§5239 — Title 12 Banks and Banking | U.S. Code

Summary

Five years after October 3, 2008, the Director of the Office of Management and Budget, working with the Director of the Congressional Budget Office, must report to Congress the net amount in the Troubled Asset Relief Program. If the report shows a shortfall, the President must send a legislative proposal (a bill) to recover that shortfall from the financial industry so the program does not add to the federal deficit or national debt.

Title 12, §5239

Banks and Banking — Source: USLM XML via OLRC

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.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in text, was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see

Short Title

note set out under section 5201 of this title and Tables.

§5239 Recoupment