H.R.4170 - Stop Any TARP Extension Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Hodes, Paul W. [D-NH-2] (Introduced 12/02/2009)|
|Committees:||House - Financial Services; Budget; Ways and Means|
|Latest Action:||House - 12/02/2009 Referred to House Ways and Means (All Actions)|
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Summary: H.R.4170 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (12/02/2009)
Stop Any TARP Extension Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to: (1) terminate on December 31, 2009 (as under current law), the authority of the Secretary of the Treasury to implement the Troubled Asset Relief Program (TARP); and (2) repeal the Secretary's authority to extend the TARP program through October 3, 2010, upon submission of a written certification to Congress.
Revises the requirement that revenues of and proceeds from the sale of troubled assets purchased under TARP, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under TARP, be paid into the general fund of the Treasury for reduction of the public debt.
Establishes the Public Debt Reduction Payment Account. Directs the Secretary to deposit into the Account the following: (1) all remaining EESA funds; (2) amounts received for repayment of financial assistance, as well as payment of interest by a recipient of such assistance under TARP or any related program, including the Capital Purchase Program; and (3) revenues and proceeds from the sale of troubled assets that were purchased under EESA, or from the sale, exercise, or surrender of warrants or senior debt instruments, as under current law.
Instructs the Secretary to: (1) use amounts in the Account to pay at maturity (or to redeem or buy before maturity) any obligation of the government held by the public and included in the public debt; and (2) deposit into the Account specified funds received by the Secretary pursuant to EESA.
Lowers the statutory limit on the public debt by the aggregate amounts deposited into the Public Debt Reduction Payment Account.
Prohibits the receipts and disbursements of the Account from being counted as new budget authority, outlays, receipts, or deficit or surplus for presidential or congressional budget purposes, and requires their exclusion from any official budget statements.