[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7306 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7306

To immediately terminate the authority of the Secretary of the Treasury 
  under the Emergency Economic Stabilization Act of 2008 to purchase 
 troubled assets and to make a portion of the unused funding for such 
 program available to meet critical infrastructure needs in the United 
                                States.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 20, 2008

 Mr. Gohmert introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committees on 
  Transportation and Infrastructure, Energy and Commerce, and Natural 
 Resources, for a period to be subsequently determined by the Speaker, 
 in each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
To immediately terminate the authority of the Secretary of the Treasury 
  under the Emergency Economic Stabilization Act of 2008 to purchase 
 troubled assets and to make a portion of the unused funding for such 
 program available to meet critical infrastructure needs in the United 
                                States.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stop the Treasury Office 
Nationalization of the Economy Act of 2008'' or ``STONE''.

SEC. 2. TERMINATION OF AUTHORITY.

    (a) In General.--The authorities provided under section 101(a) of 
the Emergency Economic Stabilization Act of 2008 (Public Law 110-343), 
excluding section 101(a)(3) of such Act, and 102 shall terminate 
immediately upon the enactment of this Act.
    (b) Rule of Construction.--The termination under subsection (a) 
shall apply to any authority of the Secretary of the Treasury under the 
Emergency Economic Stabilization Act of 2008 to purchase preferred or 
other stock or equity in any financial institution.
    (c) Repeal of Authority for Final Tranche of Funding.--Section 115 
of the Emergency Economic Stabilization Act of 2008 (Public Law 110-
343) is amended--
            (1) in subsection (a), by striking paragraph (3); and
            (2) by striking subsections (c), (d), (e), and (f).
    (d) Conforming Amendment.--The Emergency Economic Stabilization Act 
of 2008 is amended by striking section 120.

SEC. 3. USE OF $100 BILLION OF TARP FUNDS FOR CRITICAL INFRASTRUCTURE 
              NEEDS.

    (a) Availability of TARP Funds.--Effective upon the enactment of 
this Act, of the amounts of authority made available pursuant to 
paragraphs (1) and (2) of section 115(a) of the Emergency Economic 
Stabilization Act of 2008 (Public Law 110-343) to purchase troubled 
assets that remain unused as of such date of enactment, 
$100,000,000,000 shall be available, notwithstanding any provision of 
such Act, for use only for the purposes specified in subsection (b) of 
this section.
    (b) Use for Critical Transportation Infrastructure Needs.--The 
amount made available under subsection (a) may be used for any purpose 
eligible under chapters 1, 2, or 3 of title I of H.R. 7110 as passed 
the House on September 26, 2008.
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