Page:United States Statutes at Large Volume 124.djvu/2161

 124 STAT. 2135 PUBLIC LAW 111–203—JULY 21, 2010 (Public Law 110–289; 122 Stat. 2683), including any fee agreed to by contract between the Secretary and the Association or Cor- poration, shall be deposited in the General Fund of the Treasury where such amounts shall be— (1) dedicated for the sole purpose of deficit reduction; and (2) prohibited from use as an offset for other spending increases or revenue reductions. SEC. 1305. FEDERAL HOUSING FINANCE AGENCY REPORT. The Director of the Federal Housing Finance Agency shall submit to Congress a report on the plans of the Agency to continue to support and maintain the Nation’s vital housing industry, while at the same time guaranteeing that the American taxpayer will not suffer unnecessary losses. SEC. 1306. REPAYMENT OF UNOBLIGATED ARRA FUNDS. (a) REJECTION OF ARRA FUNDS BY STATE.—Section 1607 of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5; 123 Stat. 305) is amended by adding at the end the following: ‘‘(d) STATEWIDE REJECTION OF FUNDS.—If funds provided to any State in any division of this Act are not accepted for use by the Governor of the State pursuant to subsection (a) or by the State legislature pursuant to subsection (b), then all such funds shall be— ‘‘(1) rescinded; and ‘‘(2) deposited in the General Fund of the Treasury where such amounts shall be— ‘‘(A) dedicated for the sole purpose of deficit reduction; and ‘‘(B) prohibited from use as an offset for other spending increases or revenue reductions.’’. (b) WITHDRAWAL OR RECAPTURE OF UNOBLIGATED FUNDS.— Title XVI of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5; 123 Stat. 302) is amended by adding at the end the following: ‘‘SEC. 1613. WITHDRAWAL OR RECAPTURE OF UNOBLIGATED FUNDS. ‘‘Notwithstanding any other provision of this Act, if the head of any executive agency withdraws or recaptures for any reason funds appropriated or otherwise made available under this division, and such funds have not been obligated by a State to a local government or for a specific project, such recaptured funds shall be— ‘‘(1) rescinded; and ‘‘(2) deposited in the General Fund of the Treasury where such amounts shall be— ‘‘(A) dedicated for the sole purpose of deficit reduction; and ‘‘(B) prohibited from use as an offset for other spending increases or revenue reductions.’’. (c) RETURN OF UNOBLIGATED FUNDS BY END OF 2012.—Section 1603 of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5; 123 Stat. 302) is amended by— (1) striking ‘‘All funds’’ and inserting ‘‘(a) IN GENERAL.— All funds’’; and (2) adding at the end the following: ‘‘(b) REPAYMENT OF UNOBLIGATED FUNDS.—Any discretionary appropriations made available in this division that have not been Rescission.