Tuesday, June 30, 2009

SD Sen. Thune a sponsor of "Government Ownership Exit Plan"

You can see the release on his website. The Act (S-1242), in part:

Restore Private Ownership of Private Companies
STEP 1: Upon enactment of the legislation, the Treasury may not purchase any additional ownership stake of private entities such as warrants, preferred stock, or common stock purchased through TARP.
STEP 2: The legislation would require the Treasury to sell any ownership stake of a private entity by July 1, 2010. Revenue from the sale of TARP assets must be used for debt reduction.
STEP 3: If the Treasury Secretary determines the assets are undervalued AND there is a reasonable expectation that the assets will increase to their original purchase value, the Secretary may hold the assets for up to one additional year.
STEP 4: Beyond July 1, 2011, the Treasury Secretary may not hold any direct ownership of private companies unless Congress grants additional authority.

There's more at the link.

1 comment:

Danny Dolan said...

I like this! I'm going to have to recommend it to my representatives!