II 111th CONGRESS 2d Session S. 2938 IN THE SENATE OF THE UNITED STATES January 20, 2010 Mr. Thune (for himself, Mr. Vitter, Mr. Inhofe, Mr. Johanns, Mrs. Hutchison, Mr. Brownback, Mr. LeMieux, Mr. Burr, Mr. Enzi, Mr. Coburn, Mr. Barrasso, Mr. Bennett, Ms. Snowe, Mr. Grassley, Mr. Ensign, Mr. Crapo, Mr. Wicker, Mr. Bunning, Mr. Graham, and Mr. Cornyn) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To terminate authority under the Troubled Asset Relief Program, and for other purposes.

1.

Short title

This Act may be cited as the Erasing our National Debt Through Accountability and Responsibility Plan Act of 2010.

2.

Repeal of the Troubled Asset Relief Program

(a)

In general

Notwithstanding any other provision of law, the authorities provided under section 101(a) of the Emergency Economic Stabilization Act of 2008 (excluding section 101(a)(3)) and under section 102 of such Act shall terminate as of the date of enactment of this Act. (b)

Lowering of national debt limit To correspond to TARP repayments

Section 3101 of title 31, United States Code, is amended— (1)in subsection (b), by inserting after the dollar limitation contained in such subsection the following: , as such amount is reduced by the amount described under subsection (d); and (2)by adding at the end the following new subsection: (d)The amount described under this subsection is the amount that equals the amount of all assistance received under title I of the Emergency Economic Stabilization Act of 2008 that is repaid on or after the date of enactment of this subsection, along with any dividends, profits, or other funds paid to the Government based on such assistance on or after the date of enactment of this subsection. .