Sec. 602. Financial crisis responsibility fee
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In order to recover the costs to the Federal Government of assistance provided through the Troubled Asset Relief Program and other Federal programs and activities, the Secretary, during the 10-year period beginning in fiscal year 2014 and continuing through the end of fiscal year 2023, shall assess a risk-based Financial Crisis Responsibility Fee that shall collect a total of $30,000,000,000, net of any estimated corporate income tax deductions attributable to the Fee, during that period.
To collect the fee authorized by this section, the Secretary shall establish, by regulation, an assessment schedule by fiscal year, including assessment base and rates, that— is designed, in the Secretary’s judgment, to result in the collection of a total of $30,000,000,000, net of the estimated corporate income tax deduction, by the end of fiscal year 2023; and shall apply to— a top-tiered covered firm, with respect to the group consisting of such top-tier covered firm and each other covered firm controlled by such top-tier covered firm; and a covered firm, if such covered firm is not controlled by a top-tier covered firm.
To promote the full recovery of the economy and financial sector, the Secretary shall phase-in the assessment rate over the 10-year period, in a manner determined by the Secretary. For each fiscal year, starting with fiscal year 2015, the Secretary— shall apply the fee to— a top-tiered covered firm, with respect to the group consisting of such top-tier covered firm and each other covered firm controlled by such top-tier covered firm; and a covered firm, if such covered firm is not controlled by a top-tier covered firm; and shall adjust the rates under this subsection in a manner that is designed, in the judgment of the Secretary, to result in the collection of a total of $30,000,000,000, net of the estimated corporate income tax deduction, by the end of fiscal year 2023.
If the estimated cost of the Troubled Asset Relief Program, as projected in the Fiscal Year 2024 Budget of the U.S. Government, exceeds the total fee collections received as of the end of Fiscal Year 2023, the Secretary shall extend the operation of the Fee beyond the end of fiscal year 2023 in order to collect such excess amount. In order to collect, by the end of fiscal year 2028, the excess amount determined under paragraph (d), the Secretary shall establish, by regulation, an assessment schedule, including assessment base and rates, that— is designed, in the judgment of the Secretary, to result in the collection of such excess amount by the end of fiscal year 2028; and shall apply to— a top-tiered covered firm, with respect to the group consisting of such top-tier covered firm and each other covered firm controlled by such top-tier covered firm; and a covered firm, if such covered firm is not controlled by a top-tier covered firm.
For each fiscal year, starting with fiscal year 2024, the Secretary— shall apply the fee required by this section to— a top-tiered covered firm, with respect to the group consisting of such top-tier covered firm and each other covered firm controlled by such top-tier covered firm; and a covered firm, if such covered firm is not controlled by a top-tier covered firm; and shall adjust the rates under this subsection in a manner that is designed, in the judgment of the Secretary, to result in the collection of such excess amount as may be determined under this section by the end of fiscal year 2028.
All amounts collected pursuant to the fee, during fiscal year 2014 and each fiscal year thereafter (including during the extension period, if applicable)— shall be deposited and credited as general revenue of the Treasury for the purposes of deficit reduction; and shall not be available for obligation.