Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''TARP Repayment and Termination Act
of 2009''.

SEC. 2. ADDITIONAL REPAYMENT PROCEDURES.

(a) In General.--Title I of the Emergency Economic Stabilization
Act of 2008 (12 U.S.C. 5201 et seq.) is amended by adding at the end
the following new section:

''SEC. 137. ADDITIONAL REPAYMENT PROCEDURES.

''(a) Right of Repayment for Well Capitalized Institutions.--Any
financial institution that has received or receives assistance under
this title shall have the right to immediately repay all of such
assistance, and the Secretary shall unconditionally accept such a
payment, if--
''(1) with respect to an insured depository institution,
the appropriate Federal banking agency determines that such
financial institution will be well capitalized after the
repayment of all of such assistance; and
''(2) such financial institution has paid any dividend,
interest, or other payment due to the Secretary by reason of
the financial institution receiving assistance under this
title.
''(b) Right of Repayment for Certain Bank Holding Companies.--
Notwithstanding subsection (a), a bank holding company assessed under
SCAP shall have the right to immediately repay all assistance such
company received under this title, and the Secretary shall
unconditionally accept such a payment, if the Secretary, in
consultation with the appropriate Federal banking agency, where
applicable, determines that, upon the repayment of all of such
assistance, such company--
''(1) will remain in a position to continue to fulfill its
role as an intermediary that facilitates lending to
creditworthy households and businesses;
''(2) will be able to maintain capital levels that are
consistent with supervisory expectations;
''(3) will be able to continue to serve as a source of
financial and managerial strength and support to any subsidiary
bank of such company; and
''(4) along with any subsidiary bank of such company, will
be able to meet all ongoing funding requirements and
obligations to counterparties while reducing reliance on
Government capital and the TLGP.
''(c) Preferred Share Repurchase Levels.--With respect to preferred
shares held by the Secretary, in making a full repayment of all
assistance received by a financial institution under this title on or
before September 30, 2009, such institution shall have the right to
repurchase such preferred shares at--
''(1) in the case of a preferred share purchased by the
Secretary under this title, the same price the Secretary
purchased such share for from the financial institution; and
''(2) in the case of a preferred share held by the
Secretary as a result of the Secretary's exercise of a warrant
received by the Secretary pursuant to section 113(d)(1)(B), the
same price the Secretary purchased such warrant for from the
financial institution.
''(d) Reduction in Authorization To Purchase in Corresponding
Amount to Any Repayment.--Each time a financial institution makes a
repayment of assistance provided under this title, the authorization to
purchase authority under section 115 shall be reduced by a
corresponding dollar amount.
''(e) Provision of Repayment Information.--Not later than 15 days
after the Secretary is notified by a financial institution that such
financial institution wants to immediately repay all assistance
received by such institution under this title, the Secretary, in
consultation with the appropriate Federal banking agency, if any, shall
either--
''(1) accept such repayment; or
''(2) notify such institution, in writing, that the
individual financial position of such institution does not
currently permit the repayment of such assistance, and include
in such notice information detailing steps the institution can
take to satisfy the Secretary and the appropriate Federal
banking agency, if any, that the institution is in a position
to repay such assistance.
''(f) Definitions.--For purposes of this section:
''(1) Appropriate federal banking agency.--The term
'appropriate Federal banking agency' has the meaning given to
such term in section 3(q) of the Federal Deposit Insurance Act
(12 U.S.C. 1813(q)).
''(2) Bank holding company.--The term 'bank holding
company' has the meaning given to such term in section 2 of the
Bank Holding Company Act of 1956 (12 U.S.C. 1841).
''(3) Insured depository institution.--The term 'insured
depository institution' has the meaning given to such term in
section 3(c) of the Federal Deposit Insurance Act (12 U.S.C.
1813(c)).
''(4) SCAP.--The term 'SCAP' means the Supervisory Capital
Assessment Program conducted by the Board of Governors of the
Federal Reserve System and other Federal regulators, the
results of which were made public on May 7, 2009.
''(5) TLGP.--The term 'TLGP' means the Temporary Liquidity
Guarantee Program, implemented by the Federal Deposit Insurance
Corporation by final rule on November 21, 2008.
''(6) Well capitalized.--With respect to an insured
depository institution, the term 'well capitalized' has the
meaning given to such term in section 38(b)(1)(A) of the
Federal Deposit Insurance Act (12 U.S.C. 1831o(b)(1)(A)).''.
(b) Warrant Liquidation Requirement.--Section 111(g) of the
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5221(g)) is
amended by striking '', at the market price, may liquidate warrants
associated with such assistance'' and inserting ''shall liquidate
warrants associated with such assistance at the current market price,
except as otherwise provided in section 137(c)(2)''.
(c) Repeal of Extension Authority.--Section 120 of the Emergency
Economic Stabilization Act of 2008 (12 U.S.C. 5230) is amended--
(1) in subsection (a), by striking ''(a) Termination.--
The'' and inserting ''The''; and
(2) by striking subsection (b).
(d) Conforming Amendment.--The table of contents for the Emergency
Economic Stabilization Act of 2008 is amended by inserting after the
item relating to section 136 the following new item:

''137. Additional repayment procedures.''.
Output:
TARP Repayment and Termination Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to grant any financial institution that received or receives assistance under the Troubled Asset Relief Program (TARP) the right to repay all of it immediately if the institution will be well capitalized after such repayment and has made any payment due to the Secretary of the Treasury by reason of receiving such assistance.

Allows bank holding companies assessed under the Supervisory Capital Assessment Program (SCAP) to repay all of their TARP assistance immediately if the Secretary determines that they meet specified criteria, including the ability, along with their subsidiary banks, to meet all ongoing funding requirements and obligations to counterparties while reducing reliance on government capital and the Temporary Liquidity Guarantee Program (TLGP).

Directs the Secretary to notify financial institutions unable to repay their TARP assistance of detailed steps to take to put themselves in a position to make such repayment.

Gives financial institutions making a full repayment of TARP assistance the right to repurchase preferred shares purchased or held by the Secretary as a result of the Secretary's exercise of warrants at the same price paid by the Secretary for such shares or warrants.

Requires the Secretary to liquidate at the market price warrants associated with repaid TARP assistance.

Eliminates the Secretary's authority to extend TARP beyond its termination date.