I 111th CONGRESS 1st Session H. R. 4342 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.

1.

Short title

This Act may be cited as the The Taxpayers' Assets Recoupment Act of 2009.

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:

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.

.

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:

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.

.

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:

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.

.