[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4170 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4170

To amend the Emergency Economic Stabilization Act of 2008 to strike the 
authority of the Secretary of the Treasury to extend the Troubled Asset 
           Relief Program after 2009, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 2, 2009

  Mr. Hodes introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committees on 
    the Budget and Ways and Means, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
To amend the Emergency Economic Stabilization Act of 2008 to strike the 
authority of the Secretary of the Treasury to extend the Troubled Asset 
           Relief Program after 2009, 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. SHORT TITLE.

    This Act may be cited as the ``Stop Any TARP Extension Act of 
2009''.

SEC. 2. FINDINGS.

    The Congress finds as follows:
            (1) On October 7, 2008, Congress established the Troubled 
        Assets Relief Program (TARP) as part of the Emergency Economic 
        Stabilization Act (Public Law 110-343; 122 Stat. 3765) and 
        allocated $700,000,000,000 for the purchase of toxic assets 
        from banks with the goal of restoring liquidity to the 
        financial sector and restarting the flow of credit in our 
        markets.
            (2) The Secretary of the Treasury, without consultation 
        with the Congress, changed the purpose of Troubled Assets 
        Relief Program and began injecting capital into financial 
        institutions through a program called the Capital Purchase 
        Program (CPP) rather than purchasing toxic assets.
            (3) Lending by financial institutions was not noticeably 
        increased with the implementation of the Capital Purchase 
        Program and the expenditure of $250,000,000,000 of the funds 
        under the Troubled Assets Relief Program, despite the goal of 
        the program.
            (4) The recipients of amounts under the Capital Purchase 
        Program are now faced with additional restrictions related to 
        accepting those funds.
            (5) A number of community banks and large financial 
        institutions have expressed their desire to return their 
        Capital Purchase Program funds to the Secretary of the Treasury 
        and the Secretary has begun the process of accepting receipt of 
        such funds.
            (6) The Secretary of the Treasury should not unilaterally 
        determine how these returned funds are spent in the future and 
        the Congress should play a role in any determination of future 
        spending of funds returned through the Troubled Assets Relief 
        Program.

SEC. 3. REPEAL OF TARP EXTENSION AUTHORITY.

    Section 120 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5230) is amended--
            (1) by striking ``(a) Termination.--''; and
            (2) by striking subsection (b).

SEC. 4. DEBT REDUCTION.

    Subsection (d) of section 106 of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5216(d)) is amended to read as 
follows:
    ``(d) Debt Reduction.--
            ``(1) In general.--The Secretary of the Treasury shall 
        deposit in Public Debt Reduction Payment Account--
                    ``(A) all remaining funds available under this 
                title not later than 30 days after the date of 
                enactment of this section;
                    ``(B) any amounts received by the Secretary for 
                repayment of financial assistance, for payment of any 
                interest on the receipt of such financial assistance by 
                an entity that has received financial assistance under 
                this title or any program enacted by the Secretary 
                under the authorities granted to the Secretary under 
                this title, including the Capital Purchase Program; and
                    ``(C) revenues of, and proceeds from the sale of 
                troubled assets purchased under this title, or from the 
                sale, exercise, or surrender of warrants or senior debt 
                instruments acquired under section 113.
            ``(2) Public debt reduction payment account.--The term 
        `Public Debt Reduction Payment Account' means the account 
        established under section 3114 of title 31, United States 
        Code.''.

SEC. 5. ESTABLISHMENT OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT.

    (a) In General.--Subchapter I of chapter 31 of title 31, United 
States Code, is amended by adding at the end the following new section:
``Sec. 3114. Public Debt Reduction Payment Account
    ``(a) Account Established.--There is hereby established in the 
Treasury of the United States an account to be known as the Public Debt 
Reduction Payment Account (hereinafter in this section referred to as 
the `Account').
    ``(b) Use of Account.--The Secretary of the Treasury shall use 
amounts in the Account to pay at maturity, or to redeem or buy before 
maturity, any obligation of the Government held by the public and 
included in the public debt. Any obligation which is paid, redeemed, or 
bought with amounts from the account shall be canceled and retired and 
may not be reissued. Amounts deposited in the account are appropriated 
and may only be expended to carry out this section.
    ``(c) Deposits.--There shall be deposited in the Account any 
amounts which are received by the Secretary of the Treasury pursuant to 
section 137 of the Emergency Economic Stabilization Act of 2008. The 
funds deposited to this account shall remain available until expended.
    ``(d) Implementation.--The Secretary of the Treasury and the 
Director of the Office of Management and Budget shall each take such 
actions as may be necessary to promptly carry out this section in 
accordance with sound debt management policies.
    ``(e) Coordination With Debt Management.--Reducing the debt 
pursuant to this section shall not interfere with the debt management 
policies or goals of the Secretary of the Treasury.''.
    (b) Clerical Amendment.--The table of contents for chapter 31 of 
title 31, United States Code, is amended by inserting after the item 
relating to section 3113 the following new item:

``3114. Public Debt Reduction Payment Account.''.

SEC. 6. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT.

    Section 3101(b) of title 31, United States Code, is amended by 
inserting ``minus the aggregate amounts deposited into the Public Debt 
Reduction Payment Account pursuant to section 3114(c)'' before ``, 
outstanding at one time''.

SEC. 7. OFF-BUDGET STATUS OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT.

    Notwithstanding any other provision of law, the receipts and 
disbursements of the Public Debt Reduction Payment Account established 
by section 3114 of title 31, United States Code, shall not be counted 
as new budget authority, outlays, receipts, or deficit or surplus for 
purposes of--
            (1) the budget of the United States Government as submitted 
        by the President;
            (2) the congressional budget; or
            (3) the Balanced Budget and Emergency Deficit Control Act 
        of 1985.

SEC. 8. REMOVING PUBLIC DEBT REDUCTION PAYMENT ACCOUNT FROM BUDGET 
              PRONOUNCEMENTS.

    (a) In General.--Any official statement issued by the Office of 
Management and Budget, the Congressional Budget Office, or any other 
agency or instrumentality of the Federal Government of surplus or 
deficit totals of the budget of the United States Government as 
submitted by the President or of the surplus or deficit totals of the 
congressional budget, and any description of, or reference to, such 
totals in any official publication or material issued by either of such 
Offices or any other such agency or instrumentality, shall exclude the 
outlays and receipts of the Public Debt Reduction Payment Account 
established by section 3114 of title 31, United States Code.
    (b) Separate Public Debt Reduction Payment Account Budget 
Documents.--The excluded outlays and receipts of the Public Debt 
Reduction Payment Account established by section 3114 of title 31, 
United States Code, shall be submitted in separate budget documents.
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