Truth in Bailouts Act

Truth in Bailouts Act - Amends the Emergency Economic Stabilization Act of 2008 to require any financial institution in which the Treasury holds an equity or debt position acquired under the Troubled Asset Relief Program (TARP) to provide the following displays: (1) at each of its places of business, signs disclosing, in a clear and conspicuous manner, the statement "This institution has received financial assistance from the Federal Government under the Troubled Asset Relief Program and has not yet repaid the taxpayers"; and (2) on the main page of its website, the same disclosure in a clear and conspicuous manner.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6337 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 6337

 To amend the Emergency Economic Stabilization Act of 2008 to require 
 each institution with outstanding assistance under the Troubled Asset 
  Relief Program to disclose such fact to the institution's customers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 29, 2010

  Mr. Hensarling (for himself, Mr. Bachus, Mr. Garrett of New Jersey, 
  Mrs. Biggert, Mr. Marchant, Mr. Pitts, Mr. Franks of Arizona, Mrs. 
    Blackburn, Mr. Gingrey of Georgia, Mr. Rooney, Mr. Shadegg, Mr. 
  Kingston, Mr. Price of Georgia, Mr. Posey, Mr. Pence, Mr. Jordan of 
Ohio, Mr. Gohmert, Mr. Bishop of Utah, Mr. Culberson, Mr. Fleming, Mr. 
Olson, Mr. Issa, and Mr. Akin) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Emergency Economic Stabilization Act of 2008 to require 
 each institution with outstanding assistance under the Troubled Asset 
  Relief Program to disclose such fact to the institution's customers.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Truth in Bailouts Act''.

SEC. 2. DISCLOSURE REQUIREMENT.

    Section 120 of the Emergency Economic Stabilization Act of 2008 is 
amended by adding at the end the following new subsection:
    ``(c) Disclosure Requirement.--
            ``(1) In general.--After the end of the 90-day period 
        beginning on the date of the enactment of the Truth in Bailouts 
        Act, each TARP recipient shall--
                    ``(A) display at each place of business maintained 
                by such recipient a sign or signs disclosing, in a 
                clear and conspicuous manner, the following: `This 
                institution has received financial assistance from the 
                Federal Government under the Troubled Asset Relief 
                Program and has not yet repaid the taxpayers.'; and
                    ``(B) display such disclosure in a clear and 
                conspicuous manner on the main page of such recipient's 
                internet website.
            ``(2) TARP recipient defined.--For purposes of this 
        subsection, the term `TARP recipient' means any financial 
        institution in which the Treasury holds an equity or debt 
        position acquired under TARP.''.
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