Erasing our National Debt Through Accountability and Responsibility Plan Act of 2010

Erasing our National Debt Through Accountability and Responsibility Plan Act of 2010 - Terminates the authorities granted the Secretary of the Treasury under the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008 (EESA) to purchase troubled assets from financial institutions.

Lowers the public debt limit by the amount of all TARP assistance repaid by recipients on or after the enactment of this Act, along with dividends, profits, or other funds paid to the Government based on such assistance.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4566 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4566

To terminate authority under the Troubled Asset Relief Program, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 2, 2010

Mr. Paulsen (for himself, Mr. Herger, Mr. Tiahrt, Mr. Lance, Mr. Jones, 
 Mr. Garrett of New Jersey, Ms. Jenkins, Mr. Paul, Mr. Castle, and Mr. 
   Lamborn) 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 terminate authority under 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 ``Erasing our National Debt Through 
Accountability and Responsibility Plan Act of 2010''.

SEC. 2. REPEAL OF THE TROUBLED ASSET RELIEF PROGRAM.

    (a) In General.--Notwithstanding any other provision of law, the 
authorities provided under section 101(a) of the Emergency Economic 
Stabilization Act of 2008 (excluding section 101(a)(3)) and under 
section 102 of such Act shall terminate as of the date of enactment of 
this Act.
    (b) Lowering of National Debt Limit To Correspond to TARP 
Repayments.--Section 3101 of title 31, United States Code, is amended--
            (1) in subsection (b), by inserting after the dollar 
        limitation contained in such subsection the following: ``, as 
        such amount is reduced by the amount described under subsection 
        (d)''; and
            (2) by adding at the end the following new subsection:
    ``(d) The amount described under this subsection is the amount that 
equals the amount of all assistance received under title I of the 
Emergency Economic Stabilization Act of 2008 that is repaid on or after 
the date of enactment of this subsection, along with any dividends, 
profits, or other funds paid to the Government based on such assistance 
on or after the date of enactment of this subsection.''.
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