[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6570 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6570

  To amend the American Recovery and Reinvestment Act of 2009 and the 
Emergency Economic Stabilization Act of 2008 to consolidate certain CBO 
                        reporting requirements.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 12, 2012

 Mr. Garrett introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committees on 
    Education and the Workforce and the Budget, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
  To amend the American Recovery and Reinvestment Act of 2009 and the 
Emergency Economic Stabilization Act of 2008 to consolidate certain CBO 
                        reporting requirements.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CONSOLIDATION OF CERTAIN CBO REPORTING REQUIREMENTS RELATING 
              TO ARRA AND TARP.

    (a) ARRA-Related Reports.--
            (1) In general.--Section 1512(e) of the American Recovery 
        and Reinvestment Act of 2009 (Public Law 111-5; 123 Stat. 288) 
        is amended by amending the second sentence to read as follows: 
        ``Such comments on all reports for calendar quarters in a year 
        shall be due 45 days after the report for the last calendar 
        quarter of the year is submitted.''.
            (2) Effective date.--The amendment made by paragraph (1) 
        shall apply to comments on reports submitted on or after 
        October 1, 2012.
            (3) Repealer.--Effective on January 1, 2016, section 
        1512(e) of the American Recovery and Reinvestment Act of 2009 
        is repealed.
    (b) TARP-Related Reports.--
            (1) In general.--Section 202 of the Emergency Economic 
        Stabilization Act of 2008 (12 U.S.C. 5252) is amended--
                    (A) in subsection (a), by striking ``semiannually'' 
                and inserting ``annually''; and
                    (B) by adding at the end the following new 
                subsection:
    ``(e) Sunset.--Notwithstanding the previous provisions of this 
section, the reporting and comment requirements under this section 
shall terminate with the annual period on the last day of which all 
troubled assets acquired by the Secretary under section 101 have been 
sold or transferred out of the ownership or control of the Federal 
Government.''.
            (2) Effective date.--The amendments made by this subsection 
        shall take effect the first day after the date of enactment of 
        this Act.
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