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Bill Seeks To Block Lavish Spending By TARP Banks

Law360 (February 26, 2009, 12:00 AM EST) -- Sen. John Kerry, D-Mass., has introduced a bill that aims to block banks that have participated in the government bailout program from any extravagant spending.

The bill, dubbed the TARP Taxpayer Protection and Corporate Responsibility Act and introduced by Kerry earlier this week, would stop any bank that has received funds from the government’s Troubled Assets Relief Program from hosting, sponsoring or paying for any conferences, holiday parties or entertainment events.

Banks judged to have misused government funds would be both fined and required to reimburse...
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