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Senate Committee on Banking, Housing, and Urban AffairsIntroducedApril 22nd, 2009
- senate Committees
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Debt Reduction Priority Act
A bill to require the Secretary of the Treasury to use any amounts repaid by a financial institution that is a recipient of assistance under the Troubled Assets Relief Program for debt reduction.
Debt Reduction Priority Act - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to require the Secretary of the Treasury to establish a procedure for: (1) depositing in the General Fund of the Treasury amounts received for repayment of financial assistance or payment of interest on the receipt of such assistance by an entity under the Troubled Asset Relief Program (TARP) or any program enacted by the Secretary under the authorities granted under such Act, including the Capital Purchase Program; and (2) dedication of any such amounts so received for the sole purpose of debt reduction.