Page 759

entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this title, to prevent circumven- tion or evasion of this title, or to facilitate compliance with this title.

SEC. 1210. EVALUATION AND REPORTS TO CONGRESS. 12 USC 5628.
For each fiscal year in which a program or project is carried
out under this title, the Secretary shall submit a report to the
Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of Represent-
atives containing a description of the activities funded, amounts
distributed, and measurable results, as appropriate and available.

TITLE XIII—PAY IT BACK ACT Pay It Back Act.

SEC. 1301. SHORT TITLE. 12 USC 5201
note.
This title may be cited as the ‘‘Pay It Back Act’’.

SEC. 1302. AMENDMENT TO REDUCE TARP AUTHORIZATION. Section 115(a) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5225(a)) is amended— (1) in paragraph (3)— (A) by striking ‘‘, $700,000,000,000, as such amount is reduced by $1,259,000,000, as such amount is reduced by $1,244,000,000’’ and inserting ‘‘$475,000,000,000’’; and (B) by striking ‘‘outstanding at any one time’’; and (2) by adding at the end the following: ‘‘(4) For purposes of this subsection, the amount of authority considered to be exercised by the Secretary shall not be reduced by— ‘‘(A) any amounts received by the Secretary before, on, or after the date of enactment of the Pay It Back Act from repayment of the principal of financial assistance by an entity that has received financial assistance under the TARP or any other program enacted by the Secretary under the authorities granted to the Secretary under this Act; ‘‘(B) any amounts committed for any guarantees pursu- ant to the TARP that became or become uncommitted; or ‘‘(C) any losses realized by the Secretary. ‘‘(5) No authority under this Act may be used to incur any obligation for a program or initiative that was not initiated prior to June 25, 2010.’’.

SEC. 1303. REPORT. Section 106 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5216) is amended by inserting at the end the following: ‘‘(f) REPORT.—The Secretary of the Treasury shall report to Congress every 6 months on amounts received and transferred

LAWS to the general fund under subsection (d).’’. PUBLIC with on anorris VerDate Nov 24 2008 22:28 Sep 03, 2010 Jkt 089139 PO 00203 Frm 00759 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 PUBL203