H.R. 4566

Erasing our National Debt Through Accountability and Responsibility Plan Act of 2010

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I

111th CONGRESS

2d Session

H. R. 4566

IN THE HOUSE OF REPRESENTATIVES

February 2, 2010

Mr. Paulsen (for himself, Mr. Herger, Mr. Tiahrt, Mr. Lance, Mr. Jones, Mr. Garrett of New Jersey, Ms. Jenkins, Mr. Paul, Mr. Castle, and Mr. Lamborn) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on 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

A BILL

To terminate authority under the Troubled Asset Relief Program, and for other purposes.

1.

Short title

This Act may be cited as the Erasing our National Debt Through Accountability and Responsibility Plan Act of 2010.

2.

Repeal of the Troubled Asset Relief Program

(a)

In general

Notwithstanding any other provision of law, the authorities provided under section 101(a) of the Emergency Economic Stabilization Act of 2008 (excluding section 101(a)(3)) and under section 102 of such Act shall terminate as of the date of enactment of this Act.

(b)

Lowering of national debt limit To correspond to TARP repayments

Section 3101 of title 31, United States Code, is amended—

(1)

in subsection (b), by inserting after the dollar limitation contained in such subsection the following: , as such amount is reduced by the amount described under subsection (d); and

(2)

by adding at the end the following new subsection:

(d)

The amount described under this subsection is the amount that equals the amount of all assistance received under title I of the Emergency Economic Stabilization Act of 2008 that is repaid on or after the date of enactment of this subsection, along with any dividends, profits, or other funds paid to the Government based on such assistance on or after the date of enactment of this subsection.

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