[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2119 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2119

 To amend the Emergency Economic Stabilization Act of 2008 to require 
 that repayments of assistance from the Troubled Asset Relief Program 
                funds go to paying down the public debt.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 27, 2009

Mr. McCarthy of California (for himself, Mr. Bachus, Mr. McCotter, Mr. 
Neugebauer, Mr. Jones, Mr. Lance, Ms. Jenkins, Mrs. Capito, Mr. Garrett 
of New Jersey, and Mr. Castle) 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 require 
 that repayments of assistance from the Troubled Asset Relief Program 
                funds go to paying down the public debt.

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

SECTION 1. TARP REPAYMENTS USED TO REDUCE PUBLIC DEBT.

    (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. TARP REPAYMENTS USED TO REDUCE PUBLIC DEBT.

    ``(a) Repayments Used To Pay Down Public Debt.--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) Corresponding Reduction in Authorization To Purchase.--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. TARP repayments used to reduce public debt.''.
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