BANKING AND CORPORATE REFORM HIGHLIGHTS THE XXXX RECORD BAILOUT / TARP XXXX Voted Against the $700 Billion Financial Rescue Package (TARP). In October 2008, XXXX voted against a Senate version of the $700 billion financial rescue package, which would allow Treasury to use the money, in installments, to buy certain mortgage assets. The bailout’s core provisions are essentially unchanged from the version (HR 3997) defeated in the House, but the Senate bill added a provision expanding FDIC insurance coverage and a provision to extend expiring tax provisions. The tax measure would stop the alternative minimum tax (AMT) from reaching into the pockets of millions more Americans; expand existing tax breaks for renewable energy, and renew the research and development credit for businesses. The bill passed 74-25. [CQ Today, 10/01/08; Vote 213, 10/01/08] XXXX Voted to Prevent Release of the Second Half of the $700 Billion in Financial Rescue Funds. In January 2009, XXXX voted for a resolution of disapproval that would have withheld the remaining half of the $700 billion bailout fund provided under the 2008 financial industry rescue package. The resolution was rejected 42-52. [Vote 5, 1/15/09] AUTO BAILOUT XXXX Voted Against a $14 Billion Emergency Loan Package for American Automakers. In December 2008, XXXX voted against a motion to invoke cloture on a “shell” bill that would be used as a vehicle for the $14 billion emergency loan package for U.S. automakers. The bill would authorize up to $14 billion in bridge loans to the Big Three automakers. The amounts would have to be sufficient to fund operations at the automakers and avoid a company failure. The auto companies would have to submit long-term restructuring plans to the new administrator for approval by March 31, or 30 days later, if given an extension, or the loans would be recalled. The administrator would have to establish rules limiting certain executive compensation at participating auto companies. The motion failed 52-35, short of the 60 needed. [CQ Today, 12/11/08; Vote 215, 12/11/08] BANKRUPTCY REFORM XXXX Voted for Final Passage of Bankruptcy Bill. In March 2005, XXXX voted for final passage of the Bankruptcy Reform bill. The bill created a means test tied to the median incomes of individual states to determine whether personal bankruptcy filers were able to repay some or all of their debts. Those deemed able to pay would be pushed into Chapter 13 bankruptcy, which results in a court-ordered repayment plan; those with insufficient assets would be allowed to file under Chapter 7, which erases debts after the forfeiture of certain assets. The bill would exempt disabled veterans from the means test if their debts were incurred primarily when they were on active duty or performing homeland defense duties. It also would make a number of debts non-dischargeable, including student loans, child support, alimony and luxury payments over $500 made within three months of a bankruptcy filing. [Vote 44, 3/10/05] XXXX Voted to Give Bankruptcy Courts Only Limited Access to Protected Assets. In March 2005, XXXX voted for an amendment that would allow bankruptcy courts to access assets in asset protection trusts up to 10 years 17