TARP Sunset and Fiscal Responsibility Act of 2009

TARP Sunset and Fiscal Responsibility Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to terminate, on December 31, 2009 (as under current law), the authority of the Secretary of the Treasury to implement the Troubled Asset Relief Program (TARP).

Repeals the Secretary's authority to extend the TARP program through October 3, 2010, upon submission of a written certification to Congress.

Requires all funds repaid, and profits paid, to the Secretary by TARP recipients to be used to pay down the national debt.

Reduces the statutory limit on the public debt to $700 billion minus the amount of troubled assets purchased by the Secretary under TARP outstanding on December 31, 2009.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4171 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4171

To repeal the authority of the Secretary of the Treasury to extend the 
         Troubled Asset Relief Program, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 2, 2009

   Mr. Teague (for himself, Ms. Markey of Colorado, Ms. Kosmas, Mr. 
 Kissell, and Mrs. Halvorson) introduced the following bill; which was 
referred to the Committee on Financial Services, and in addition to the 
Committee on Ways and Means, 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 repeal the authority of the Secretary of the Treasury to extend the 
         Troubled Asset Relief Program, 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 ``TARP Sunset and Fiscal 
Responsibility Act of 2009''.

SEC. 2. REPEAL OF TARP EXTENSION AUTHORITY.

    Section 120 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5230) is amended--
            (1) by striking ``(a) Termination.--''; and
            (2) by striking subsection (b).

SEC. 3. TARP FUNDS USED TO PAY DOWN NATIONAL DEBT.

    Notwithstanding any other provision of law, all funds repaid, and 
profits paid, to the Secretary of the Treasury by companies in 
connection with assistance received under the Troubled Asset Relief 
Program under title I of the Emergency Economic Stabilization Act of 
2008 shall be used to pay down the national debt.

SEC. 4. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT.

    (a) In General.--Section 3101 of title 31, United States Code, is 
amended--
            (1) in subsection (b), by inserting ``minus the amount 
        described in subsection (d)'' before ``, outstanding at one 
        time''; and
            (2) by adding at the end the following:
    ``(d) The amount described in this subsection is $700,000,000,000 
minus the amount of troubled assets purchased by the Secretary of the 
Treasury under the Troubled Asset Relief Program under title I of the 
Emergency Economic Stabilization Act of 2008 outstanding on December 
31, 2009, but in no case shall the amount described in this subsection 
be less than $0.''.
    (b) Effective Date.--The provisions of this section shall take 
effect on January 1, 2010.
                                 <all>