[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1151 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1151

To require the Secretary of the Treasury to make risk-based assessments 
    on financial companies to recoup the amount of assistance made 
available for unemployed homeowners under the Emergency Mortgage Relief 
     Program and for States and communities under the Neighborhood 
                         Stabilization Program.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 17, 2011

  Mr. Frank of Massachusetts introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To require the Secretary of the Treasury to make risk-based assessments 
    on financial companies to recoup the amount of assistance made 
available for unemployed homeowners under the Emergency Mortgage Relief 
     Program and for States and communities under the Neighborhood 
                         Stabilization Program.

    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 ``Emergency Mortgage Relief and 
Neighborhood Stabilization Programs Cost Recoupment Act of 2011''.

SEC. 2. COST RECOUPMENT.

    Subtitle H of title XIV of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Public Law 111-203; 124 Stat. 2205 et seq.) is 
amended by adding at the end the following new section:

``SEC. 1499. FUNDING OFFSET FOR EMERGENCY MORTGAGE RELIEF AND 
              NEIGHBORHOOD STABILIZATION PROGRAMS.

    ``The Secretary of the Treasury shall, for the purpose of 
offsetting the costs of assistance under sections 1496 and 1497 of this 
Act and not later than the expiration of the 6-month period beginning 
on the date of the enactment of the Emergency Mortgage Relief and 
Neighborhood Stabilization Programs Cost Recoupment Act of 2011, make 
risk-based assessments in the total amount of $2,500,000,000 on 
financial companies that manage hedge funds with $10,000,000,000 or 
more in assets under management on a consolidated basis and on other 
financial companies with $50,000,000,000 or more in total consolidated 
assets, subject to such terms and conditions as the Treasury Secretary 
may establish with the concurrence of the Board of Governors of the 
Federal Reserve System and the Board of the Federal Deposit Insurance 
Corporation. Any such assessments collected shall be covered into the 
General Fund of the Treasury.''.
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