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12 SEC. 115. GRADUATED AUTHORIZATION TO PURCHASE.
13 (a) AUTHORITY.—The authority of the Secretary to
14 purchase troubled assets under this Act shall be limited
15 as follows:
16 (1) Effective upon the date of enactment of this
17 Act, such authority shall be limited to
18 $250,000,000,000 outstanding at any one time.
19 (2) If at any time, the President submits to the
20 Congress a written certification that the Secretary
21 needs to exercise the authority under this paragraph,
22 effective upon such submission, such authority shall
23 be limited to $350,000,000,000 outstanding at any
24 one time.

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1 (3) If, at any time after the certification in
2 paragraph (2) has been made, the President trans
3 mits to the Congress a written report detailing the
4 plan of the Secretary to exercise the authority under
5 this paragraph, unless there is enacted, within 15
6 calendar days of such transmission, a joint resolu-
7 tion described in subsection (c), effective upon the
8 expiration of such 15-day period, such authority
9 shall be limited to $700,000,000,000 outstanding at
10 any one time.
11 (b) AGGREGATION OF PURCHASE PRICES.—The
12 amount of troubled assets purchased by the Secretary out-
13 standing at any one time shall be determined for purposes
14 of the dollar amount limitations under subsection (a) by
15 aggregating the purchase prices of all troubled assets held.
16 (c) JOINT RESOLUTION OF DISAPPROVAL.—
17 (1) IN GENERAL.—Notwithstanding any other
18 provision of this section, the Secretary may not exer-
19 cise any authority to make purchases under this Act
20 with regard to any amount in excess of
21 $350,000,000,000 previously obligated, as described
22 in this section if, within 15 calendar days after the
23 date on which Congress receives a report of the plan
24 of the Secretary described in subsection (a)(3), there
25 is enacted into law a joint resolution disapproving

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1 the plan of the Secretary with respect to such addi-
2 tional amount.