Senate Rejects Stock Restrictions On TARP Funds

Law360, New York (May 6, 2009, 12:00 AM EDT) -- Effectively giving the U.S. government a stake in flagging banks and companies that accept federal bailout money, the Senate has rejected an amendment proposed by Sen. Jim DeMint, R-S.C., that sought a ban on converting Troubled Asset Relief Program funds into common stock.

The amendment was one of three TARP-related provisions lawmakers tried to tack on to the Helping Families Save Their Homes Act of 2009, sponsored by Sen. Christopher Dodd, D-Conn., as the Senate pushed ahead Tuesday with its effort to enact legislation to protect...
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