To authorize and remove impediments to the repayment of funds received under the Troubled Asset Relief Program, and for other purposes.

SA 991. Mr. VITTER submitted an amendment intended to be proposed by him to the bill S. 386, to improve enforcement of mortgage fraud, securities fraud, financial institution fraud, and other frauds related to federal assistance and relief programs, for the recovery of funds lost to these frauds, and for other purposes; as follows:

At the appropriate place, insert the following:

SEC. __. REPAYMENT OF TARP FUNDS.

Section 111(g) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5221(g)) is amended--

(1) by striking “Subject to” and inserting the following:

“(1) Repayment permitted.--Subject to”;

(2) by inserting “if, subsequent to such repayment, the TARP recipient is well capitalized (as determined by the appropriate Federal banking agency having supervisory authority over the TARP recipient)” after “waiting period,”;

(3) by striking “, and when such assistance is repaid, the Secretary shall liquidate warrants associated with such assistance at the current market price”; and

(4) by adding at the end the following:

“(2) No repayment precondition for warrants.--A TARP recipient that exercises the repayment authority under paragraph (1) shall not be required to repurchase warrants from the Federal Government as a condition of repayment of assistance provided under the TARP. The Secretary shall, at the request of the relevant TARP recipient, repay the proceeds of warrants repurchased before the date of enactment of this paragraph.”.