[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4342 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4342

To amend the Emergency Economic Stabilization Act of 2008 to terminate 
  the Secretary of the Treasury's authority under the Troubled Asset 
                Relief Program, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 16, 2009

  Mr. McCotter (for himself and Mr. Bachus) 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 terminate 
  the Secretary of the Treasury's authority under the Troubled Asset 
                Relief Program, 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 ``The Taxpayers' Assets Recoupment Act 
of 2009''.

SEC. 2. TERMINATION OF THE SECRETARY OF THE TREASURY'S AUTHORITY UNDER 
              TARP.

    Section 120 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5230) is amended to read as follows:

``SEC. 120. TERMINATION OF SECRETARY'S AUTHORITY.

    ``Notwithstanding any other provision of law, the authorities 
provided under section 101(a), excluding 101(a)(3), and 102 shall 
terminate on the date of the enactment of this section.''.

SEC. 3. TARP REPAYMENTS AND PROFITS TO BE USED TO PAY DOWN THE NATIONAL 
              DEBT.

    Title I of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5211 et seq.) is amended by adding at the end the following new 
section:

``SEC. 137. TARP REPAYMENTS AND PROFITS TO BE USED TO PAY DOWN THE 
              NATIONAL DEBT.

    ``Notwithstanding any other provision of law, all assistance 
received under this title that is repaid on or after the date of the 
enactment of this section, along with any dividends, profits, or other 
funds paid to the Government based on such assistance on or after the 
date of the enactment of this section, shall be deposited in the 
account established under section 3113 of title 31, United States Code, 
to be used to pay down the national debt.''.

SEC. 4. REPORTING BY TARP RECIPIENTS.

    Title I of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5211 et seq.), as amended by section 2, is further amended by 
adding at the end the following new section:

``SEC. 138. REPORTING BY TARP RECIPIENTS.

    ``(a) In General.--Each financial institution receiving assistance 
under this title shall, not later than the end of the 6-month period 
beginning on the date of the enactment of this section, and every 6 
months thereafter while any of such assistance is outstanding, issue a 
report describing how such institution is using the assistance received 
under this title.
    ``(b) Public Availability of Reports.--Each report described under 
subsection (a) shall be made available to the public, including on the 
institution's website.''.
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