[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2118 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2118

 To amend the Emergency Economic Stabilization Act of 2008 to provide 
 for more detailed repayment procedures for assistance received under 
                   the Troubled Asset Relief Program.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 27, 2009

Mr. McCarthy of California (for himself, Mr. Bachus, Mr. McCotter, Mr. 
 Neugebauer, Mr. Jones, Mr. Lance, Mrs. Capito, and Mr. Garrett of New 
   Jersey) 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 provide 
 for more detailed repayment procedures for assistance received under 
                   the Troubled Asset Relief Program.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. ADDITIONAL REPAYMENT PROCEDURES.

    (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. ADDITIONAL REPAYMENT PROCEDURES.

    ``Not later than 15 days after the Secretary is notified by a 
financial institution that such financial institution is prepared to 
immediately repay all assistance received by such institution under 
this title, the Secretary, in consultation with the appropriate Federal 
banking agency (as such term is defined in section 3(q) of the Federal 
Deposit Insurance Act (12 U.S.C. 1813(q))), if any, shall either--
            ``(1) accept such repayment; or
            ``(2) notify such institution, in writing, that the 
        individual financial position of such institution does not 
        currently permit the repayment of such assistance, and include 
        in such notice information detailing steps the institution can 
        take to satisfy the Secretary and the appropriate Federal 
        banking agency, if any, that the institution is in a position 
        to repay such assistance.''.
    (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. Additional repayment procedures.''.
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