Stop Any TARP Extension Act of 2009
Latest action · Dec 2, 2009 Referred to House Ways and Means
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 2, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Stop Any TARP Extension Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to: (1) 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); and (2) repeal the Secretary's authority to extend the TARP program through October 3, 2010, upon submission of a written certification to Congress.
Revises the requirement that revenues of and proceeds from the sale of troubled assets purchased under TARP, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under TARP, be paid into the general fund of the Treasury for reduction of the public debt.
Establishes the Public Debt Reduction Payment Account. Directs the Secretary to deposit into the Account the following: (1) all remaining EESA funds; (2) amounts received for repayment of financial assistance, as well as payment of interest by a recipient of such assistance under TARP or any related program, including the Capital Purchase Program; and (3) revenues and proceeds from the sale of troubled assets that were purchased under EESA, or from the sale, exercise, or surrender of warrants or senior debt instruments, as under current law.
Instructs the Secretary to: (1) use amounts in the Account to pay at maturity (or to redeem or buy before maturity) any obligation of the government held by the public and included in the public debt; and (2) deposit into the Account specified funds received by the Secretary pursuant to EESA.
Lowers the statutory limit on the public debt by the aggregate amounts deposited into the Public Debt Reduction Payment Account.
Prohibits the receipts and disbursements of the Account from being counted as new budget authority, outlays, receipts, or deficit or surplus for presidential or congressional budget purposes, and requires their exclusion from any official budget statements.
Cosponsors 1
Members who signed on, in the order they did. All signed on Dec 16, 2009.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Brad Sherman | Dec 16, 2009 |
Actions 5
Everything that happened, newest first.
- Dec 2, 2009Introduced in House
- Dec 2, 2009Referred to House Budget
- Dec 2, 2009Referred to House Financial Services
- Dec 2, 2009Referred to House Ways and Means
- Dec 2, 2009Referred to the Committee on Financial Services, and in addition to the Committees on the Budget, and 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.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 4110 | TARP Sunset Act of 2009 | Related bill | Nov 18, 2009 |
| HR 4157 | Ensure TARP Expires Act of 2009 | Related bill | Nov 19, 2009 |
| HR 4171 | TARP Sunset and Fiscal Responsibility Act of 2009 | Related bill | Dec 2, 2009 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Dec 2, 2009Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
