12 U.S.C. § 5239 — Recoupment
submitted 18 years ago by Pub. L. 110-343 to r/title-12-BANKS-AND-BANKING · 98 words · no verdicts yet
This section requires a later report on TARP's net amount and legislation to recover any shortfall from the financial industry.
After the 5-year period beginning October 3, 2008, the OMB Director*, consulting the CBO Director, must report to Congress the net amount within TARP* under this chapter. If there is a shortfall, the President must submit legislation to recover from the financial industry an amount equal to the shortfall, so TARP does not add to the deficit or national debt.
Upon the expiration of the 5-year period beginning upon October 3, 2008, the Director* of the Office of Management and Budget, in consultation with the Director of the Congressional Budget Office, shall submit a report to the Congress on the net amount within the Troubled Asset Relief Program under this chapter. In any case where there is a shortfall, the President shall submit a legislative proposal that recoups from the financial industry an amount equal to the shortfall in order to ensure that the Troubled Asset Relief Program does not add to the deficit or national debt.
Source credit: (Pub. L. 110–343, div. A, title I, § 134, Oct. 3, 2008, 122 Stat. 3798.)
- 2008Enacted · Pub. L. 110-343 · 122 Stat. 3798
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-343 on 2008-10-03.
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