text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Stop Any TARP Extension Act of 
  2009''.
  
  SEC. 2. FINDINGS.
  
      The Congress finds as follows:
              (1) On October 7, 2008, Congress established the Troubled 
          Assets Relief Program (TARP) as part of the Emergency Economic 
          Stabilization Act (Public 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 consultation 
          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 program.
              (4) The recipients of amounts under the Capital Purchase 
          Program are now faced with additional restrictions related to 
          accepting those funds.
              (5) A number of community banks and large financial 
          institutions have expressed their desire to return 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 Economic 
  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;
                      ``(B) any amounts received by the Secretary for 
                  repayment of financial assistance, for payment of any 
                  interest on the receipt of such financial assistance by 
                  an entity that has received 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 Program; 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 account.--The term 
          `Public Debt Reduction Payment Account' means the account 
          established under section 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:
  ``Sec. 3114. Public Debt Reduction Payment Account
      ``(a) Account Established.--There is hereby established in the 
  Treasury of the United States an account to be known as the Public Debt 
  Reduction Payment Account (hereinafter in this section referred to as 
  the `Account').
      ``(b) Use of Account.--The Secretary of the Treasury 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 retired 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 Account 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 necessary to promptly carry out this section in 
  accordance with sound debt management policies.
      ``(e) Coordination With Debt Management.--Reducing the debt 
  pursuant to this section shall not interfere with the debt management 
  policies or goals of the Secretary 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 deposited 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 receipts 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 
  purposes of--
              (1) the budget of the United States Government as submitted 
          by the President;
              (2) the congressional budget; or
              (3) the Balanced Budget and Emergency Deficit Control Act 
          of 1985.
  
  SEC. 8. REMOVING PUBLIC DEBT REDUCTION PAYMENT ACCOUNT 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 
  congressional 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 instrumentality, 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 Account established by section 3114 of title 31, 
  United States Code, shall be submitted in separate budget documents.
target: Stop Any TARP Extension Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to: (1) terminate on December 31, 2009 (as under current law), the authority of the Secretary of the Treasury to implement the Troubled Asset Relief Program (TARP); and (2) repeal the Secretary's authority to extend the TARP program through October 3, 2010, upon submission of a written certification to Congress.
  
  Revises the requirement that revenues of and proceeds from the sale of troubled assets purchased under TARP, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under TARP, be paid into the general fund of the Treasury for reduction of the public debt.
  
   Establishes the Public Debt Reduction Payment Account. Directs the Secretary to deposit into the Account the following: (1) all remaining EESA funds; (2) amounts received for repayment of financial assistance, as well as payment of interest by a recipient of such assistance under TARP or any related program, including the Capital Purchase Program; and (3) revenues and proceeds from the sale of troubled assets that were purchased under EESA, or from the sale, exercise, or surrender of warrants or senior debt instruments, as under current law.
  
  Instructs the Secretary to: (1) 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; and (2) deposit into the Account specified funds received by the Secretary pursuant to EESA.
  
  Lowers the statutory limit on the public debt by the aggregate amounts deposited into the Public Debt Reduction Payment Account.
  
  Prohibits the receipts and disbursements of the Account from being counted as new budget authority, outlays, receipts, or deficit or surplus for presidential or congressional budget purposes, and requires their exclusion from any official budget statements.
feat_title: 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.