A bill to limit disbursement of additional funds under the Troubled Asset Relief Program to certain automobile manufacturers, to impose fiduciary duties on the Secretary of the Treasury with respect to shareholders of such automobile manufacturers, to require the issuance of shares of common stock to eligible taxpayers which represent the common stock holdings of the United States Government in such automobile manufacturers, and for other purposes.
Auto Stock for Every Taxpayer Act - Prohibits the Secretary of the Treasury from expending or obligating any more Troubled Asset Relief Program (TARP) funds for automobile manufacturers that have been participating in the program and have filed for bankruptcy protection.
Imposes on the Secretary the fiduciary duty to maximize the return on the taxpayers' investment in such manufacturers under TARP.
Authorizes persons aggrieved by violations of such fiduciary duty to bring civil actions for equitable relief.
Requires the Secretary, after the emergence of such an automobile manufacturer from bankruptcy, to provide taxpayers with common stock certificates representing their shares in the aggregate common stock holdings of the federal government in such manufacturer.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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