Sec. 1003. Rescissions
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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balances made available under section 4027 of the CARES Act ( 15 U.S.C. 9061 ), $429,000,000,000 shall be permanently rescinded on the date of enactment of this Act. 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unobligated balances made available under section 4027 of the CARES Act ( 15 U.S.C. 9061 ) shall be permanently rescinded on January 9, 2021. 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— 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 the obligated and 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 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 ). 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under section 4003(f) of the CARES Act ( 15 U.S.C. 9042(f) ) to pay costs and administrative expenses— shall not be rescinded under this paragraph; and shall be used exclusively for the specific purposes described in that section. The $25,000,000 made available under section 4018(g) of the CARES Act ( 15 U.S.C. 9053(g) ) for the Special Inspector General for Pandemic Recovery— shall not be rescinded under this paragraph; and shall be used exclusively for the specific purposes described in that section. 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Oversight Commission established under section 4020 of that Act ( 15 U.S.C. 9055 ), $5,000,000— shall not be rescinded under this paragraph; and shall be used exclusively for the expenses of the Congressional Oversight Commission set forth in section 4020(g)(2) of that Act. Effective on January 9, 2021, section 4003 of the CARES Act ( 15 U.S.C. 9042 ) is amended— in subsection (a), by striking $500,000,000,000 and inserting $0 ; and in subsection (b)— in paragraph (1), by striking 25,000,000,000 and inserting 0 ; in paragraph (2), by striking $4,000,000,000 and inserting 0 ; in paragraph (3), by striking $17,000,000,000 and inserting 0 ; and in paragraph (4), in the matter preceding subparagraph (A), by striking $454,000,000,000 and inserting $0 . The amendments made under paragraph
(1)shall not be construed to affect obligations incurred by the Department of the Treasury before January 1, 2021.
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