S.1198 - Auto Stock for Every Taxpayer Act111th Congress (2009-2010)
Summary: S.1198 — 111th Congress (2009-2010)
Introduced in Senate (06/08/2009)
Auto Stock for Every Taxpayer Act - Prohibits the Secretary of the Treasury from expending or obligating any more Troubled Asset Relief Program (TARP) funds for automobile manufacturers that have been participating in the program and have filed for bankruptcy protection.
Imposes on the Secretary the fiduciary duty to maximize the return on the taxpayers' investment in such manufacturers under TARP.
Authorizes persons aggrieved by violations of such fiduciary duty to bring civil actions for equitable relief.
Requires the Secretary, after the emergence of such an automobile manufacturer from bankruptcy, to provide taxpayers with common stock certificates representing their shares in the aggregate common stock holdings of the federal government in such manufacturer.