RESCISSIONS.

SEC. 1003. RESCISSIONS. (a) Exchange Stabilization Fund.— (1) Immediate rescission.—Of the unobligated balances made available under section 4027 of the CARES Act (15 U.S.C. 9061), $429,000,000,000 shall be permanently rescinded on the date of enactment of this Act. (2) Subsequent rescission of remaining funds.— (A) In general.—Except as provided in subparagraph (C), any remaining unobligated balances made available under section 4027 of the CARES Act (15 U.S.C. 9061) shall be permanently rescinded on January 9, 2021. (B) Applicability.—Notwithstanding the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.) or any other provision of law, the rescission in subparagraph (A) shall apply to— (i) the obligated but not disbursed credit subsidy cost of all loans, loan guarantees, and other investments that the Secretary of the Treasury has made or committed to make under section 4003(b)(4) of the CARES Act (15 U.S.C. 9042(b)(4)); and (ii) the obligated and disbursed credit subsidy cost of all loans, loan guarantees, and other investments that— (I) the Secretary of the Treasury has made or committed to make under section 4003(b)(4) of the CARES Act (15 U.S.C. 9042(b)(4)); and (II) are not needed to meet the commitments, as of January 9, 2021, of the programs and facilities established under section 13(3) of the Federal Reserve Act (12 U.S.C. 343(3)) in which the Secretary of the Treasury has made or committed to make a loan, loan guarantee, or other investment using funds appropriated under section 4027 of the CARES Act (15 U.S.C. 9061). (C) Exceptions.— (i) Administrative expenses.—The $100,000,000 made available under section 4003(f) of the CARES Act (15 U.S.C. 9042(f)) to pay costs and administrative expenses— (I) shall not be rescinded under this paragraph; and (II) shall be used exclusively for the specific purposes described in that section. (ii) Special inspector general for pandemic recovery.—The $25,000,000 made available under section 4018(g) of the CARES Act (15 U.S.C. 9053(g)) forthe Special Inspector General for Pandemic Recovery— (I) shall not be rescinded under this paragraph; and (II) shall be used exclusively for the specific purposes described in that section. (iii) Congressional oversight commission.—Of the amounts made available under section 4027 of the CARES Act (15 U.S.C. 9061) for the Congressional Oversight Commission established under section 4020 of that Act (15 U.S.C. 9055), $5,000,000— (I) shall not be rescinded under this paragraph; and (II) shall be used exclusively for the expenses of the Congressional Oversight Commission set forth in section 4020(g)(2) of that Act. (b) Loans, Loan Guarantees, and Other Investments.— (1) [15 U.S.C. 9042 note] In general.—Effective on January 9, 2021, section 4003 of the CARES Act (15 U.S.C. 9042) is amended— (A) in subsection (a), by striking “ $500,000,000,000” and inserting “ $0”; and (B) in subsection (b)— (i) in paragraph (1), by striking “25,000,000,000” and inserting “0”; (ii) in paragraph (2), by striking “ $4,000,000,000” and inserting “0”; (iii) in paragraph (3), by striking “ $17,000,000,000” and inserting “0”; and (iv) in paragraph (4), in the matter preceding subparagraph (A), by striking “ $454,000,000,000” and inserting “ $0”. (2) [15 U.S.C. 9042 note] Rule of construction.—The amendments made under paragraph (1) shall not be construed to affect obligations incurred by the Department of the Treasury before January 1, 2021.