I 112th CONGRESS 1st Session H. R. 678 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.

1.

Short title

This Act may be cited as the Repaying the American Taxpayer Act of 2011.

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.