Text: H.R.2119 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in House (04/27/2009)


111th CONGRESS
1st Session
H. R. 2119


To amend the Emergency Economic Stabilization Act of 2008 to require that repayments of assistance from the Troubled Asset Relief Program funds go to paying down the public debt.


IN THE HOUSE OF REPRESENTATIVES

April 27, 2009

Mr. McCarthy of California (for himself, Mr. Bachus, Mr. McCotter, Mr. Neugebauer, Mr. Jones, Mr. Lance, Ms. Jenkins, Mrs. Capito, Mr. Garrett of New Jersey, and Mr. Castle) introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To amend the Emergency Economic Stabilization Act of 2008 to require that repayments of assistance from the Troubled Asset Relief Program funds go to paying down the public debt.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. TARP repayments used to reduce public debt.

(a) In general.—Title I of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et seq.) is amended by adding at the end the following new section:

“SEC. 137. TARP repayments used to reduce public debt.

“(a) Repayments used To pay down public debt.—Each time a financial institution makes a repayment of assistance provided under this title, the Secretary shall transfer such repayment to the special account established by section 3113(d) of title 31, United States Code.

“(b) Corresponding reduction in authorization To purchase.—Each time a financial institution makes a repayment of assistance provided under this title, the authorization to purchase authority under section 115 shall be reduced by a corresponding dollar amount.”.

(b) Conforming amendment.—The table of contents for such Act is amended by inserting after the item relating to section 136 the following new item:


“137. TARP repayments used to reduce public debt.”.


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