I 112th CONGRESS 1st Session H. R. 189 IN THE HOUSE OF REPRESENTATIVES January 5, 2011 Mr. Woodall introduced the following bill; which was referred to the Committee on Financial Services A BILL To repeal the Troubled Asset Relief Program and to prevent future bailouts.

1.

Repeal of TARP

(a)

In general

Title I of the Emergency Economic Stabilization Act of 2008 is hereby repealed, and the provisions of law amended or repealed by such title are restored or revived as if such title had not been enacted. (b)

Exceptions

Subsection (a) shall not apply to sections 126, 127, 128, 129, 130, 132, and 136 of title I of the Emergency Economic Stabilization Act of 2008.

2.

Continuing oversight of outstanding funds

The Secretary of the Treasury shall— (1)maintain oversight of all outstanding funds received by an entity under title I of the Emergency Economic Stabilization Act of 2008, until such funds are repaid; and (2)dispose of all assets received by the Treasury under such title I in a manner so as to maximize the overall return from such assets.

3.

Prevention of future bailouts

(a)

Findings

The Congress finds the following: (1)The Federal Government should not provide TARP-like programs or other bailouts for entities in the private sector. (2)The Federal Government should not act as a creditor of last resort to the private sector. (b)

Prohibition

Congress shall make no law providing a bailout for one or more entities in the private sector.