[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 639 Introduced in House (IH)]

111th CONGRESS
  1st Session
H. RES. 639

Expressing the sense of the House of Representatives that any interest 
or dividends repaid to the government through the Troubled Asset Relief 
 Program should be used solely for debt reduction, consistent with the 
  authorizing legislation and Article One, Section Nine of the United 
                          States Constitution.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 13, 2009

 Mr. Inglis submitted the following resolution; which was referred to 
                    the Committee on Foreign Affairs

_______________________________________________________________________

                               RESOLUTION


 
Expressing the sense of the House of Representatives that any interest 
or dividends repaid to the government through the Troubled Asset Relief 
 Program should be used solely for debt reduction, consistent with the 
  authorizing legislation and Article One, Section Nine of the United 
                          States Constitution.

Whereas the Congress of the United States created the Troubled Asset Relief 
        Program under the Emergency Economic Stabilization Act (12 U.S.C. 5201 
        et seq.), which was passed in the Senate in its final form on October 1, 
        2008, by a vote of 74-25 and then passed in the House on October 3, 
        2008, by a vote of 263-171;
Whereas the President signed the Emergency Economic Stabilization Act of 2008 
        into law on October 3, 2008;
Whereas section 106(d) of the Emergency Economic Stabilization Act of 2008 
        states: ``Revenues of, and proceeds from the sale of troubled assets 
        purchased under this Act, or from the sale, exercise, or surrender of 
        warrants or senior debt instruments acquired under section 113 shall be 
        paid into the general fund of the Treasury for reduction of the public 
        debt.'';
Whereas Mr. Frank of Massachusetts introduced H.R. 3068 on June 26, 2009, which, 
        if enacted into law, would make $6,500,000,000 of the money repaid to 
        the Troubled Asset Relief Program available for loans to housing 
        programs;
Whereas the Obama Administration was reported to have voiced support for the 
        Frank proposal on July 9, 2009; and
Whereas Article One, Section Nine of the United States Constitution states ``No 
        Money shall be drawn from the Treasury, but in Consequence of 
        Appropriations made by Law'': Now, therefore, be it
    Resolved, That it is the sense of the House of Representatives that 
any funds repaid to the Federal Government or any interest or dividends 
on those funds should be used solely for debt reduction, consistent 
with the Emergency Economic Stabilization Act of 2008 and Article One, 
Section Nine of the United States Constitution.
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