U.S. Congress - H.R.189 To repeal the Troubled Asset Relief Program and to prevent future bailouts.
H.R.189 - To repeal the Troubled Asset Relief Program and to prevent future bailouts.
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- Official: To repeal the Troubled Asset Relief Program and to prevent future bailouts. as introduced.
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Official Summary
1/5/2011--Introduced.Repeals all but specified provisions (among them the temporary increase to $250,000 in deposit and share insurance coverage) of title I (Troubled Asset Relief Program) (TARP) of the Emergency Economic Stabilization Act of 2008. Restores or revives the provisions of lawOfficial Summary
1/5/2011--Introduced.Repeals all but specified provisions (among them the temporary increase to $250,000 in deposit and share insurance coverage) of title I (Troubled Asset Relief Program) (TARP) of the Emergency Economic Stabilization Act of 2008. Restores or revives the provisions of law amended or repealed by such title as if it had not been enacted. Directs the Secretary of the Treasury to:(1) maintain oversight of all outstanding funds received by an entity under TARP until they are repaid; and
(2) dispose of all assets received by the Treasury under TARP in a manner so as to maximize the overall return from them. Declares that Congress finds that the federal government should not:
(1) provide TARP-like programs or other bailouts for entities in the private sector; or
(2) act as a creditor of last resort to the private sector. Prohibits Congress from making any law providing a bailout for one or more entities in the private sector.
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