Text: H.R.3140 — 111th Congress (2009-2010)All Bill Information (Except Text)

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Introduced in House (07/09/2009)


111th CONGRESS
1st Session
H. R. 3140

To rescind unobligated appropriations and repeal certain provisions in the American Recovery and Reinvestment Act of 2009, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES
July 9, 2009

Mr. Price of Georgia (for himself, Mr. Jordan of Ohio, and Mr. Garrett of New Jersey) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Energy and Commerce, Appropriations, Ways and Means, Transportation and Infrastructure, and Veterans’ Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To rescind unobligated appropriations and repeal certain provisions in the American Recovery and Reinvestment Act of 2009, and for other purposes.

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

SECTION 1. Short title.

This Act may be cited as the “Reducing Barack Obama’s Unsustainable Deficit Act”.

SEC. 2. Rescission and repeal in ARRA.

(a) Rescission.—Of the discretionary appropriations made available in division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5), all unobligated balances are rescinded.

(b) Repeal.—Subtitles B and C of title II and titles III through VII of division B of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5) are repealed.

SEC. 3. Emergency Economic Stabilization Act amendments.

(a) In general.—The Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et seq.) is amended as follows:

(1) In section 120:

(A) By striking “December 31, 2009” and inserting “the date of enactment of the Reducing Barack Obama’s Unsustainable Deficit Act”.

(B) By repealing subsection (b).

(2) In title I, by adding at the end the following new section:

“SEC. 137. TARP repayments used to reduce 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) 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.”.