S AMDT 1243

S 1243 IS

To require repayments of obligations and proceeds from the sale of assets under the Troubled Asset Relief Program to be repaid directly into the Treasury for reduction of the public debt.

June 11, 2009

Mr. HATCH (for himself and Mrs. LINCOLN) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

To require repayments of obligations and proceeds from the sale of assets under the Troubled Asset Relief Program to be repaid directly into the Treasury for reduction of the public debt.

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 ‘Stop Tarp Asset Recycling Act of 2009’ or the ‘STAR Act of 2009’.

SEC. 2. DEPOSIT OF TARP REPAYMENTS AND PROCEEDS INTO TREASURY TO REDUCE THE PUBLIC DEBT.

(a) In General- Section 115(a)(3) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5225(a)(3)) is amended by striking ‘outstanding at any one time’ and inserting ‘, in the aggregate (or such higher amount, in the aggregate, as has been obligated or expended under this Act as of the date of enactment of the STAR Act of 2009)’.

(b) Deposit of Funds Into Treasury-

(1) IN GENERAL- On and after the date of enactment of this Act, all repayments of obligations arising under the Emergency Economic Stabilization Act of 2008 (Public Law 110-343), and all proceeds from the sale of assets acquired by the Federal Government under that Act, shall be paid into the general fund of the Treasury for reduction of the public debt, in accordance with section 106(d) of that Act (12 U.S.C. 5216(d)), as amended by this section.

(2) CONFORMING AMENDMENT- Section 106(d) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5216(d)) is amended by inserting ‘, and repayments of obligations arising under this Act,’ after ‘section 113’.