II
111th CONGRESS
1st Session
S. 1243
IN THE SENATE OF THE UNITED STATES
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
A BILL
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.
Short title
This Act may be cited as the
Stop Tarp Asset Recycling Act of
2009
or the STAR
Act of 2009
.
Deposit of TARP repayments and proceeds into Treasury to reduce the public debt
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)
.
Deposit of funds into Treasury
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.
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
.