Congressman Mike Capuano proposed a number of
provisions to H.R. 384 which is expected for floor consideration later
this afternoon. Specifically, language was added clarifying that one to
four unit family homes are included in the definition of "residential
properties", making them eligible for participation in the foreclosure
mitigation program. Renters also receive some protection with the
inclusion of a measure that prevents any entity taking over a
foreclosed home from evicting tenants for 90 days.

"This gives
renters facing the loss of their residence through no fault of their
own some additional time to find alternative arrangements," stated
Congressman Capuano.

Language changing the membership of the
Financial Stability Oversight Board to include members who are not
currently federal employees or appointees was included as well as
language giving this Board the authority to overturn policy decisions
of the Treasury Secretary on TARP by a 2/3 vote.

"This will give
the Oversight Board more autonomy when it comes to overseeing the TARP
Program and provide an additional layer of assurance that taxpayer
funds are being spent wisely," stated Congressman Mike Capuano, a
member of the House Financial Services Committee.

Additional
language would set a floor of at least 15% for warrant provisions for
all institutions receiving TARP funds, which sets an even playing field
regardless of an institution's size. A "warrant" ensures that the
federal government is able to buy stock in a company at a specified
price so that taxpayers will benefit from any future growth of these
companies.

Congressman Capuano also worked with his colleagues
to include language for strict rules on compensating executives of TARP
recipient institutions, including prohibiting golden parachutes,
curbing the reward of risky behavior, and allowing the recovery of
bonuses based on false earnings. These measures were also applied
earlier to automakers receiving government funds. In addition, language
was added prohibiting recipient institutions to merge unless federal
regulators determined it would reduce risk to taxpayers or that the
merger could have occurred without the use of TARP funds.

"The
amount of money that the government has invested in the TARP program is
substantial and our overall goal of unfreezing the credit market and
stabilizing the economy must be realized. If entities receiving these
funds are using them in ways that do not directly provide economic
relief, they should not be able to continue using the funds. Now that
the Senate has voted to allow the use of the second $350 billion, it is
more important than ever to place conditions on its use," stated
Congressman Capuano.