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Helping Families Save Their Homes Act of 2009

Floor Speech

By: Jack Reed
By: Jack Reed
Date: May 6, 2009
Location: Washington, DC
Issues: Housing and Property


HELPING FAMILIES SAVE THEIR HOMES ACT OF 2009 -- (Senate - May 06, 2009)

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AMENDMENT NO. 1039, AS MODIFIED

Mr. REED. Mr. President, I thank the chairman.

My amendment makes it very clear that when financial institutions repay their TARP funds, the Secretary of the Treasury is not required to liquidate or surrender the warrants. Warrants were issued to the Department of Treasury in conjunction with the capital injections under TARP. They are valuable financial instruments. They are separate from the TARP funds. I think it is the responsibility of the Secretary of the Treasury to balance many factors, but one factor they must consider is obtaining a substantial return for the taxpayers because of their investment of funds. This will allow him the discretion to do that. It will be an important way in which the Treasury Department can recoup some of the investments of the taxpayers in this program.

I thank the chairman.

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