AMENDMENT TO REDUCE TARP AUTHORIZATION.

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 pursuant 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.”.