[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2063 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2063

To amend the Emergency Economic Stabilization Act of 2008 to use repaid 
 Troubled Asset Relief Program funds to pay down the public debt, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 23, 2009

 Mr. Wilson of South Carolina introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Emergency Economic Stabilization Act of 2008 to use repaid 
 Troubled Asset Relief Program funds to pay down the public debt, 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. PUBLIC DEBT REDUCTION.

    (a) In General.--Title I of the Emergency Economic Stabilization 
Act of 2008 (12 U.S.C. 5201 et seq.) is amended by adding at the end 
the following new section:

``SEC. 137. PUBLIC DEBT REDUCTION.

    ``(a) In General.--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) TARP Authorization Reduction.--Each time a financial 
institution makes a repayment of assistance provided under this title, 
the authorization to purchase authority under section 115 shall be 
reduced by a corresponding dollar amount.''.
    (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. Public debt reduction.''.
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