H.R.4171 - TARP Sunset and Fiscal Responsibility Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Teague, Harry [D-NM-2] (Introduced 12/02/2009)|
|Committees:||House - Financial Services; Ways and Means|
|Latest Action:||12/02/2009 Referred to House Ways and Means (All Actions)|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.4171 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (12/02/2009)
TARP Sunset and Fiscal Responsibility Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to 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).
Repeals the Secretary's authority to extend the TARP program through October 3, 2010, upon submission of a written certification to Congress.
Requires all funds repaid, and profits paid, to the Secretary by TARP recipients to be used to pay down the national debt.
Reduces the statutory limit on the public debt to $700 billion minus the amount of troubled assets purchased by the Secretary under TARP outstanding on December 31, 2009.