I 111th CONGRESS 1st Session H. R. 4171 IN THE HOUSE OF REPRESENTATIVES December 2, 2009 Mr. Teague (for himself, Ms. Markey of Colorado, Ms. Kosmas, Mr. Kissell, and Mrs. Halvorson) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on 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 repeal the authority of the Secretary of the Treasury to extend the Troubled Asset Relief Program, and for other purposes.

1.

Short title

This Act may be cited as the TARP Sunset and Fiscal Responsibility Act of 2009.

2.

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).

3.

TARP funds used to pay down national debt

Notwithstanding any other provision of law, all funds repaid, and profits paid, to the Secretary of the Treasury by companies in connection with assistance received under the Troubled Asset Relief Program under title I of the Emergency Economic Stabilization Act of 2008 shall be used to pay down the national debt.

4.

Reduction of statutory limit on the public debt

(a)

In general

Section 3101 of title 31, United States Code, is amended— (1)in subsection (b), by inserting minus the amount described in subsection (d) before , outstanding at one time; and (2)by adding at the end the following: (d)The amount described in this subsection is $700,000,000,000 minus the amount of troubled assets purchased by the Secretary of the Treasury under the Troubled Asset Relief Program under title I of the Emergency Economic Stabilization Act of 2008 outstanding on December 31, 2009, but in no case shall the amount described in this subsection be less than $0. . (b)

Effective date

The provisions of this section shall take effect on January 1, 2010.