110 HR 7306 IH: STONE U.S. House of Representatives 2008-11-20 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.

I 110th CONGRESS 2d Session H. R. 7306 IN THE HOUSE OF REPRESENTATIVES November 20, 2008 Mr. Gohmert introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Transportation and Infrastructure, Energy and Commerce, and Natural Resources, 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 immediately terminate the authority of the Secretary of the Treasury under the Emergency Economic Stabilization Act of 2008 to purchase troubled assets and to make a portion of the unused funding for such program available to meet critical infrastructure needs in the United States.

1.

Short title

This Act may be cited as the Stop the Treasury Office Nationalization of the Economy Act of 2008 or STONE.

2.

Termination of authority

(a)

In general

The authorities provided under section 101(a) of the Emergency Economic Stabilization Act of 2008 (Public Law 110–343), excluding section 101(a)(3) of such Act, and 102 shall terminate immediately upon the enactment of this Act. (b)

Rule of construction

The termination under subsection (a) shall apply to any authority of the Secretary of the Treasury under the Emergency Economic Stabilization Act of 2008 to purchase preferred or other stock or equity in any financial institution. (c)

Repeal of authority for final tranche of funding

Section 115 of the Emergency Economic Stabilization Act of 2008 (Public Law 110–343) is amended— (1)in subsection (a), by striking paragraph (3); and (2)by striking subsections (c), (d), (e), and (f). (d)

Conforming amendment

The Emergency Economic Stabilization Act of 2008 is amended by striking section 120.

3.

Use of $100 billion of TARP funds for critical infrastructure needs

(a)

Availability of TARP funds

Effective upon the enactment of this Act, of the amounts of authority made available pursuant to paragraphs (1) and (2) of section 115(a) of the Emergency Economic Stabilization Act of 2008 (Public Law 110–343) to purchase troubled assets that remain unused as of such date of enactment, $100,000,000,000 shall be available, notwithstanding any provision of such Act, for use only for the purposes specified in subsection (b) of this section. (b)

Use for critical transportation infrastructure needs

The amount made available under subsection (a) may be used for any purpose eligible under chapters 1, 2, or 3 of title I of H.R. 7110 as passed the House on September 26, 2008.