[H.R.384.RFS] Section 201

(a) Commitment of Resources- Notwithstanding any provision of title I of the Emergency Economic Stabilization Act of 2008, not later than seven days after the date of the enactment of the TARP Reform and Accountability Act of 2009, the Secretary of the Treasury (in this title referred to as the `Secretary') shall commit funds made available to the Secretary under title I of the Emergency Economic Stabilization Act of 2008 in an amount of at least $100,000,000,000, unless the Secretary certifies otherwise under subsection (d), but in no case less than $40,000,000,000, for the purposes of foreclosure mitigation. Not less than $20,000,000,000 of this amount shall be dedicated to the program described under section 204 of this Act. The Secretary shall consult with the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation regarding the administration of the program.

(b) Plan Required- Notwithstanding any provision of title I of the Emergency Economic Stabilization Act of 2008, none of the funds otherwise available to the Secretary pursuant to section 115(a)(3) of such Act shall be available to the Secretary after March 15, 2009, unless a comprehensive plan to use the funds committed under subparagraph (a) to prevent and mitigate foreclosures on residential properties, in accordance with the requirements of this title, has been developed by the Secretary and approved by the Financial Stability Oversight Board by such date.

(c) Implementation Required- The Secretary shall begin to implement the comprehensive plan established pursuant to subsection (b) by not later than April 1, 2009.

(d) Certification- If the Secretary does not commit at least $100,000,000,000 in the plan established under subsection (b), the Secretary shall certify to the Congress in the plan the specific reasons that such amounts have not been committed.

(e) Clarification- For purposes of this title, the term `residential properties' shall include 1- to 4-family residential properties.

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