[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 678 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 678

 To amend the Emergency Economic Stabilization Act of 2008 to provide 
for the treatment of dividends paid on shares of preferred stock, held 
    by the Secretary of the Treasury, that were issued by financial 
 institutions which received financial assistance under such Act, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 11, 2011

 Mr. Kissell (for himself and Mrs. Blackburn) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Emergency Economic Stabilization Act of 2008 to provide 
for the treatment of dividends paid on shares of preferred stock, held 
    by the Secretary of the Treasury, that were issued by financial 
 institutions which received financial assistance under such Act, and 
                          for other purposes.

    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 ``Repaying the American Taxpayer Act 
of 2011''.

SEC. 2. TREATMENT OF DIVIDENDS ON CERTAIN STOCK HELD BY THE SECRETARY 
              OF THE TREASURY.

    (a) In General.--Section 106(d) of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5216(d)) is amended--
            (1) by striking ``or from the sale, exercise'' and 
        inserting ``from the sale, exercise'';
            (2) by inserting ``, or from the payment of any dividend on 
        any share of preferred stock in a financial institution 
        obtained and held by the Secretary in conjunction with 
        financial assistance provided under this title to such 
        institution'' before ``shall be''; and
            (3) by adding at the end the following new sentence: 
        ``After the date of the enactment of the Repaying the American 
        Taxpayer Act of 2011, section 3101(b) of title 31, United 
        States Code, shall be applied by reducing the amount contained 
        in such section by the aggregate amount paid into the general 
        fund of the Treasury under the preceding sentence.''.
    (b) Inclusion in SIGTARP Reports.--Section 121(i)(1) of the 
Emergency Economic Stabilization Act of 2008 is amended by inserting 
``and the disposition under section 106(d) of the payment of any 
dividend on any share of preferred stock in a financial institution 
obtained and held by the Secretary in conjunction with financial 
assistance provided under this title to such institution'' before the 
period at the end.
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