The purposes of this Act are—

(1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States; and

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  (A) protects home values, college funds, retirement accounts, and life savings;

  (B) preserves homeownership and promotes jobs and economic growth;

  (C) maximizes overall returns to the taxpayers of the United States; and

  (D) provides public accountability for the exercise of such authority.

(2) to ensure that such authority and such facilities are used in a manner that—

SEC. 3. Definitions.

For purposes of this Act, the following definitions shall apply:

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  (A) the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and

  (B) the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives.

(1) Appropriate committees of Congress.—The term “appropriate committees of Congress” means—

(2) Board.—The term “Board” means the Board of Governors of the Federal Reserve System.

(3) Congressional support agencies.—The term “congressional support agencies” means the Congressional Budget Office and the Joint Committee on Taxation.

(4) Corporation.—The term “Corporation” means the Federal Deposit Insurance Corporation.

(5) Financial institution.—The term “financial institution” means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.

(6) Fund.—The term “Fund” means the Troubled Assets Insurance Financing Fund established under section 102.

(7) Secretary.—The term “Secretary” means the Secretary of the Treasury.

(8) TARP.—The term “TARP” means the Troubled Asset Relief Program established under section 101.

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  (A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and

  (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.

(9) Troubled assets.—The term “troubled assets” means—