TARP Recipient Ownership Trust Act
September 22nd, 2009 by B
Author: Leticia Wilson
The Secretary of the Treasury may give management authority to a private entity under the Emergency Economic Stabilization Act, commonly known as the US financial bailout. The Secretary of the Treasury will create an LLC with all the voting, nonvoting, and common equity of the recipients of the Troubled Asset Relief Program. The President will then appoint three independent trustees for the purposes of management. These trustees will be employed, not elected, they will serve at the will of the President, and will each be paid $162,900. H.R. 3594 was referred to the Committee on Financial Services and the Committee on Rules.
- Posted in Employment, Finance, Stimulus, government