I 112th CONGRESS 2d Session H. R. 6570 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.
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Effective on January 1, 2016, section 1512(e) of the American Recovery and Reinvestment Act of 2009 is repealed.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.