Taxpayer Bailout Protection Act of 2008

Referred to the House Committee on Financial Services.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Sep 22, 2008

Taxpayer Bailout Protection Act of 2008 - Amends the Sarbanes-Oxley Act of 2002 to require an officer of an issuer of registered securities to pay to the Department of the Treasury any bonus or other incentive-based or equity-based compensation received from the issuer during a year in which the issuer is subject to a taxpayer bailout and the two prior years.

Defines "taxpayer bailout" as: (1) placement of the issuer under conservatorship, receivership, or other assumption of the management, governance, and control of the issuer by the Treasury or by the Board of Governors of the Federal Reserve; or (2) an emergency loan of public funds made to the issuer by the Treasury or the Board, if the Board Chairman determines that such a loan is necessary to prevent the issuer's imminent failure.

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People & committees

Who introduced it

Rep. Feeney, Tom [R-FL-24] · R–FL

Committees

Financial Services Committee

4 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Sep 22, 2008
Referred to the House Committee on Financial Services.
Sep 22, 2008
Introduced in House
Sep 22, 2008
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Sep 22, 2008 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze H.R.6987 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss H.R.6987, 110th Congress: Taxpayer Bailout Protection Act of 2008

Official record: https://www.congress.gov/bill/110th-congress/house-bill/6987

Text version to examine: Introduced in House · 2008-09-22.

Official full text: https://www.congress.gov/110/bills/hr6987/BILLS-110hr6987ih.htm

Imported record last updated by the source: 2025-08-14T18:11:05Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.6987 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.6987 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss H.R.6987, 110th Congress: Taxpayer Bailout Protection Act of 2008

Official record: https://www.congress.gov/bill/110th-congress/house-bill/6987

Text version to examine: Introduced in House · 2008-09-22.

Official full text: https://www.congress.gov/110/bills/hr6987/BILLS-110hr6987ih.htm

Imported record last updated by the source: 2025-08-14T18:11:05Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.6987 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.6987 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.R.6987, 110th Congress: Taxpayer Bailout Protection Act of 2008

Official record: https://www.congress.gov/bill/110th-congress/house-bill/6987

Text version to examine: Introduced in House · 2008-09-22.

Official full text: https://www.congress.gov/110/bills/hr6987/BILLS-110hr6987ih.htm

Imported record last updated by the source: 2025-08-14T18:11:05Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.6987 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.6987 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.6987, 110th Congress: Taxpayer Bailout Protection Act of 2008

Official record: https://www.congress.gov/bill/110th-congress/house-bill/6987

Text version to examine: Introduced in House · 2008-09-22.

Official full text: https://www.congress.gov/110/bills/hr6987/BILLS-110hr6987ih.htm

Imported record last updated by the source: 2025-08-14T18:11:05Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.6987 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.