H.R. 7305: Responsibly Ending Authority to Purchase Act of 2008

110th Congress · introduced 2008-11-20 · Finance and Financial Sector · Latest: Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

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Follow this bill, step by step

Where it came from: introduced 2008-11-20 · official record
Who proposed it: Rep. Gohmert, Louie [R-TX-1] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. 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.

What does this mean?

Official title

Responsibly Ending Authority to Purchase Act of 2008

Plain summary

Responsibly Ending Authority to Purchase Act of 2008 or the REAP Act of 2008 - Terminates the authority of the Secretary of the Treasury to establish the Troubled Asset Relief Program (TARP) under the Emergency Economic Stabilization Act of 2008 (EESA). Amends the EESA to convert the program to guarantee troubled assets into a program to guarantee troubled mortgage-backed securities. Terminates such program on December 31, 2009. Renames the Troubled Assets Insurance Financing Fund the Troubled Mortgage-Backed Securities Insurance Financing Fund. Defines troubled mortgage-backed securities as a residential or commercial mortgage or any instrument originated or issued on or before March 14, 2008, that is based upon or related to such mortgage. Amends the Internal Revenue Code to allow a deduction for between 85% and 100% of dividends received from controlled foreign corporations by certain corporations which are U.S. shareholders. Requires such deduction to be invested in the United States pursuant to a specified domestic reinvestment plan, including as a source for the funding of worker hiring and training, infrastructure, research and development, capital investments, or the financial stabilization of the corporation for the purposes of job retention or creation. States that such reinvestment requirements shall be met if amounts repatriated are invested in distressed debt for at least one year.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

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What does this mean? (plain words)

Official text

Responsibly Ending Authority to Purchase 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. Gohmert, Louie [R-TX-1] · 0 cosponsors

Cost estimate: No cost estimate published yet.

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 (1)

Securities: Financial investments that can be bought and sold, such as stocks and bonds.

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-110hr7305.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/hr>

Record fed-us-cong110-hr7305 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110