I 111th CONGRESS 1st Session H. R. 2063 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.

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:

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. .