3.0.0 4482 2023-01-11T13:16:45Z 2023-01-11T13:16:45Z House H HR 2010-01-20 111 hsap00 Appropriations Committee House Standing Referred to 2010-01-20T15:00:52Z hswm00 Ways and Means Committee House Standing Referred to 2010-01-20T15:00:51Z hsba00 Financial Services Committee House Standing Referred to 2010-01-20T15:00:50Z Pay It Back Act 111 1683 S 2009-09-17 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Identical bill CRS 2010-01-20 Referred to House Appropriations IntroReferral H11100 2 House floor actions hsap00 Appropriations Committee 2010-01-20 Referred to House Ways and Means IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2010-01-20 Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Appropriations, 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. IntroReferral H11100-A 9 Library of Congress 2010-01-20 Referred to House Financial Services IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2010-01-20 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-01-20 Introduced in House IntroReferral 1000 9 Library of Congress L000567 Rep. Lance, Leonard [R-NJ-7] Leonard Lance R NJ 7 N Economics and Public Finance Budget deficits and national debt Congressional oversight Financial crises and stabilization Government corporations and government-sponsored enterprises Housing finance and home ownership Securities Economics and Public Finance 00 2010-01-20 Introduced in House 2010-02-03T15:50:42Z Pay It Back Act - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to revise the limitation on the authority of the Secretary of the Treasury to purchase troubled assets under the Troubled Asset Relief Program (TARP) to $700 billion outstanding at any one time. Changes the maximum authority to $700 billion, in the aggregate, or such higher amount, in the aggregate, as has been obligated or expended under TARP as of the enactment of this Act.

Requires the Secretary to report to Congress every six months on transfer to the Treasury's General Fund for reduction of the public debt of 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.

Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the Federal Home Loan Bank Act to require the Secretary to deposit in the Treasury solely for debt reduction any amounts received by the Secretary for the sale of any obligation or security acquired from the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or a Federal Home Loan Bank for secondary market operations. Prohibits the use of any such amounts as an offset for other spending increases or revenue reductions.

Requires deposit in the Treasury solely for debt reduction of any periodic commitment fee or any other fee or assessment paid to the Secretary by Fannie Mae or Freddie Mac as a result of any preferred stock purchase agreement, mortgage-backed security purchase program, or any other program or activity under the Housing and Economic Recovery Act of 2008.

Requires the Director of the Federal Housing Finance Agency (FHFA) to report to Congress on FHFA plans to continue to support and maintain the nation's vital housing industry, while at the same time guaranteeing that the American taxpayer will not suffer unnecessary losses.

Amends the American Recovery and Reinvestment Act of 2009 (ARRA) to require: (1) rescission of any ARRA (stimulus) funds offered to but not accepted by the governor or legislature of a state; and (2) their deposit in the Treasury solely for debt reduction. Requires the same treatment for any funds withdrawn or recaptured by an executive agency head which have not been obligated by a state to a local government or for a specific project.

Rescinds for deposit in the Treasury solely for debt reduction specified discretionary appropriations that have not been obligated as of December 31, 2012.

Lowers the statutory limit on the public debt by the amounts the Secretary receives under this Act for deposit in the Treasury solely for debt reduction.

]]> Pay It Back Act Display Title Pay It Back Act Official Title as Introduced To apply recaptured taxpayer investments toward reducing the national debt. Introduced in House IH Short Titles as Introduced Pay It Back Act Introduced in House 2010-01-20T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr4482ih/xml/BILLS-111hr4482ih.xml 2010-01-20 Referred to House Appropriations text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.