  title xiii pay it back act  sec 1301 short title  this title may be cited as the pay it back act    sec 1302 amendment to reduce tarp authorization  section 115 a of the emergency economic stabilization act of 2008 12 usc 5225 a is amended  1 in paragraph 3  a by striking , $700,000,000,000, as such amount is reduced by $1,259,000,000, as such amount is reduced by $1,244,000,000 and inserting $475,000,000,000 and   b by striking outstanding at any one time and    2 by adding at the end the following  4 for purposes of this subsection, the amount of authority considered to be exercised by the secretary shall not be reduced by  a any amounts received by the secretary before, on, or after the date of enactment of the pay it back act from repayment of the principal of financial assistance by an entity that has received financial assistance under the tarp or any other program enacted by the secretary under the authorities granted to the secretary under this act   b any amounts committed for any guarantees pursuant to the tarp that became or become uncommitted or   c any losses realized by the secretary    5 no authority under this act may be used to incur any obligation for a program or initiative that was not initiated prior to june 25, 2010       sec 1303 report  section 106 of the emergency economic stabilization act of 2008 12 usc 5216 is amended by inserting at the end the following  f report the secretary of the treasury shall report to congress every 6 months on amounts received and transferred to the general fund under subsection d      sec 1304 amendments to housing and economic recovery act of 2008  a sale of fannie mae obligations and securities by the treasury deficit reduction section 304 g 2 of the federal national mortgage association charter act 12 usc 1719 g 2 is amended  1 by redesignating subparagraph c as subparagraph d and   2 by inserting after subparagraph b the following  c deficit reduction the secretary of the treasury shall deposit in the general fund of the treasury any amounts received by the secretary from the sale of any obligation acquired by the secretary under this subsection, where such amounts shall be  i dedicated for the sole purpose of deficit reduction and   ii prohibited from use as an offset for other spending increases or revenue reductions       b sale of freddie mac obligations and securities by the treasury deficit reduction section 306 l 2 of the federal home loan mortgage corporation act 12 usc 1455 l 2 is amended  1 by redesignating subparagraph c as subparagraph d and   2 by inserting after subparagraph b the following  c deficit reduction the secretary of the treasury shall deposit in the general fund of the treasury any amounts received by the secretary from the sale of any obligation acquired by the secretary under this subsection, where such amounts shall be  i dedicated for the sole purpose of deficit reduction and   ii prohibited from use as an offset for other spending increases or revenue reductions       c sale of federal home loan banks obligations by the treasury deficit reduction section 11 l 2 of the federal home loan bank act 12 usc 1431 l 2 is amended  1 by redesignating subparagraph c as subparagraph d and   2 by inserting after subparagraph b the following  c deficit reduction the secretary of the treasury shall deposit in the general fund of the treasury any amounts received by the secretary from the sale of any obligation acquired by the secretary under this subsection, where such amounts shall be  i dedicated for the sole purpose of deficit reduction and   ii prohibited from use as an offset for other spending increases or revenue reductions       d repayment of fees any periodic commitment fee or any other fee or assessment paid by the federal national mortgage association or federal home loan mortgage corporation to the secretary of the treasury as a result of any preferred stock purchase agreement, mortgage-backed security purchase program, or any other program or activity authorized or carried out pursuant to the authorities granted to the secretary of the treasury under section 1117 of the housing and economic recovery act of 2008 public law 110289 122 stat 2683 , including any fee agreed to by contract between the secretary and the association or corporation, 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 1115 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 1115 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    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 1115 123 stat 302 is amended by  1 striking all funds and inserting a and in generalall funds   2 adding at the end the following  b repayment of unobligated funds any discretionary appropriations made available in this division that have not been obligated as of december 31, 2012, are hereby rescinded, and such amounts 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    c presidential waiver authority  1 in general the president may waive the requirements under subsection b , if the president determines that it is not in the best interest of the nation to rescind a specific unobligated amount after december 31, 2012   2 requests the head of an executive agency may also apply to the president for a waiver from the requirements under subsection b        