the President vetoes the 
                        joint resolution--
                                    (I) the period beginning on the 
                                date the President vetoes the joint 
                                resolution and ending on the date the 
                                Congress receives the veto message with 
                                respect to the joint resolution shall 
                                be disregarded in computing the 15-
                                calendar day period described in 
                                paragraph (1)(A); and
                                    (II) debate on a veto message in 
                                the Senate under this subsection shall 
                                be 1 hour equally divided between the 
                                majority and minority leaders or their 
                                designees.
                    (E) Rules of house of representatives and senate.--
                This paragraph, and paragraphs (2), (3), and (4) are 
                enacted by Congress--
                            (i) as an exercise of the rulemaking power 
                        of the Senate and House of Representatives, 
                        respectively, and as such it is deemed a part 
                        of the rules of each House, respectively, but 
                        applicable only with respect to the procedure 
                        to be followed in that House in the case of a 
                        joint resolution, and it supersedes other rules 
                        only to the extent that it is inconsistent with 
                        such rules; and
                            (ii) with full recognition of the 
                        constitutional right of either House to change 
                        the rules (so far as relating to the procedure 
                        of that House) at any time, in the same manner, 
                        and to the same extent as in the case of any 
                        other rule of that House.

SEC. 4. DEFINITIONS.

    As used in this Act--
            (1) the term ``designated TARP recipient'' means any entity 
        that has received, or will receive, financial assistance under 
        the Troubled Asset Relief Program or any other provision of the 
        Emergency Economic Stabilization Act of 2008 (Public Law 110-
        343), such that the Federal Government holds or controls, or 
        will hold or control at a future date, not less than a 15 
        percent ownership stake in the company as a result of such 
        assistance;
            (2) the term ``Secretary'' means the Secretary of the 
        Treasury or the designee of the Secretary; and
            (3) the terms ``director'', ``issuer'', ``securities'', and 
        ``securities laws'' have the same meanings as in section 3 of 
        the Securities Exchange Act of 1934 (15 U.S.C. 78c).

Summary: TARP Recipient Ownership Trust Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to delegate to a private entity management authority over troubled assets with respect to any entity assisted under the Troubled Asset Relief Program (TARP).

Prohibits any expenditure of TARP funds until the Secretary transfers all voting, nonvoting, and common equity in any designated TARP recipient to a limited liability company, to be held and managed in trust on behalf of U.S. taxpayers.

Requires the trustees to liquidate the trust and its assets by December 24, 2011, unless: (1) the trustees report to Congress that liquidation would not maximize profitability of the company and the return on investment to the taxpayer; and (2) Congress enacts into law a joint resolution approving continuation of the TARP management plan established under this Act.