Summary: Consumer Checking Fairness Act - Amends the Expedited Funds Availability Act to require depository institutions to: (1) post checks presented for payment against checking accounts used primarily for personal, family, or household purposes after the close of any business day in the numerical order of the checks, beginning with the lowest number; (2) notify accountholders of, and require their written consent for, an alternate posting order; and (3) credit all deposits to such accounts after the close of any business day before debiting any check drawn on the account and presented for payment. Directs the Board of Governors of the Federal Reserve System to prescribe implementing regulations.

consumer checking fairness act amends expedited funds availability act require depository institutions post checks presented payment checking accounts primarily personal family household purposes close business day numerical order checks beginning lowest number notify require written consent alternate posting order credit deposits accounts close business day check drawn account presented payment directs board_of_governors federal_reserve_system prescribe implementing regulations


Summary: Extends through July 31, 2009, under the same terms and conditions, the authorization for any program, authority, or provision, including any pilot program, that is currently authorized through March 20, 2009, under the Small Business Act or the Small Business Investment Act of 1958.

extends july terms conditions authorization program authority provision including pilot program currently authorized march small business act small_business_investment_act


Summary: Mutual Savings Association Preservation Act - Amends the Home Owners' Loan Act to: (1) prohibit any company or subsidiary, or any director, officer, employee, or person with voting power or holding proxies representing more than 25% of the voting shares of such company or subsidiary, from holding, soliciting, or exercising any proxies in respect of a mutual savings association in an attempt to control the association; and (2) allow an aggrieved association to bring a civil action to prevent such takeover attempts.

preservation act amends prohibit company subsidiary director officer employee person voting power holding proxies representing voting shares company subsidiary holding soliciting exercising proxies respect mutual savings association attempt control association allow aggrieved association bring civil action prevent takeover attempts


Summary: Title I: Education Jobs Fund - Authorizes appropriations for the necessary expenses for an Education Jobs Fund and appropriates $10 billion for such purpose. Requires the allocation of such funds to states by the Department of Education in accordance with provisions of title XIV (State Fiscal Stabilization Fund) of Division A of the American Recovery and Reinvestment Act. Requires that allocated funds be used solely: (1) to make awards to local educational agencies for the support of elementary and secondary education; and (2) for compensation and benefits and other expenses to recall or rehire former employees, and to hire new employees, in order to provide early childhood, elementary, or secondary educational and related services. Imposes limits on the expenditure of funds for administrative purposes. Prohibits states from using allocated funds for establishing, restoring, or supplementing a rainy-day fund or for debt reduction. Requires the Secretary of Education, not later than 45 days after the enactment of this Act, to award funds appropriated under this title to states that have submitted approvable applications. Allows the Secretary to award funds to other entities in a state if the governor of such state has not submitted an approvable application within 30 days after the enactment of this Act. Prohibits the Secretary from allocating funds to a state unless such state provides an assurance that it will maintain levels of support for elementary and secondary education in effect in prior fiscal years. Imposes additional requirements on the state of Texas relating to levels of support for elementary and secondary education. Title II: State Fiscal Relief and Other Provisions; Revenue Offsets - Subtitle A: State Fiscal Relief and Other Provisions - (Sec. 201) Amends the American Recovery and Reinvestment Act of 2009 to extend through the first three calendar quarters of 2011 the Federal Medicaid Assistance Percentage (FMAP). Reduces to 3.2 % the percentage increase in FMAP in the second quarter of FY2011, and to 1.2% in the third quarter of FY2011. Extends until December 31, 2010, the additional increases in FMAP based upon increases in state unemployment rates. Amends title XIX (Medicaid) of the Social Security Act to include in the Medicaid average manufacturer price any drug that is an inhalation, infusion, instilled, implanted, or injectable drug that is not generally dispensed through a retail community pharmacy. Terminates after March 31, 2014, the temporary increase in funding for the supplemental nutrition assistance program (food stamps) enacted by the American Recovery and Reinvestment Act of 2009. Subtitle B: Revenue Offsets - Amends the Internal Revenue Code, with respect to the taxation of foreign income and the foreign tax credit, to: (1) suspend the recognition of foreign tax credits until the related foreign income is taken into account for U.S. tax purposes; (2) deny a foreign tax credit for foreign income not subject to U.S. taxation due to a covered asset acquisition (defined as an acquisition that results in an increase in tax basis for U.S. tax purposes but not for foreign tax purposes); (3) apply a separate foreign tax credit limitation for each item of income that would be treated as derived from sources within the United States and that would be treated as arising from sources outside the United States under a treaty obligation (if the taxpayer chooses the benefits of such treaty); (4) limit the amount of foreign tax credits that may be claimed by a U.S. domestic corporation with respect to a deemed dividend paid by a foreign subsidiary; (5) prevent a reduction in earnings in profits of a foreign corporation in an acquisition if more than 50% of the dividends arising from such acquisition would not be subject to U.S. taxation or would be includible in the earnings and profits of a controlled foreign corporation; (6) treat a foreign corporation as a member of an affiliated group for interest allocation and apportionment purposes if more than 50% of its gross income is effectively connected with a U.S. trade or business and at least 80% of either the vote or value of its outstanding stock is owned directly or indirectly by members of the affiliated group; (7) repeal tax rules exempting foreign source income attributable to the active conduct of a foreign trade or business from withholding of tax requirements; and (8) provide that the statute of limitations for failure to provide information to the Internal Revenue Service (IRS) on certain foreign transactions shall not be tolled if such failure is due to reasonable cause and not willful neglect. Eliminates provisions that provide for the advance refundability of the earned income tax credit. Title III: Rescissions - Rescinds appropriated amounts from specified federal agencies, programs, and accounts, including: (1) Department of Agriculture - Rural Development; (2) Department of Commerce - National Telecommunications and Information Administration - Broadband Technology Opportunities Program; (3) Department of Defense (DOD) procurement, research, development, test, and evaluation, operation and maintenance, and the Defense Health Program; (4) Department of Energy (DOE) - Nuclear Energy and the Innovative Technology Loan Guarantee Program; (5) Nuclear Regulatory Commission (NRC); (6) General Services Administration (GSA); (7) Bureau of Indian Affairs; (8) Environmental Protection Agency (EPA) - Hazardous Substance Superfund, Leaking Underground Storage Tank Trust Fund Program, Environmental Programs and Management; (9) National Park Service; (10) Fish and Wildlife Service; (11) unobligated funds in the Public Health and Social Services Emergency Fund; (12) Social Security Administration (SSA); (12) Department of Education - Education for the Disadvantaged, Student Aid Administration, Innovation and Improvement; (13) Department of Veterans Affairs, general operating expenses; (14) Information Technology Systems; (15) Department of State, Millennium Challenge Corporation and Civilian Stabilization Initiative; (16) Department of Transportation (DOT) - Federal Aviation Administration (FAA), facilities and equipment; and (17) statewide transportation planning programs. Title IV: Budgetary Provisions - Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

title education jobs fund authorizes appropriations necessary expenses education_jobs_fund appropriates billion purpose requires allocation funds states department_of_education accordance provisions title xiv requires allocated funds solely awards local educational agencies support elementary secondary education compensation benefits expenses recall rehire employees hire new employees order provide early childhood elementary secondary educational related services imposes limits expenditure funds administrative purposes prohibits states allocated funds establishing restoring supplementing day fund debt reduction requires secretary education later days enactment act award funds appropriated title states submitted approvable applications allows secretary award funds entities state governor state submitted approvable application days enactment act prohibits secretary allocating funds state state provides assurance maintain levels support elementary secondary education effect prior fiscal years imposes additional requirements state texas relating levels support elementary secondary education title state fiscal relief provisions state fiscal relief provisions sec amends american_recovery_and_reinvestment_act extend calendar quarters reduces percentage increase fmap second quarter fy2011 quarter fy2011 extends december additional increases fmap based increases state unemployment rates amends title xix medicaid social security act include medicaid average manufacturer price drug inhalation infusion implanted drug generally dispensed retail community pharmacy terminates march temporary increase funding supplemental nutrition assistance program food stamps enacted american_recovery_and_reinvestment_act subtitle revenue offsets amends internal revenue code respect taxation foreign income foreign tax credit suspend recognition foreign tax credits related foreign income taken account tax purposes deny foreign tax credit foreign income subject taxation covered asset acquisition defined acquisition results increase tax basis tax purposes foreign tax purposes apply separate foreign tax credit limitation item income treated derived sources united_states treated arising sources outside united_states treaty obligation taxpayer chooses benefits treaty limit foreign tax credits claimed domestic corporation respect deemed dividend paid foreign subsidiary prevent reduction earnings profits foreign corporation acquisition dividends arising acquisition subject taxation includible earnings profits controlled foreign corporation treat foreign corporation member affiliated group interest allocation apportionment purposes gross income effectively connected trade business vote value outstanding stock owned directly indirectly members affiliated group repeal tax rules exempting foreign source income attributable active conduct foreign trade business withholding tax requirements provide statute limitations failure provide information internal_revenue_service irs certain foreign transactions shall tolled failure reasonable cause willful neglect eliminates provisions provide advance refundability earned income tax credit title iii appropriated amounts specified federal agencies programs accounts including department agriculture rural development department defense dod procurement research development test evaluation operation maintenance defense_health_program doe nuclear energy nuclear regulatory commission nrc general_services_administration gsa bureau_of_indian_affairs epa leaking underground storage tank trust fund program environmental programs management national_park_service fish_and_wildlife_service unobligated funds social_security_administration ssa disadvantaged innovation improvement department_of_veterans_affairs general operating expenses department_of_state department_of_transportation dot federal aviation administration faa facilities equipment statewide transportation planning programs title budgetary provisions provides compliance budgetary effects act statutory pay act


Summary: AIG Key Executives Bonus Accountability and Capture (TAKE BACK) Act - Amends the Internal Revenue Code to impose a 100% income tax on bonuses (over $1) paid to employees by entities who received financial assistance under the Troubled Asset Relief Program (TARP).

key executives bonus accountability capture act amends internal revenue code impose income tax bonuses paid employees entities received financial assistance troubled_asset_relief_program tarp


Summary: Protecting Consumers from Unreasonable Credit Rates Act of 2009 - Amends the Truth in Lending Act to prohibit a creditor from extending credit to a consumer under an open end consumer credit plan (credit card) for which the fee and interest rate exceeds 36%. Sets forth criminal penalties for violation of this Act. Empowers state Attorneys General to enforce this Act. Revises requirements for a periodic statement for each billing cycle with respect to where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro rata part of 50 cents for a billing cycle shorter than monthly. Requires inclusion of the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate (APR).

protecting_consumers unreasonable credit rates act amends truth lending act prohibit creditor extending credit consumer open end consumer credit plan credit card fee interest rate exceeds sets forth criminal penalties violation act empowers state attorneys general enforce act revises requirements periodic statement billing cycle respect total finance charge exceeds cents monthly longer billing cycle pro rata cents billing cycle shorter monthly requires inclusion fee interest rate displayed fair instead total finance charge expressed annual percentage rate apr


Summary: Interest Rate Equity Act or the IRE Act - Amends the Emergency Economic Stabilization Act of 2008 to prohibit any financial institution that receives assistance under the Troubled Asset Relief Program (TARP) from charging its customers more than 18% interest on credit card accounts.

interest rate equity act act amends emergency economic stabilization act prohibit financial institution receives assistance troubled_asset_relief_program tarp charging customers interest credit card accounts


Summary: National Consumer Cooperative Bank Act Amendments of 2009 - Amends the National Consumer Cooperative Bank Act to declare that a nonprofit corporation (established to succeed the abolished Office of Self-Help Development and Technical Assistance) shall be deemed to be a community development financial institution, unless the National Consumer Cooperative Bank or any of its affiliates participates in certain depository institution incentives under the Community Development Banking and Financial Institutions Act of 1994.

amends act declare nonprofit corporation established succeed abolished shall deemed community development financial institution affiliates participates certain depository institution incentives


Summary: Fair Housing Tax Credit Extension Act of 2009 - Amends the Internal Revenue Code to: (1) make the first-time homebuyer tax credit applicable to purchases of a principal residence after December 31, 2007; and (2) make such credit permanent.

amends internal revenue code time homebuyer tax credit applicable purchases principal residence december credit permanent


Summary: Compete Act of 2009 - Amends the Sarbanes-Oxley Act of 2002 to revise requirements for the internal control assessment component of a securities issuer's annual report. Requires the attestation and report by a registered public accounting firm on an issuer's management assessment of its internal control structure and procedures to focus upon the process and system used by management to identify and manage risks, identify and implement key controls, and come to a conclusion on the effectiveness of the internal controls over financial reporting. Prohibits an auditor's attestation and report from including a separate (pass/fail) opinion on the effectiveness of such internal controls. Requires such attestation and report to be performed at three-year intervals. Prescribes standards for such attestations and reports, including a risk-based evaluation. Permits attestations and reports to rely on examinations and inspections by federal and state regulatory agencies. Instructs the Securities and Exchange Commission (SEC) to develop a standard of materiality for such assessments and reports based upon whether the internal control has a material effect on the company's financial statements and is significant to the issuer's overall financial status. Exempts a smaller public company from the requirements for management assessment of internal controls, unless it voluntarily elects to comply with them.

compete act amends sarbanes oxley act revise requirements internal control assessment component securities issuer annual report requires attestation report registered public accounting firm issuer management assessment internal control structure procedures focus process system management identify manage risks identify implement key controls come conclusion effectiveness internal controls financial reporting prohibits auditor attestation report including separate pass fail opinion effectiveness internal controls requires attestation report performed year intervals prescribes standards attestations reports including risk based evaluation permits attestations reports rely examinations inspections federal state regulatory agencies instructs securities_and_exchange_commission sec develop standard assessments reports based internal control material effect company financial statements significant issuer overall financial status exempts smaller public company requirements management assessment internal controls voluntarily elects comply


Summary: Foreclosure Prevention Act of 2009 - Authorizes appropriations for FY2009 to the Neighborhood Reinvestment Corporation for specified mortgage foreclosure mitigation (namely housing counseling) activities.

foreclosure prevention act authorizes appropriations fy2009 neighborhood_reinvestment_corporation specified mortgage foreclosure mitigation housing counseling activities


Summary: First-Time Homebuyer Credit Extension Act of 2009 - Amends the Internal Revenue Code to: (1) extend the first-time homebuyer tax credit and the waiver of recapture requirements for such credit through 2010; and (2) expand the election to treat a purchase of a principal residence as made in a prior taxable year for purposes of such credit.

amends internal revenue code extend time homebuyer tax credit waiver recapture requirements credit expand election treat purchase principal residence prior taxable year purposes credit


Summary: Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury, upon notification that a financial institution is prepared to repay specified EESA assistance immediately, either to: (1) accept such repayment; or (2) notify the institution that its financial position does not currently permit such repayment, and detail steps it can take to satisfy the Secretary and the appropriate federal banking agency that it is able to make such repayment.

amends emergency economic stabilization act eesa direct secretary treasury notification financial institution prepared repay specified eesa assistance immediately accept repayment notify institution financial position currently permit repayment detail steps satisfy secretary appropriate federal banking agency able repayment


Summary: Reasonable Prudence in Regulation Act - Extends from December 1, 2009, to December 1, 2010, the deadline for compliance with specified regulations prohibiting the funding of unlawful Internet gambling (Regulation GG).

reasonable regulation act extends december december deadline compliance specified regulations prohibiting funding unlawful internet gambling regulation


Summary: Small Business Opportunity Act of 2009 - Directs the Administrator of the Small Business Administration (SBA) to establish and implement a program under which the Administrator shall pay, with respect to each SBA-guaranteed small business loan entered into after the enactment of this Act, 100% of the interest due for the first year, 75% for the second year, and 50% for the third. Terminates the authority of the Administrator to make such payments at the end of the the third year following enactment of this Act.

small business opportunity act directs administrator small_business_administration sba establish implement program administrator shall pay respect sba guaranteed small business loan entered enactment act interest year second year terminates authority administrator payments end year following enactment act


Summary: Protection of Consumer Credit and Consumer Choice Act of 2009 - Prohibits the Board of Governors of the Federal Reserve, the Office of Thrift Supervision, and the National Credit Union Administration from taking any action to implement any rule relating to credit cards published in the Federal Register on January 29, 2009, or any substantially similar rule, on the basis of a determination by such agencies that practices relating to credit card practices constitute an unfair act or practice in or affecting commerce. Amends the Truth in Lending Act to direct the Board to issue regulations with respect to credit card accounts under an open end consumer credit plan to require a card issuer to provide clear and conspicuous disclosures pertaining to: (1) the time provided to make timely payments; (2) allocation of payments when different annual percentage rates (APRs) apply to different balances of such accounts; (3) increases in APRs; (4) two-cycle average daily balance method of balance calculation; and (5) fees that may be assessed at the opening of such accounts. Requires a credit card issuer to provide advance written notice of a change in such terms before it takes effect, with certain exceptions.

protection consumer credit consumer choice act prohibits board_of_governors federal_reserve office_of_thrift_supervision national_credit_union_administration taking action implement rule relating credit cards published federal_register january substantially similar rule basis determination agencies practices relating credit card practices constitute unfair act practice affecting commerce amends truth lending act direct board issue regulations respect credit card accounts open end consumer credit plan require card issuer provide clear conspicuous disclosures pertaining time provided timely payments allocation payments different annual percentage rates aprs apply different balances accounts increases aprs cycle average daily balance method balance calculation fees assessed opening accounts requires credit card issuer provide advance written notice change terms takes effect certain exceptions


Summary: Credit Union Share Insurance Stabilization Act - Amends the Federal Credit Union Act (FCUA) to grant the National Credit Union Administration (NCUA) increased borrowing authority until December 31, 2010. Requires the NCUA Board to: (1) establish a National Credit Union Share Insurance Fund (NCUSIF) Restoration Plan whenever it projects that the equity ratio of the NCUSIF will fall below a designated minimum equity ratio; and (2) establish the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) to make payments connected to the actual or threatened conservatorship or liquidation of a corporate credit union. Authorizes the TCCUSF to borrow from the Secretary of the Treasury, subject to specified conditions.

stabilization act amends federal_credit_union_act fcua grant national_credit_union_administration ncua increased borrowing authority december requires ncua_board establish projects equity ratio fall designated minimum equity ratio establish payments connected actual threatened conservatorship liquidation corporate credit union authorizes borrow secretary treasury subject specified conditions


Summary: Federal Reserve Credit Facility Review Act of 2009 - Authorizes the Comptroller General to conduct reviews, including onsite examinations, of any credit facility established by the Federal Reserve Board or any federal reserve bank, and of its establishment as the lender of last resort, including when it provides temporary assistance to private institutions as the lender of last restort. Specifies the credit facilities to which this Act applies. Terminates such authorization five years after the enactment of this Act. Grants the Comptroller General access to all records and property of any such credit facility, as well as to its officers, employees, contractors, and other agents and representatives.

review act authorizes comptroller general conduct reviews including onsite examinations credit facility established federal_reserve_board federal reserve bank establishment lender resort including provides temporary assistance private institutions lender specifies credit facilities act applies terminates authorization years enactment act grants comptroller general access records property credit facility officers employees contractors agents representatives


Summary: Judgment Evading Foreign States Accountability Act of 2009 - States the policy of the United States regarding: (1) advocacy within the governing bodies of international organizations and other foreign policy settings for the full compensation and fair treatment of persons in whose favor judgments have been awarded by U.S. courts; (2) protection of economic interests of persons and nations that benefit from a reliable flow of foreign capital by restricting the access to U.S. capital markets of judgment evading foreign states (foreign states that fail to fully satisfy a final judgment exceeding a certain amount for more than two years) and their state-owned corporations, warning of the dangers of dealing financially with such states and state-owned corporations, and congressional scrutiny of requests for aid made by such states; and (3) protection of the authority of the U.S. courts by preventing such states from willfully flouting the judgments of those courts. Directs the Securities and Exchange Commission (SEC) to: (1) deny a judgment evading foreign state access to U.S. capital markets unless the proceeds of borrowing or securities issuance are to be used in the first instance to satisfy in full all final judgments that form the basis for such designation as such a state; and (2) require all periodic filings made by such a state with the SEC to prominently bear a warning describing its failure to satisfy outstanding judgments. Imposes similar restrictions on state-owned corporations of such states. Requires: (1) a proposal to extend bilateral or multilateral assistance to a judgment evading state to bear notice that such state is a judgment evading state; and (2) the Secretary of the Treasury to report annually to Congress identifying each such state.

judgment evading foreign states accountability act 2009_-_states policy united_states advocacy governing bodies international organizations foreign policy settings compensation fair treatment persons favor judgments awarded courts protection economic interests persons nations benefit reliable flow foreign capital restricting access capital markets judgment evading foreign states foreign states fail fully satisfy final judgment exceeding certain years state owned corporations warning dangers dealing financially states state owned corporations congressional scrutiny requests aid states protection authority courts preventing states willfully judgments courts directs securities_and_exchange_commission sec deny judgment evading foreign state access capital markets proceeds borrowing securities issuance instance satisfy final judgments form basis designation state require periodic filings state sec prominently bear warning describing failure satisfy outstanding judgments imposes similar restrictions state owned corporations states requires proposal extend bilateral multilateral assistance judgment evading state bear notice state judgment evading state secretary treasury report annually congress identifying state


Summary: Neighborhood Preservation Act - Amends the Federal Deposit Insurance Act to authorize any depository institution (or affiliate) to lease, including lease with an option to purchase, to any individual for up to five years an interest in residential property which: (1) was or is security for an extension of credit by such depository institution (or affiliate); and (2) came under the institution's or affiliate's ownership or control through foreclosure (or a deed in lieu of foreclosure) on the extension of credit. Directs the federal banking agencies to jointly prescribe specified safety and soundness regulations, including minimum capital requirements for such institutions or affiliates. Permits extension of such a lease beyond five years if any federal or state law, including the Bank Holding Company Act of 1956, so permits. States this Act applies only to leases entered into during the two-year period beginning on the date of the enactment of this Act. States the intent of the Congress that: (1) no permanent change in policy on leasing foreclosed property is being established with respect to depository institutions and depository institution holding companies; and (2) bank leasing of foreclosed property authorized under this Act should not apply to leases entered into after such two-year period.

neighborhood preservation act amends federal_deposit_insurance_act authorize depository institution affiliate lease including lease option purchase individual years interest residential property security extension credit depository institution affiliate came institution affiliate ownership control foreclosure deed lieu foreclosure extension credit directs federal banking agencies jointly prescribe specified safety soundness regulations including minimum capital requirements institutions affiliates permits extension lease years federal state law including bank_holding_company_act permits states act applies leases entered year period beginning date enactment act states intent congress permanent change policy leasing foreclosed property established respect depository institutions depository institution holding companies bank leasing foreclosed property authorized act apply leases entered year period


Summary: Municipal Market Liquidity Enhancement Act of 2009 - Amends the Federal Reserve Act to authorize the Federal Reserve Board, in unusual and exigent circumstances, by an affirmative vote of at least five members, to authorize any federal reserve bank to make advances to a special purpose vehicle or a designated corporate entity on the vehicle's or corporate entity's promissory notes that are secured to the bank's satisfaction by securities specified in this Act or by other forms of security. Restricts the use of such advances solely to financing the purchase by such a special purpose vehicle or designated corporate entity of variable rate demand obligations issued: (1) before enactment of this Act by a municipal securities issuer with the ability to issue a bond treated as a tax-exempt "state or local bond" under the Internal Revenue Code; (2) to refund variable rate demand obligations issued before enactment of this Act; or (3) to refinance auction rate securities. Allows the use of such advances also, in the alternative, to purchase short-term notes used for cash-management and other short-term borrowing needs issued by a municipal securities issuer. Requires any such purchase to be made under an agreement between the special purpose vehicle or designated corporate entity and the obligation or note issuer whereby the vehicle or corporate entity agrees to purchase obligations or notes that are made publicly available for purchase but are not otherwise purchased. Requires such advances also to bear interest at rates fixed from time to time by the federal reserve bank, subject to the review and determination of the Board. Amends the Emergency Economic Stabilization Act of 2008 (EESA) to state that the authority of the Secretary of the Treasury to take any action under such Act includes the authority to provide enhancement in connection with municipal securities whose purchase is financed under any facility designed to enhance the liquidity in the municipal market that is provided by the Board or any federal reserve bank. Amends the Internal Revenue Code to declare that any advances made by a federal reserve bank under this Act shall not be treated as a federal guarantee subject to federal tax (thus making them tax exempt).

municipal market liquidity enhancement act amends federal reserve act authorize federal_reserve_board unusual exigent circumstances affirmative vote members authorize federal reserve bank advances special purpose vehicle designated corporate entity vehicle corporate entity promissory notes secured bank satisfaction securities specified act forms security restricts use advances solely financing purchase special purpose vehicle designated corporate entity variable rate demand obligations issued enactment act municipal securities issuer ability issue bond treated tax exempt state local bond internal revenue code refund variable rate demand obligations issued enactment act refinance auction rate securities allows use advances alternative purchase short term notes cash management short term borrowing needs issued municipal securities issuer requires purchase agreement special purpose vehicle designated corporate entity obligation note issuer vehicle corporate entity agrees purchase obligations notes publicly available purchase purchased requires advances bear interest rates fixed time time federal reserve bank subject review determination board amends emergency economic stabilization act eesa state authority secretary treasury action act includes authority provide enhancement connection municipal securities purchase financed facility designed enhance liquidity municipal market provided board federal reserve bank amends internal revenue code declare advances federal reserve bank act shall treated federal guarantee subject federal tax making tax exempt


Summary: Payday Lending Reform Act of 2009 - Amends the Truth in Lending Act to require a creditor to make specified disclosures when making a payday loan to a consumer. Prohibits a creditor from making a payday loan to any consumer unless: (1) specified notices are posted conspicuously in the creditor's public lending area, or, if the loan is made using the Internet, fax or other means, posted conspicuously on the creditor's public internet site relating to any such payday loan; and (2) the creditor offers the consumer an extended repayment plan that meets specified requirements. Sets forth prohibited lender practices, including: (1) requiring a consumer to pay interest and fees that, combined, total more than 20 cents for every dollar loaned in connection with a payday loan; (2) threatening or seeking to have the consumer prosecuted criminally to collect the loan; and (3) taking or attempting to take an interest in any of the consumer's personal property to secure the loan. Authorizes a consumer to cancel future payment obligations on a payday loan, without cost or finance charges, by: (1) informing the creditor in writing within two days after executing the loan agreement that the consumer wants to rescind the loan; and (2) returning to the creditor the cash amount of the loan principal.

payday lending reform act amends truth lending act require creditor specified disclosures making payday loan consumer prohibits creditor making payday loan consumer specified notices posted conspicuously creditor public lending area loan internet fax means posted conspicuously creditor public internet site relating payday loan creditor offers consumer extended repayment plan meets specified requirements sets forth prohibited lender practices including requiring consumer pay interest fees combined total cents dollar connection payday loan threatening seeking consumer prosecuted criminally collect loan taking attempting interest consumer personal property secure loan authorizes consumer cancel future payment obligations payday loan cost finance charges informing creditor writing days executing loan agreement consumer wants rescind loan returning creditor cash loan principal


Summary: Depositor Protection Act of 2009 - Amends the Federal Deposit Insurance Act to limit the authority of the Federal Deposit Insurance Corporation (FDIC) to engage in activities relating to systemic risk without a congressional declaration of a financial emergency. Requires an Act of Congress to declare that severe financial conditions exist, threatening the stability of a significant number of insured depository institutions or of insured depository institutions possessing significant financial resources, before the FDIC may exercise its existing authority to engage in certain transactions with an insured depository institution in order to lessen the risk to the FDIC posed by the institution under such threat of instability. Declares that FDIC authority to borrow from the Treasury amounts "required for insurance purposes" shall not be construed as authorizing the FDIC to borrow any amount for purposes of funding any action taken under this Act.

depositor protection act amends federal_deposit_insurance_act limit authority federal_deposit_insurance_corporation fdic engage activities relating systemic risk congressional declaration financial emergency requires act congress declare severe financial conditions exist threatening stability significant number insured depository institutions insured depository institutions possessing significant financial resources fdic exercise existing authority engage certain transactions insured depository institution order lessen risk fdic posed institution threat instability declares fdic authority borrow treasury amounts required insurance purposes shall construed authorizing fdic borrow purposes funding action taken act


Summary: Promoting Transparency in Financial Reporting Act of 2009 - Requires the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), and the Public Company Accounting Oversight Board to present testimony annually for five years, beginning in 2009, to the Committee on Financial Services of the House of Representatives regarding their efforts to reduce the complexity in financial reporting and to provide more accurate and clear financial information to investors. Requires such testimony to address the following issues: (1) reassessing complex and outdated accounting standards; (2) improving the understandability, consistency, and overall usability of accounting and auditing literature; (3) developing principles-based accounting standards; (4) encouraging the use and acceptance of interactive data; and (5) promoting disclosures in "plain English."

promoting transparency financial reporting act requires securities_and_exchange_commission sec public_company_accounting_oversight_board present testimony annually years beginning efforts reduce complexity financial reporting provide accurate clear financial information investors requires testimony address following issues complex outdated accounting standards improving consistency overall accounting auditing literature developing principles based accounting standards encouraging use acceptance interactive data promoting disclosures plain english


Summary: Administrative Support and Oversight for Community Financial Institutions Act of 2009 - Establishes an Assistant Secretary of the Treasury for Community Financial Institutions to advise the Secretary of the Treasury on the impact of Department of the Treasury policies and regulations on community financial institutions with a view to strengthening such institutions. Directs the Secretary to establish an Office of Ombudsman for Community Financial Institutions, whose head shall be the Assistant Secretary for Community Financial Institutions.

oversight community financial institutions act establishes assistant secretary advise secretary treasury impact department treasury policies regulations community financial institutions view strengthening institutions directs secretary establish head shall assistant secretary


Summary: Financial Transparency Restoration Act - Requires each financial institution to publish, within 30 days after the end of each fiscal quarter, a statement of its financial condition in a newspaper of general paid circulation published in a city or county within each of its market areas. Requires such financial statements to include a written verification of the accuracy of the statement, under oath or by affirmation, by the president of the financial institution or another officer designated by its board of directors.

financial transparency restoration act requires financial institution publish days end fiscal quarter statement financial condition newspaper general paid circulation published city county market areas requires financial statements include written verification accuracy statement oath affirmation president financial institution officer designated board directors


Summary: Investing in Tomorrow's Technology Act - Amends the Small Business Act to extend through FY2011 the Small Business Innovation Research (SBIR) Program and the Small Business Technology Transfer (STTR) Program. Provides that, with respect to participation in an SBIR or STTR program: (1) a business that has more than 500 employees shall not qualify as a small business; and (2) in determining whether a small business is independently owned and operated, the Administrator of the Small Business Administration (SBA) shall not consider the business as affiliated with a venture capital operating company if such company does not own 50% or more of the business and the company's employees do not constitute a majority of the business's board of directors. Provides limited conditions under which a small business shall still be considered eligible for SBIR/STTR participation when a venture capital operating company controlled by a business with more than 500 employees has an ownership interest in a small business owned in majority part by venture capital operating companies.

investing tomorrow technology act amends small business act extend sbir program small_business_technology_transfer sttr program provides respect participation sbir sttr program business employees shall qualify small business determining small business independently owned operated administrator small_business_administration sba shall consider business affiliated venture capital operating company company business company employees constitute majority business board directors provides limited conditions small business shall considered eligible sbir sttr participation venture capital operating company controlled business employees ownership interest small business owned majority venture capital operating companies


Summary: SBIR and STTR Enhancement Act - Amends the Small Business Act to direct each federal agency that is required to establish a small business innovation research (SBIR) program to: (1) issue research topic solicitations at least twice a year; and (2) make a final decision on topic proposals within 90 days, unless the Administrator of the Small Business Administration (SBA) determines that a decision may be extended to 180 days. Requires the Administrator to submit to the congressional small business committees a list of small businesses that, for the preceding five-year period, received 15 or more first phase SBIR awards but no second phase awards. Requires each federal agency conducting an SBIR program to engage with such awardees and develop performance measures for awardee progression in the SBIR program. Provides funding for SBIR administrative, oversight, and contract processing costs. Requires a Comptroller General audit on how federal agencies calculate SBIR and STTR (Small Business Technology Transfer) extramural research budgets. Directs each federal agency conducting an SBIR or STTR program to establish and maintain program evaluation and technology utilization databases. Establishes an Interagency SBIR/STTR Policy Committee. Authorizes each federal agency with an SBIR program to "fast track" phase two awards. Increases SBIR and STTR award levels. Provides express authority for agencies to award sequential phase two awards for SBIR-funded projects. Allows a federal agency to provide a second phase award to a small business only if the business has been provided an award for the first phase or has completed first phase requirements despite not having been provided a first phase award.

sbir sttr enhancement act amends small business act direct federal agency required establish small business innovation research sbir program issue research topic solicitations twice year final decision topic proposals days administrator small_business_administration sba determines decision extended days requires administrator submit congressional small business committees list small businesses preceding year period received phase sbir awards second phase awards requires federal agency conducting sbir program engage awardees develop performance measures awardee progression sbir program provides funding sbir administrative oversight contract processing costs requires comptroller general audit federal agencies calculate sbir extramural research budgets directs federal agency conducting sbir sttr program establish maintain program evaluation technology utilization databases establishes interagency sbir sttr policy committee authorizes federal agency sbir program fast track phase awards sttr award levels provides express authority agencies award sequential phase awards sbir funded projects allows federal agency provide second phase award small business business provided award phase completed phase requirements despite having provided phase award


Summary: Promoting Mortgage Responsibility Act - Amends the Truth in Lending Act to prohibit prepayment fees or penalties under any consumer credit transaction secured by the consumer's owner-occupied principal dwelling. Makes any prepayment penalty in violation of this prohibition unenforceable.

promoting mortgage responsibility act amends truth lending act prohibit prepayment fees penalties consumer credit transaction secured consumer owner occupied principal dwelling makes prepayment penalty violation prohibition unenforceable


Summary: Reinvest in America's Retirement Act of 2009 - Amends the Tax Increase Prevention and Reconciliation Act of 2005 to advance the effective date of the repeal of income limitations on conversions to Roth individual retirement accounts (Roth IRAs) to December 31, 2008.

reinvest america retirement act amends tax_increase_prevention_and_reconciliation_act advance effective date repeal income limitations conversions roth individual retirement accounts roth iras december


Summary: Money Service Business Act of 2009 - Revises certain requirements for anti-money laundering programs with respect to federally insured depository institutions. Declares that, if such institutions have on file specified mandatory self-certifications submitted by a money transmitting business for which the institutions maintain an account, the institutions have no obligation to review the compliance of the money transmitting business with federal anti-money laundering requirements. Sets forth civil and criminal penalties for violations of this Act without regard to whether such violations were willful. Shields an institution from liability for the noncompliance of a money transmitting business with federal anti-money laundering requirements. Prescribes requirements for a self-certification by a money transmitting business that it is in compliance with federal anti-money laundering requirements.

revises certain requirements anti money laundering programs respect federally insured depository institutions declares institutions file specified mandatory self certifications submitted money transmitting business institutions maintain account institutions obligation review compliance money transmitting business federal anti money laundering requirements sets forth civil criminal penalties violations act regard violations willful shields institution liability noncompliance money transmitting business federal anti money laundering requirements prescribes requirements self certification money transmitting business compliance federal anti money laundering requirements


Summary: Bank Accountability and Risk Assessment Act of 2009 - Amends the Federal Deposit Insurance Act to require the risk-based assessment system (used to determine the premiums owed by insured depository institutions) to consider, in addition to existing factors, the risks posed to the Deposit Insurance Fund by: (1) the affiliates of a depository institution; and (2) the off-balance sheet assets and liabilities of depository institutions and their affiliates. Directs the Federal Deposit Insurance Corporation (FDIC) to impose a systemic risk assessment, at least annually, and in addition to the regular annual assessment and emergency special assessments, on all systemically important depository institutions. Repeals the declaration that no insured depository institution shall be barred from the lowest-risk category solely because of size. (Thus allows an insured depository institution to be barred from the lowest-risk category solely because of size.) Bases the regular annual assessment on an assessment rate established by the FDIC and an insured depository institution's average total assets minus its average tangible equity during the assessment period.

amends federal_deposit_insurance_act require risk based assessment system determine premiums owed insured depository institutions consider addition existing factors risks posed deposit_insurance_fund affiliates depository institution balance sheet assets liabilities depository institutions affiliates directs federal_deposit_insurance_corporation fdic impose systemic risk assessment annually addition regular annual assessment emergency special assessments systemically important depository institutions repeals declaration insured depository institution shall barred lowest risk category solely size allows insured depository institution barred lowest risk category solely size bases regular annual assessment assessment rate established fdic insured depository institution average total assets minus average tangible equity assessment period


Summary: Don't Ask, Don't Tell Repeal Act of 2010 - Provides for repeal of the current Department of Defense (DOD) policy concerning homosexuality in the Armed Forces, to be effective 60 days after the Secretary of Defense has received DOD's comprehensive review on the implementation of such repeal, and the President, Secretary, and Chairman of the Joint Chiefs of Staff (JCS) certify to the congressional defense committees that they have considered the report and proposed plan of action, that DOD has prepared the necessary policies and regulations to exercise the discretion provided by such repeal, and that implementation of such policies and regulations is consistent with the standards of military readiness and effectiveness, unit cohesion, and military recruiting and retention. Provides that, until such time as the above conditions are met, the current policy shall remain in effect.

ask tell repeal act provides repeal current department_of_defense dod policy concerning homosexuality armed_forces effective days secretary defense received dod comprehensive review implementation repeal president secretary chairman joint_chiefs_of_staff jcs certify congressional defense committees considered report proposed plan action dod prepared necessary policies regulations exercise discretion provided repeal implementation policies regulations consistent standards military readiness effectiveness unit cohesion military recruiting retention provides time conditions met current policy shall remain effect


Summary: Plain Language in Health Insurance Act of 2009 - Requires any health insurance issuer, health plan, and federal health care program to use plain language in any publicly distributed document. Requires the Secretary of Health and Human Services to issue guidance on implementing such requirements.

plain language health insurance act requires health insurance issuer health plan federal health care program use plain language publicly distributed document requires secretary health_and_human_services issue guidance implementing requirements


Summary: Consumer Financial Protection Agency Act of 2009 - Establishes the Consumer Financial Protection Agency as an independent executive agency to regulate the provision of consumer financial products or services (products or services) under: (1) this Act; (2) consumer finance laws including the Electronic Funds Transfer Act, the Equal Credit Opportunity Act, provisions of the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, the Truth in Lending Act, and the Truth in Savings Act; and (3) transferred authorities concerning consumer financial protection functions of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Federal Deposit Insurance Corporation (FDIC), the Federal Trade Commission (FTC), and the National Credit Union Administration (NCUA). Requires the Agency to establish a Consumer Advisory Board to advise and consult with the Agency in the exercise of its functions and to provide information on emerging practices in the products or services industry. Requires collection of annual fees or assessments to recover amounts expended by the Agency. Establishes in the Treasury the Consumer Financial Protection Agency Civil Penalty Fund for deposit of any civil penalty obtained against a person in a judicial or administrative action under this Act. Requires the Agency to seek to promote transparency, simplicity, fairness, accountability, and access in the market for consumer financial products or services. Authorizes the Agency to take administrative actions to: (1) prevent a person from committing or engaging in an unfair, deceptive, or abusive act or practice under federal law in connection with any transaction with a consumer for a product or service; (2) ensure the appropriate and effective disclosure or communication to consumers of associated costs, benefits, and risks; (3) guide the manner, settings, and circumstances for the provision of products or services to ensure that their risks, costs, and benefits are fully and accurately represented to consumers; and (4) approve pilot disclosures to consumers. Encourages states to prescribe standards applicable to persons (other than insured depository institutions or credit unions) to deter and detect unfair, deceptive, abusive, fraudulent, or illegal transactions in the provision of products or services. Authorizes the Agency to prescribe regulations establishing minimum standards. Defines "standard consumer financial product or services" and allows the Agency to prescribe regulations or guidance concerning the offering of them at or before the time an alternative consumer financial product or service is offered. Sets forth prohibitions regarding marketing and advertising, agreement terms and fees, refusals to permit access to records, and providing assistance in unfair, deceptive, or abusive acts or practices. Describes the enforcement authorities of states under this Act. Describes the investigative and adjudicatory authorities and procedures of the Agency, including procedures for referral for the institution of criminal proceedings. Provides identification and availability requirements for the maintenance of records of the number and dollar amounts of deposit accounts for each branch, automated teller machine at which deposits are accepted, and other deposit-taking service facility with respect to any financial institution. Amends the Equal Credit Opportunity Act to require each financial institution, in the case of an application for credit for a small business, to: (1) inquire whether the business is a women- or minority-owned business; and (2) maintain a separate record of the responses to such inquiry. Restricts access to such information by loan underwriters or other employees of the financial institution. Requires such information to be compiled and maintained by each financial institution and submitted annually to the Agency, which shall make it available for public disclosure. Amends the Federal Trade Commission Act to require the FTC, in any investigation or proceeding in which it appears that an unfair or deceptive act or practice is being committed in connection with the marketing, sale, provision, or delivery of a product or service, to consult and coordinate with the Agency as the agencies deem appropriate. Makes it unlawful for any person, knowingly or recklessly, to provide substantial assistance to another in violating any provision of the Act or any other Act enforceable by the FTC that relates to unfair or deceptive acts or practices. Precludes FTC rulemaking authority with regard to the marketing, sale, provision, or delivery to an individual of a consumer financial product or service that is subject to the jurisdiction of the Agency. Revises other FTC rulemaking procedures regarding: (1) rule publication; (2) meetings with outside parties; (3) communications of investigative personnel outside the rulemaking record; and (4) judicial review.

act establishes independent executive agency regulate provision consumer financial products services products services act consumer finance laws including electronic funds transfer act equal_credit_opportunity_act provisions fair credit reporting act fair debt collection practices act home_mortgage disclosure act real_estate_settlement_procedures_act truth lending act truth savings act transferred authorities concerning consumer financial protection functions board_of_governors federal_reserve_system comptroller currency director office_of_thrift_supervision federal_deposit_insurance_corporation fdic federal_trade_commission ftc national_credit_union_administration ncua requires agency establish advise consult agency exercise functions provide information emerging practices products services industry requires collection annual fees assessments recover amounts expended agency establishes treasury deposit civil penalty obtained person judicial administrative action act requires agency seek promote transparency fairness accountability access market consumer financial products services authorizes agency administrative actions prevent person committing engaging unfair deceptive abusive act practice federal law connection transaction consumer product service ensure appropriate effective disclosure communication consumers associated costs benefits risks guide manner settings circumstances provision products services ensure risks costs benefits fully accurately represented consumers approve pilot disclosures consumers encourages states prescribe standards applicable persons insured depository institutions credit unions deter detect unfair deceptive abusive fraudulent illegal transactions provision products services authorizes agency prescribe regulations establishing minimum standards defines standard consumer financial product services allows agency prescribe regulations guidance concerning offering time alternative consumer financial product service offered sets forth prohibitions marketing advertising agreement terms fees refusals permit access records providing assistance unfair deceptive abusive acts practices describes enforcement authorities states act describes investigative adjudicatory authorities procedures agency including procedures referral institution criminal proceedings provides identification availability requirements maintenance records number dollar amounts deposit accounts branch automated teller machine deposits accepted deposit taking service facility respect financial institution amends equal_credit_opportunity_act require financial institution case application credit small business inquire business women- minority owned business maintain separate record responses inquiry restricts access information loan underwriters employees financial institution requires information compiled maintained financial institution submitted annually agency shall available public disclosure amends federal_trade_commission act require ftc investigation proceeding appears unfair deceptive act practice committed connection marketing sale provision delivery product service consult coordinate agency agencies deem appropriate makes unlawful person knowingly recklessly provide substantial assistance violating provision act act enforceable ftc relates unfair deceptive acts practices rulemaking authority regard marketing sale provision delivery individual consumer financial product service subject jurisdiction agency revises ftc rulemaking procedures rule publication meetings outside parties communications investigative personnel outside rulemaking record judicial review


Summary: Amends the Federal Reserve Act to authorize the Board of Governors of the Federal Reserve System to authorize any federal reserve bank to examine the methodologies used by nationally recognized statistical rating organizations (NRSROs) in analyzing and rating asset backed securities and structured finance products. Defines asset backed security as: (1) one that is primarily serviced by the cash flows of a discrete pool of receivables or other financial assets (including mortgages), either fixed or revolving, that by their terms convert into cash within a finite time period, plus any rights or other assets designed to assure the servicing or timely distributions of proceeds to the security holders; and (2) any other security as the Board may prescribe. Defines structured finance product as any product that includes: (1) the pooling of assets (either cash-based or synthetically created); (2) the tranching of liabilities that are backed by such assets; (3) de-linking of the credit risk of such assets from the originator's credit risk (usually through use of a finite-lived, standalone financing vehicle); or (4) such other elements as the Board may prescribe.

amends federal_reserve_act authorize board_of_governors federal_reserve_system authorize federal reserve bank examine methodologies nationally recognized statistical rating organizations nrsros analyzing rating asset backed securities structured finance products defines asset backed security primarily serviced cash flows discrete pool receivables financial assets including mortgages fixed revolving terms convert cash time period plus rights assets designed assure servicing timely distributions proceeds security holders security board prescribe defines structured finance product product includes pooling assets cash based created liabilities backed assets linking credit risk assets originator credit risk usually use lived financing vehicle elements board prescribe


Summary: Bridging Bank to Recovery Act of 2009 - Authorizes an appropriate federal or state banking agency to charter and license a de novo bridging bank depository institution to enable underbanked and unbanked consumers, and consumers with credit scores at or below 680, to transition or return to the financial mainstream more easily through comprehensive banking services, including access to credit products, financial and credit training, loan restructurings and other tailored financial products and services to meet the needs of such consumers. Defines underbanked consumers as individuals or families who have a deposit account with an insured depository institution or credit union, but who have limited or no ability to access nondepository services from such institutions. Defines unbanked consumers as individuals or families who have neither an account with an insured depository institution or insured credit union, nor a transaction account with a money market mutual fund or brokerage firm. Amends the Internal Revenue Code to: (1) exempt from federal income taxation the interest on deposits paid by bridging bank depository institutions; and (2) exclude from gross income the income from the discharge of indebtedness in connection with modification or repurchase of a subprime debt instrument if the beneficial owner of such instrument is a bridging bank depository institution. States that modification of a subprime debt instrument shall not result, for purposes of nonrecognition of gain or loss, in a sale or other disposition of property if a bridging bank depository institution is the beneficial owner of such instrument at the time of modification.

recovery act authorizes appropriate federal state banking agency charter license novo bridging bank depository institution enable consumers consumers credit scores transition return financial mainstream easily comprehensive banking services including access credit products financial credit training loan tailored financial products services meet needs consumers defines consumers individuals families deposit account insured depository institution credit union limited ability access nondepository services institutions defines consumers individuals families account insured depository institution insured credit union transaction account money market mutual fund brokerage firm amends internal revenue code exempt federal income taxation interest deposits paid bridging bank depository institutions exclude gross income income discharge indebtedness connection modification repurchase subprime debt instrument beneficial owner instrument bridging bank depository institution states modification subprime debt instrument shall result purposes nonrecognition gain loss sale disposition property bridging bank depository institution beneficial owner instrument time modification


Summary: SIG TARP Small Business Awareness Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Special Inspector General (SIG) for the Troubled Asset Relief Program (TARP) to examine how smaller financial institutions are being affected by: (1) expenditures under TARP (especially the adequacy of financial assistance); (2) the considerations and determinations of the Secretary of the Treasury (Secretary) and the regulators of such smaller financial institutions regarding capital adequacy and troubled assets; and (3) the effects that TARP financial assistance has had upon small businesses, including by type and by region. Instructs the SIG to include, in quarterly reports to Congress, information on actions by the Secretary and any financial institutions receiving TARP assistance to include and utilize minorities and women, and minority- and women-owned businesses, in any solicitation or contract. Requires such reports to include information on: (1) the levels of inclusion and utilization of women, minorities, and women- and minority-owned businesses; (2) the type of such contracts or solicitations, their dollar amounts, and the total number of them; and (5) any other activities to increase the participation of women, minorities, and women- and minority-owned businesses, including recommendations.

amends emergency economic stabilization act eesa direct special inspector general sig troubled_asset_relief_program tarp examine smaller financial institutions affected expenditures tarp especially adequacy financial assistance considerations determinations secretary treasury secretary regulators smaller financial institutions capital adequacy troubled assets effects tarp financial assistance small businesses including type region instructs sig include quarterly reports congress information actions secretary financial institutions receiving tarp assistance include utilize minorities women women owned businesses solicitation contract requires reports include information levels inclusion utilization women minorities women- minority owned businesses type contracts solicitations dollar amounts total number activities increase participation women minorities women- minority owned businesses including recommendations


Summary: Reciprocity and Fairness in Foreign Investment Act - Permits a foreign person owned, in whole or in part, or controlled by a foreign government to acquire ownership in either a business, or in real property in the United States, but only to the same extent as that foreign government allows U.S. persons to acquire ownership in comparable enterprises organized under the laws of that foreign country. Subjects investment and operation of critical infrastructure in the United States by such a foreign person to the same reciprocity requirements. Directs the Secretary of the Treasury to issue implementing regulations. Establishes civil penalties for violations of this Act.

reciprocity fairness foreign investment act permits foreign person owned controlled foreign government acquire ownership business real property united_states extent foreign government allows persons acquire ownership comparable enterprises organized laws foreign country subjects investment operation critical infrastructure united_states foreign person reciprocity requirements directs secretary treasury issue implementing regulations establishes civil penalties violations act


Summary: Corporate and Financial Institution Compensation Fairness Act of 2009 - (Sec. 2) Amends the Securities Exchange Act of 1934 to require that any proxy or consent or authorization for an annual shareholders meeting provide for a separate shareholder vote to approve executive compensation for named executive officers as disclosed pursuant to rules of the Securities and Exchange Commission (SEC). States that the shareholder vote shall not be: (1) binding on the corporation or the board of directors; (2) construed as overruling a board decision, or as creating or implying any additional fiduciary duty by the board; or (3) construed as restricting or limiting shareholder ability to place executive compensation proposals within proxy materials. Requires solicitations that seek shareholder approval of an acquisition, merger, consolidation, or proposed sale or other disposition of assets to disclose clearly and simply in the proxy or consent solicitation material any agreements or understandings with named executive officers of the disposing or the acquiring issuer concerning (golden parachute) compensation (present, deferred, or contingent) that is based upon or relates to such asset disposition, including the aggregate total compensation to or on behalf of such executive officer. Requires separate shareholder approval of such golden parachute agreements or understandings and compensation, as disclosed, unless already subject to a shareholder vote at an annual shareholders meeting. States that a separate shareholder vote on golden parachute compensation shall not be: (1) binding on the issuer or its board of directors or the person making the solicitation; or (2) construed as overruling a decision by such person or issuer, or as creating or implying any additional fiduciary duty by any such person or issuer. Requires certain institutional investment managers to report annually how they voted on any shareholder vote. Authorizes the SEC, after taking into account the potential impact on smaller reporting issuers, to exempt certain categories of issuers from the requirements of this Act. (Sec. 3) Directs the SEC to direct the national securities exchanges and national securities associations to prohibit the listing of any class of equity security of an issuer that does not comply with specified requirements for compensation committees (or equivalent bodies) established by and amongst an issuer's board of directors for the purpose of determining and approving the compensation arrangements for the issuer's executive officers. Requires each member of the compensation committee of the issuer's board of directors to be independent. Prohibits any compensation committee member from accepting any consulting, advisory, or other compensatory fee from the issuer. Allows for SEC exemptions from such requirements for particular relationships. Requires a compensation consultant, legal counsel, or other adviser to an issuer's compensation committee to meet SEC independence standards. Grants the compensation committee of each issuer discretionary authority to retain and obtain the advice of a compensation consultant meeting SEC independence standards. Requires any proxy or consent solicitation material for an annual shareholder meeting to disclose whether the issuer's compensation committee retained and obtained the advice of an independent compensation consultant. Authorizes a compensation committee to retain and obtain the advice of independent counsel and other independent advisers. Directs the SEC to study and report to Congress on the use of independent compensation consultants. (Sec. 4) Directs federal regulators to prescribe jointly regulations requiring each covered financial institution to disclose the structures of all incentive-based compensation arrangements sufficient to determine whether the compensation structure: (1) is aligned with sound risk management; (2) is structured to account for the time horizon of risks; and (3) meets other criteria appropriate to reduce unreasonable incentives offered by such institutions for employees to take undue risks. Requires such regulators to prescribe jointly regulations that prohibit any compensation structure or incentive-based payment arrangement that encourages inappropriate risks by financial institutions that could: (1) threaten the safety and soundness of covered financial institutions; or (2) present serious adverse effects upon economic conditions or financial stability. Exempts covered financial institutions with assets of less than $1 billion from these compensation arrangement disclosure requirements. Prohibits any such regulation from requiring the recovery (clawback) of incentive-based compensation under compensation arrangements in effect on the date of enactment of this Act if such an agreement is for a period of no more than 24 months. Declares that this Act shall neither prevent nor limit the recovery of incentive-based compensation under any other applicable law. Directs the Comptroller General to study and report to Congress on whether there is a correlation between compensation structures and excessive risk taking. Requires the study, in determining whether a company failed, or nearly failed but for government assistance, to focus on: (1) companies that received exceptional assistance under the Troubled Asset Relief Program (TARP) under the Emergency Economic Stabilization Act of 2009 (EESA) or other forms of significant government assistance, including under the Automotive Industry Financing Program, the Targeted Investment Program, the Asset Guarantee Program, and the Systemically Significant Failing Institutions Program; (2) the Federal National Mortgage Association (Fannie Mae); (3) the Federal Home Loan Mortgage Corporation (Freddie Mac); and (4) companies that participated in the SEC's Consolidated Supervised Entities Program as of January 2008.

corporate sec amends securities exchange act require proxy consent authorization annual shareholders meeting provide separate shareholder vote approve executive compensation named executive officers disclosed pursuant rules securities_and_exchange_commission sec states shareholder vote shall binding corporation board directors construed board decision creating implying additional fiduciary duty board construed restricting limiting shareholder ability place executive compensation proposals proxy materials requires solicitations seek shareholder approval acquisition merger consolidation proposed sale disposition assets disclose clearly simply proxy consent solicitation material agreements named executive officers disposing acquiring issuer concerning golden parachute compensation present deferred contingent based relates asset disposition including aggregate total compensation behalf executive officer requires separate shareholder approval golden parachute agreements compensation disclosed subject shareholder vote annual shareholders meeting states separate shareholder vote golden parachute compensation shall binding issuer board directors person making solicitation construed decision person issuer creating implying additional fiduciary duty person issuer requires certain institutional investment managers report annually voted shareholder vote authorizes sec taking account potential impact smaller reporting issuers exempt certain categories issuers requirements act sec directs sec direct national securities exchanges national securities associations prohibit listing class equity security issuer comply specified requirements compensation committees equivalent bodies established issuer board directors purpose determining approving compensation arrangements issuer executive officers requires member compensation committee issuer board directors independent prohibits compensation committee member accepting consulting advisory compensatory fee issuer allows sec exemptions requirements particular relationships requires compensation consultant legal counsel adviser issuer compensation committee meet sec independence standards grants compensation committee issuer discretionary authority retain obtain advice compensation consultant meeting sec independence standards requires proxy consent solicitation material annual shareholder meeting disclose issuer compensation committee retained obtained advice independent compensation consultant authorizes compensation committee retain obtain advice independent counsel independent advisers directs sec study report congress use independent compensation consultants sec directs federal regulators prescribe jointly regulations requiring covered financial institution disclose structures incentive based compensation arrangements sufficient determine compensation structure aligned sound risk management structured account time horizon risks meets criteria appropriate reduce unreasonable incentives offered institutions employees undue risks requires regulators prescribe jointly regulations prohibit compensation structure incentive based payment arrangement encourages inappropriate risks financial institutions threaten safety soundness covered financial institutions present adverse effects economic conditions financial stability exempts covered financial institutions assets billion compensation arrangement disclosure requirements prohibits regulation requiring recovery incentive based compensation compensation arrangements effect date enactment act agreement period months declares act shall prevent limit recovery incentive based compensation applicable law directs comptroller general study report congress correlation compensation structures excessive risk taking requires study determining company failed failed government assistance focus companies received exceptional assistance troubled_asset_relief_program tarp emergency_economic_stabilization_act eesa forms significant government assistance including federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac companies participated sec january


Summary: Consumer Protection and Regulatory Enhancement Act - Amends the Judicial Code to prescribe the venue for cases involving non-bank financial institutions. Amends federal bankruptcy law to prescribe procedures for the adjustment of the debts of a non-bank financial institution. Establishes the Market Stability and Capital Adequacy Board (Board) to: (1) monitor the interactions of various sectors of the financial system; and (2) identify risks that could endanger the stability and soundness of the system. Establishes in the executive branch the Financial Institutions Regulator (FIR), comprising a Federal Banking Division and a State Banking Division, to exercise all powers, duties, and authorities formerly vested in the Comptroller of the Currency. Transfers to FIR all regulatory functions of: (1) the Board of Governors of the Federal Reserve System (the Federal Reserve Board); (2) the Director of the Office of Thrift Supervision (OTS); and (3) the Federal Deposit Insurance Corporation (FDIC) regarding state non-member banks. Abolishes the OTS and the Office (and position) of Comptroller of the Currency. Moves the National Credit Union Administration (NCUA) within the FIR. Establishes within the FIR an Office of Consumer Protection (OCP). Directs the Comptroller General to complete and report to Congress on the audit of the Federal Reserve Board and the federal reserve banks. Amends the Federal Reserve Act to instruct the Federal Reserve Board and the Federal Open Market Committee (FOMC) to: (1) establish and implement an explicit numerical definition of the term "price stability"; and (2) maintain a monetary policy that effectively promotes long-term price stability. Revises requirements with respect to the emergency powers of the Federal Reserve Board. Government-Sponsored Enterprises Free Market Reform Act of 2009 - Requires the Director of the Federal Housing Finance Agency (FHFA) to terminate the conservatorship of the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac), also known as government-sponsored enterprises (GSEs), if at the end of a specified period the GSE is financially viable. Requires the Director, if a GSE is not financially viable, to appoint the FHFA as receiver for it. Amends the Housing and Community Development Act of 1992 to restrict the mortgage assets of a GSE upon its emergence from conservatorship. Requires the FHFA Director to revise minimum capital levels for the GSEs. Amends the Economic Stimulus Act of 2008 and the American Recovery and Reinvestment Act of 2009 to repeal temporary increases to conforming loan limits for the GSEs. Establishes new conforming loan limits for the year in which the conservatorships expire. Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to subject the GSEs to state and local taxes. Directs the FHFA Director to establish and collect assessments from each GSE to recoup the costs for the federal guarantee. Requires: (1) periodic renewals of GSE charters; and (2) wind down and dissolution in the event of non-renewal. Repeals security credit rating requirements in designated federal laws and federal regulations, including: (1) the Securities Exchange Act of 1934; (2) the Investment Advisers Act of 1940; and (3) the Higher Education Act of 1965. Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to: (1) authorize the Securities and Exchange Commission (SEC) to impose civil penalties in cease and desist proceedings; and (2) provide for nationwide service of subpoenas. Authorizes appropriations for the Financial Crimes Enforcement Network (FinCEN). Amends the Sarbanes-Oxley Act of 2002 to revise conditions under which a civil penalty obtained for violations of securities laws shall become part of a disgorgement fund for the benefit of the victims of such violation. Amends the Securities Exchange Act of 1934 to authorize the SEC to contract for the collection of delinquent judgments and orders.

enhancement act amends judicial code prescribe venue cases involving non bank financial institutions amends federal bankruptcy law prescribe procedures adjustment debts non bank financial institution establishes monitor interactions sectors financial system identify risks endanger stability soundness system establishes executive branch financial institutions regulator comprising exercise powers duties authorities vested comptroller currency transfers regulatory functions board_of_governors federal_reserve_system federal_reserve_board director office_of_thrift_supervision ots federal_deposit_insurance_corporation fdic state non member banks abolishes ots office position comptroller_of_the_currency moves national_credit_union_administration ncua establishes directs comptroller general complete report congress audit federal_reserve_board federal reserve banks amends federal_reserve_act instruct federal_reserve_board federal_open_market_committee fomc establish implement explicit numerical definition term price stability maintain monetary policy effectively promotes long term price stability revises requirements respect emergency powers federal_reserve_board requires director federal_housing_finance_agency fhfa terminate conservatorship federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac known government sponsored enterprises gses end specified period gse financially viable requires director gse financially viable appoint fhfa receiver amends housing_and_community_development_act restrict mortgage assets gse conservatorship requires fhfa director revise minimum capital levels gses amends economic stimulus act american_recovery_and_reinvestment_act repeal temporary increases conforming loan limits gses establishes new conforming loan limits year expire amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act subject gses state local taxes directs fhfa director establish collect assessments gse recoup costs federal guarantee requires periodic renewals gse charters wind dissolution event non renewal repeals security credit rating requirements designated federal laws federal regulations including securities exchange act investment advisers act higher education act amends securities act securities_exchange_act investment advisers act investment company act authorize securities_and_exchange_commission sec impose civil penalties cease desist proceedings provide nationwide service subpoenas authorizes appropriations financial_crimes_enforcement_network fincen amends sarbanes oxley act revise conditions civil penalty obtained violations securities laws shall fund benefit victims violation amends securities_exchange_act authorize sec contract collection delinquent judgments orders


Summary: Improved Oversight by Financial Inspectors General Act of 2009 - (Sec. 2) Amends the Federal Deposit Insurance Act (FDIA) to revise the meaning of material loss to repeal its definition as an amount exceeding the greater of $25 million or 2% of the institution's total assets at the time the Federal Deposit Insurance Corporation (FDIC) initiated assistance or was appointed receiver. Counts as a material loss any estimated loss in excess of $200 million occurring after March 31, 2009. Requires the Inspector General (IG) of each federal banking agency to report semiannually to the appropriate federal agency and to Congress regarding: (1) losses estimated to be incurred by the Deposit Insurance Fund (DIF) with respect to insured depository institutions the agency supervises; (2) each loss that is not a material loss, the grounds for appointing the FDIC as receiver, and whether any unusual circumstances exist that might warrant an in-depth review of the loss; and (3) the results of the IG's determinations. (Sec. 3) Amends the Federal Credit Union Act (FCUA) to require the IG of the National Credit Union Administration (NCUA) to report to the NCUA Board about any material loss to the National Credit Union Share Insurance Fund (NCUSIF) with respect to an insured credit union regarding: (1) why the credit union's problems resulted in a material loss to the NCUSIF; and (2) how such loss may be prevented in the future. Revises the definition of material loss to the NCUSIF, currently an amount exceeding the sum of $10 million and 10% of the credit union's total assets at the time the NCUA Board initiated assistance or was appointed liquidating agent. Increases the $10 million to $25 million. Requires the IG of the NCUA Board to report semiannually to the Board and Congress regarding: (1) losses estimated to be incurred by the NCUSIF with respect to insured credit unions; (2) each loss that is not a material loss, the grounds for appointing the NCUA Board as liquidating agent for any federal or state credit union, and whether any unusual circumstances exist that might warrant an in-depth review of the loss; and (3) the results of the IG's determinations. Instructs the Comptroller General to: (1) review reports regarding material losses to the NCUSIF, and (2) make recommendations for improvements in the supervision of insured credit unions.

improved oversight financial inspectors general act sec amends federal_deposit_insurance_act fdia revise meaning material loss repeal definition exceeding greater million institution total assets time federal_deposit_insurance_corporation fdic initiated assistance appointed receiver counts material loss estimated loss excess million occurring march requires inspector general federal banking agency report semiannually appropriate federal agency congress losses estimated incurred deposit_insurance_fund dif respect insured depository institutions agency supervises loss material loss grounds appointing fdic receiver unusual circumstances exist warrant depth review loss results determinations sec amends federal_credit_union_act fcua require national_credit_union_administration ncua report ncua_board material loss national_credit_union_share_insurance_fund respect insured credit union credit union problems resulted material loss loss prevented future revises definition material loss currently exceeding sum million credit union total assets time ncua_board initiated assistance appointed liquidating agent increases million million requires ncua_board report semiannually board congress losses estimated incurred respect insured credit unions loss material loss grounds appointing ncua_board liquidating agent federal state credit union unusual circumstances exist warrant depth review loss results determinations instructs comptroller general review reports material losses recommendations improvements supervision insured credit unions


Summary: Proxy Voting Transparency Act of 2009 - Amends the Securities Exchange Act of 1934 to require that a proxy, consent, or authorization for an annual shareholders meeting provide for a separate shareholder vote to approve the compensation of executives pursuant to compensation disclosure rules promulgated by the Securities and Exchange Commission (SEC). Requires such SEC disclosure rules to include: (1) the compensation committee report; (2) compensation discussion and analysis; (3) the compensation tables; and (4) any related materials. Requires the person making proxy or consent solicitation material regarding a disposition of an issuer's assets to disclose and submit for separate shareholder approval: (1) any compensation agreements made with principal executive officers of the issuer; and (2) the aggregate total of compensation that may be paid or become payable to or on behalf of such executive officer (golden parachute compensation). States that the shareholder vote: (1) shall not be binding upon either the corporation or the board of directors; (2) shall not be construed as overruling a decision by such board; (3) shall not be construed as creating or implying any additional fiduciary duty by such board; nor (4) shall be construed to restrict or limit shareholder ability to make proposals for inclusion in proxy materials related to executive compensation. Requires certain institutional investment managers to report at least annually how they voted on any shareholder vote (unless such vote is otherwise required to be reported publicly by SEC rule or regulation).

proxy voting transparency act amends securities exchange act require proxy consent authorization annual shareholders meeting provide separate shareholder vote approve compensation executives pursuant compensation disclosure rules promulgated securities_and_exchange_commission sec requires sec disclosure rules include compensation committee report compensation discussion analysis compensation tables related materials requires person making proxy consent solicitation material disposition issuer assets disclose submit separate shareholder approval compensation agreements principal executive officers issuer aggregate total compensation paid payable behalf executive officer golden parachute compensation states shareholder vote shall binding corporation board directors shall construed decision board shall construed creating implying additional fiduciary duty board shall construed restrict limit shareholder ability proposals inclusion proxy materials related executive compensation requires certain institutional investment managers report annually voted shareholder vote vote required reported publicly sec rule regulation


Summary: Promoting Lending to America's Small Businesses Act of 2009 - Amends the Federal Credit Union Act to increase the total permissible amount of member business loans by an insured credit union (excluding those made to nonprofit religious organizations) to a limit of 25% of the credit union's total assets. Increases from $50,000 to $250,000 the maximum total extensions of credit a borrower or associated member of an insured credit union may have before any extension of credit shall be considered a member business loan. Revises the prohibition against an increase in the total amount of member business loans by an undercapitalized insured credit union until it becomes adequately capitalized. Repeals the condition of becoming adequately capitalized, and requires only that the National Credit Union Administration Board approve the increase. Excludes from the definition of "member business loan" any extension of credit, meeting other specified criteria, that is made to a member for commercial, corporate, business, farm, or agricultural purposes in an underserved area.

promoting lending america small businesses act amends federal_credit_union_act increase total permissible member business loans insured credit union excluding nonprofit religious organizations limit credit union total assets increases maximum total extensions credit borrower associated member insured credit union extension credit shall considered member business loan revises prohibition increase total member business loans undercapitalized insured credit union adequately capitalized repeals condition adequately capitalized requires national_credit_union_administration_board approve increase excludes definition member business loan extension credit meeting specified criteria member commercial corporate business farm agricultural purposes underserved area


Summary: Reclaiming Bailout Funds for Taxpayers Act - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to reduce the authorization for the Secretary of the Treasury to purchase troubled assets by a dollar amount that corresponds to repayment by a financial institution of assistance provided under the Troubled Asset Relief Program (TARP).

reclaiming bailout funds taxpayers act amends emergency economic stabilization act eesa reduce authorization secretary treasury purchase troubled assets dollar corresponds repayment financial institution assistance provided troubled asset relief program tarp


Summary: Close the SILO/LILO Loophole Act of 2009 - Amends the Internal Revenue Code to: (1) impose a 100% excise tax on any income or benefits received from a SILO (sale-in/lease-out) or LILO (lease-in/lease-out) transaction involving a financial institution and a public entity; and (2) deny a tax deduction for attorney fees or other costs incurred by a party to a SILO or LILO transaction seeking to enforce the terms of such transaction.

close loophole act amends internal revenue code impose excise tax income benefits received sale lease lease lease transaction involving financial institution public entity deny tax deduction attorney fees costs incurred party transaction seeking enforce terms transaction


Summary: Recoupment of Wall Street Bonus Act - Imposes an additional income tax on bonuses paid to employees or former employees of covered Troubled Asset Relief Program (TARP) recipients. Defines "covered TARP recipient" to include: (1) entities and their affiliates that received capital infusions under the Emergency Economic Stabilization Act of 2008 exceeding $5 billion; and (2) the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Exempts entities that repay TARP amounts exceeding a $5 billion threshold. Sets the rate of such tax at 100% of the lesser of: (1) the bonus amounts paid; or (2) the amount of such taxpayer's adjusted gross income exceeding $250,000 ($125,000 in the case of a married individual filing a separate return). Exempts any employee who irrevocably waives or returns a bonus payment before the close of the taxable year in which such payment is due. Requires tax revenues generated by this Act to be paid to the Department of Housing and Urban Development (HUD) to fund community development programs.

recoupment wall street bonus act imposes additional income tax bonuses paid employees employees covered troubled asset relief program tarp recipients defines covered tarp recipient include entities affiliates received capital emergency_economic_stabilization_act exceeding billion federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac exempts entities repay tarp amounts exceeding billion threshold sets rate tax lesser bonus amounts paid taxpayer adjusted gross income exceeding case married individual filing separate return exempts employee waives returns bonus payment close taxable year payment requires tax revenues generated act paid department_of_housing_and_urban_development hud fund community development programs