H.R. 2832

Taxpayer Repayment Act of 2009

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I

111th CONGRESS

1st Session

H. R. 2832

IN THE HOUSE OF REPRESENTATIVES

June 11, 2009

Mr. Edwards of Texas introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To require the Secretary of the Treasury to develop a strategy and timeline for the repayment of assistance received by financial institutions under the Troubled Asset Relief Program, and for other purposes.

1.

Short title

This Act may be cited as the Taxpayer Repayment Act of 2009.

2.

Timeline for repayment of TARP funds

(a)

In general

The Secretary of the Treasury shall develop a strategy and timeline for the repayment of all assistance received by financial institutions under TARP.

(b)

Report to the Congress

Not more than 6 months after the date of the enactment of this Act, the Secretary of the Treasury shall issue a report to the Congress containing—

(1)

the strategy and timeline developed under subsection (a);

(2)

the date by which the Secretary expects to have received all repayment of assistance received by financial institutions under TARP;

(3)

the date by which the Secretary expects the Government to have divested itself of all assets acquired under TARP; and

(4)

the date by which the Secretary expects to have recovered all TARP funds spent on insuring troubled assets.

(c)

TARP defined

For purposes of this section, the term TARP means the Troubled Asset Relief Program under title I of the Emergency Economic Stabilization Act of 2008.