I 111th CONGRESS 1st Session H. R. 2119 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.

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:

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. .