To repeal the Troubled Asset Relief Program and to prevent future bailouts.

Repeals all but specified provisions (among them the temporary increase to $250,000 in deposit and share insurance coverage) of title I (Troubled Asset Relief Program) (TARP) of the Emergency Economic Stabilization Act of 2008. Restores or revives the provisions of law amended or repealed by such title as if it had not been enacted.

Directs the Secretary of the Treasury to: (1) maintain oversight of all outstanding funds received by an entity under TARP until they are repaid; and (2) dispose of all assets received by the Treasury under TARP in a manner so as to maximize the overall return from them.

Declares that Congress finds that the federal government should not: (1) provide TARP-like programs or other bailouts for entities in the private sector; or (2) act as a creditor of last resort to the private sector.

Prohibits Congress from making any law providing a bailout for one or more entities in the private sector.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 189 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 189

   To repeal the Troubled Asset Relief Program and to prevent future 
                               bailouts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 2011

 Mr. Woodall introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To repeal the Troubled Asset Relief Program and to prevent future 
                               bailouts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REPEAL OF TARP.

    (a) In General.--Title I of the Emergency Economic Stabilization 
Act of 2008 is hereby repealed, and the provisions of law amended or 
repealed by such title are restored or revived as if such title had not 
been enacted.
    (b) Exceptions.--Subsection (a) shall not apply to sections 126, 
127, 128, 129, 130, 132, and 136 of title I of the Emergency Economic 
Stabilization Act of 2008.

SEC. 2. CONTINUING OVERSIGHT OF OUTSTANDING FUNDS.

    The Secretary of the Treasury shall--
            (1) maintain oversight of all outstanding funds received by 
        an entity under title I of the Emergency Economic Stabilization 
        Act of 2008, until such funds are repaid; and
            (2) dispose of all assets received by the Treasury under 
        such title I in a manner so as to maximize the overall return 
        from such assets.

SEC. 3. PREVENTION OF FUTURE BAILOUTS.

    (a) Findings.--The Congress finds the following:
            (1) The Federal Government should not provide TARP-like 
        programs or other bailouts for entities in the private sector.
            (2) The Federal Government should not act as a creditor of 
        last resort to the private sector.
    (b) Prohibition.--Congress shall make no law providing a bailout 
for one or more entities in the private sector.
                                 <all>