H.R. 7226: Net Worth Certificate Program Act of 2008
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H.R. 7226: Net Worth Certificate Program Act of 2008
110th Congress · introduced 2008-09-29 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.
federal
Follow this bill, step by step
- Where it came from: introduced 2008-09-29 · official record
- Who proposed it: Rep. Shadegg, John B. [R-AZ-3] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
Net Worth Certificate Program Act of 2008
Plain summary
Net Worth Certificate Program Act of 2008 - Directs the Chairman of the Federal Deposit Insurance Corporation (FDIC) to create a net worth certificate program that will settle the financial markets without significant expense to taxpayers. States that such program will be authorized to purchase net worth certificates by issuing FDIC senior notes to the banks in the form of subordinated debentures, or in any other form the Chairman determines meets program goals and requirements. Requires the Chairman to certify that a bank eligible for the program is both: (1) in danger of failing; and (2) could be viable if given more time. Requires the Chairman to issue new, strict supervision rules for banks that wish to enter the program, including oversight of top executive compensation and removal of poor management.
Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.
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A “Nay” vote
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PSI Sci description of the legislative step (not an opinion).
What does this mean? (plain words)
Official text
Net Worth Certificate Program Act of 2008
Source: Congressional Research Service summary (Introduced in House)
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Rep. Shadegg, John B. [R-AZ-3] · 34 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
Virginia Foxx (R-NC), Pete Sessions (R-TX), Marsha Blackburn (R-TN), John R. Carter (R-TX), Michael T. McCaul (R-TX)
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (2)
- Authorization
- A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
- Rulemaking
- The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in House)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110hr7226.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/hr>
Record fed-us-cong110-hr7226 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110