PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 00 · Introduced in Senate · Jun 11, 2009
Government Ownership Exit Plan Act of 2009 - Prohibits the federal government from acquiring, directly or indirectly, any ownership interest in a troubled asset described in the Emergency Economic Stabilization Act of 2008 (EESA) that was purchased from a financial institution by the Secretary of the Treasury.
Requires the Secretary to divest the government of any such interest not later than July 1, 2010, with exceptions allowing ownership interests of not more than six months if: (1) divestiture would have a significant adverse impact on taxpayers; and (2) there is a reasonable expectation that a waiver would allow recovery of the cost of acquiring such interest.
Amends EESA to state that the limit of authority to purchase troubled assets is $700 billion (under current law, such limitation, reduced by $1.259 billion, is described as "outstanding at any one time").
Showing the opening paragraphs of the official summary.
Requires all repayments of obligations arising under EESA, and all proceeds from the sale of assets acquired by the government under that Act, to be paid into the general fund of the Treasury for reduction of the public debt.
Makes it unlawful for an officer or employee of the executive branch to knowingly make, with the intent to influence, a communication regarding a significant management decision of a recipient of EESA assistance to any officer or employee of the recipient.
Makes the Financial Stability Oversight Board responsible for reviewing the ownership interest termination provisions of this Act.
Establishes requirements for reports by the Secretary on: (1) ownership interests; (2) plans for compliance with this Act, including for winding down and divestiture; and (3) ending conservatorship and direct ownership by the government of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac, respectively).
People & committees
Sen. Thune, John [R-SD] · R–SD
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsor introductory remarks on measure. (CR S6533-6534, S6549-6550)
Introduced in Senate
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: Dec 5, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze S.1242 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.
Examine S.1242 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.
Examine S.1242 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.
Examine S.1242 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.