I 
111TH CONGRESS 
1ST SESSION H. R. 4170 
To amend the Emergency Economic Stabilization Act of 2008 to strike 
the authority of the Secretary of the Treasury to extend the Troubled 
Asset Relief Program after 2009, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 2, 2009 
Mr. HODES introduced the following bill; which was referred to the Committee 
on Financial Services, and in addition to the Committees on the Budget 
and 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 amend the Emergency Economic Stabilization Act of 
2008 to strike the authority of the Secretary of the 
Treasury to extend the Troubled Asset Relief Program 
after 2009, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Stop Any TARP Ex-
tension Act of 2009’’. 
SEC. 2. FINDINGS. 
The Congress finds as follows: 
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(1) On October 7, 2008, Congress established 
the Troubled Assets Relief Program (TARP) as part 
of the Emergency Economic Stabilization Act (Pub-
lic Law 110–343; 122 Stat. 3765) and allocated 
$700,000,000,000 for the purchase of toxic assets 
from banks with the goal of restoring liquidity to the 
financial sector and restarting the flow of credit in 
our markets. 
(2) The Secretary of the Treasury, without con-
sultation with the Congress, changed the purpose of 
Troubled Assets Relief Program and began injecting 
capital into financial institutions through a program 
called the Capital Purchase Program (CPP) rather 
than purchasing toxic assets. 
(3) Lending by financial institutions was not 
noticeably increased with the implementation of the 
Capital Purchase Program and the expenditure of 
$250,000,000,000 of the funds under the Troubled 
Assets Relief Program, despite the goal of the pro-
gram. 
(4) The recipients of amounts under the Capital 
Purchase Program are now faced with additional re-
strictions related to accepting those funds. 
(5) A number of community banks and large fi-
nancial institutions have expressed their desire to re-
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turn their Capital Purchase Program funds to the 
Secretary of the Treasury and the Secretary has 
begun the process of accepting receipt of such funds. 
(6) The Secretary of the Treasury should not 
unilaterally determine how these returned funds are 
spent in the future and the Congress should play a 
role in any determination of future spending of 
funds returned through the Troubled Assets Relief 
Program. 
SEC. 3. REPEAL OF TARP EXTENSION AUTHORITY. 
Section 120 of the Emergency Economic Stabilization 
Act of 2008 (12 U.S.C. 5230) is amended— 
(1) by striking ‘‘(a) TERMINATION.—’’; and 
(2) by striking subsection (b). 
SEC. 4. DEBT REDUCTION. 
Subsection (d) of section 106 of the Emergency Eco-
nomic Stabilization Act of 2008 (12 U.S.C. 5216(d)) is 
amended to read as follows: 
‘‘(d) DEBT REDUCTION.— 
‘‘(1) IN
GENERAL.—The Secretary of the 
Treasury shall deposit in Public Debt Reduction 
Payment Account— 
‘‘(A) all remaining funds available under 
this title not later than 30 days after the date 
of enactment of this section; 
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‘‘(B) any amounts received by the Sec-
retary for repayment of financial assistance, for 
payment of any interest on the receipt of such 
financial assistance by an entity that has re-
ceived financial assistance under this title or 
any program enacted by the Secretary under 
the authorities granted to the Secretary under 
this title, including the Capital Purchase Pro-
gram; and 
‘‘(C) revenues of, and proceeds from the 
sale of troubled assets purchased under this 
title, or from the sale, exercise, or surrender of 
warrants or senior debt instruments acquired 
under section 113. 
‘‘(2) PUBLIC DEBT REDUCTION PAYMENT AC-
COUNT.—The term ‘Public Debt Reduction Payment 
Account’ means the account established under sec-
tion 3114 of title 31, United States Code.’’. 
SEC. 5. ESTABLISHMENT OF PUBLIC DEBT REDUCTION 
PAYMENT ACCOUNT. 
(a) IN GENERAL.—Subchapter I of chapter 31 of title 
31, United States Code, is amended by adding at the end 
the following new section: 
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‘‘§ 3114. Public Debt Reduction Payment Account 
‘‘(a) ACCOUNT ESTABLISHED.—There is hereby es-
tablished in the Treasury of the United States an account 
to be known as the Public Debt Reduction Payment Ac-
count (hereinafter in this section referred to as the ‘Ac-
count’). 
‘‘(b) USE OF ACCOUNT.—The Secretary of the Treas-
ury shall use amounts in the Account to pay at maturity, 
or to redeem or buy before maturity, any obligation of the 
Government held by the public and included in the public 
debt. Any obligation which is paid, redeemed, or bought 
with amounts from the account shall be canceled and re-
tired and may not be reissued. Amounts deposited in the 
account are appropriated and may only be expended to 
carry out this section. 
‘‘(c) DEPOSITS.—There shall be deposited in the Ac-
count any amounts which are received by the Secretary 
of the Treasury pursuant to section 137 of the Emergency 
Economic Stabilization Act of 2008. The funds deposited 
to this account shall remain available until expended. 
‘‘(d) IMPLEMENTATION.—The Secretary of the 
Treasury and the Director of the Office of Management 
and Budget shall each take such actions as may be nec-
essary to promptly carry out this section in accordance 
with sound debt management policies. 
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‘‘(e) COORDINATION WITH DEBT MANAGEMENT.— 
Reducing the debt pursuant to this section shall not inter-
fere with the debt management policies or goals of the Sec-
retary of the Treasury.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for chapter 31 of title 31, United States Code, is amended 
by inserting after the item relating to section 3113 the 
following new item: 
‘‘3114. Public Debt Reduction Payment Account.’’. 
SEC. 6. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC 
DEBT. 
Section 3101(b) of title 31, United States Code, is 
amended by inserting ‘‘minus the aggregate amounts de-
posited into the Public Debt Reduction Payment Account 
pursuant to section 3114(c)’’ before ‘‘, outstanding at one 
time’’. 
SEC. 7. OFF-BUDGET STATUS OF PUBLIC DEBT REDUCTION 
PAYMENT ACCOUNT. 
Notwithstanding any other provision of law, the re-
ceipts and disbursements of the Public Debt Reduction 
Payment Account established by section 3114 of title 31, 
United States Code, shall not be counted as new budget 
authority, outlays, receipts, or deficit or surplus for pur-
poses of— 
(1) the budget of the United States Govern-
ment as submitted by the President; 
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(2) the congressional budget; or 
(3) the Balanced Budget and Emergency Def-
icit Control Act of 1985. 
SEC. 8. REMOVING PUBLIC DEBT REDUCTION PAYMENT AC-
COUNT FROM BUDGET PRONOUNCEMENTS. 
(a) IN GENERAL.—Any official statement issued by 
the Office of Management and Budget, the Congressional 
Budget Office, or any other agency or instrumentality of 
the Federal Government of surplus or deficit totals of the 
budget of the United States Government as submitted by 
the President or of the surplus or deficit totals of the con-
gressional budget, and any description of, or reference to, 
such totals in any official publication or material issued 
by either of such Offices or any other such agency or in-
strumentality, shall exclude the outlays and receipts of the 
Public Debt Reduction Payment Account established by 
section 3114 of title 31, United States Code. 
(b) SEPARATE PUBLIC DEBT REDUCTION PAYMENT 
ACCOUNT BUDGET DOCUMENTS.—The excluded outlays 
and receipts of the Public Debt Reduction Payment Ac-
count established by section 3114 of title 31, United 
States Code, shall be submitted in separate budget docu-
ments. 
Æ 
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