Updated: Oct 1, 2008
U.S. Senate Committee on Banking, Housing and Urban Affairs
EMERGENCY ECONOMIC STABILIZATION ACT OF 2008
Oct 1, 2008
The latest version of package legislation which includes the Emergency Economic Stabilization Act can be found here: Click link
For one-page summary of the EESA: Click link
For section-by-section analysis of the EESA: Click link
Los Angeles Times
1:27 PM, September 28, 2008
The House Financial Services Committee has released a draft of the financial-system bailout bill — all 110 pages.
Go here (it’s in PDF format).
Just keep in mind that many of the details of the bill still are under discussion, and may be changed before the final version is sent to the House for a vote (expected on Monday).
You won’t find the word “bailout” in the bill’s title, of course. The working title is the “Emergency Economic Stabilization Act of 2008.”
Full text of the bailout bill (subject to revision) | Money & Company | Los Angeles Times.
Bailout Text Summary
Here is summary text of the bailout agreement, via Nancy Pelosi’s office. Boasting about cutting the Paulson $350-billion is specious, as is crowing about the Democrats requiring reforms. I hate politics.
REINVEST, REIMBURSE, REFORM
IMPROVING THE FINANCIAL RESCUE LEGISLATION
Significant bipartisan work has built consensus around dramatic improvements to the original Bush-Paulson plan to stabilize American financial markets — including cutting in half the Administration’s initial request for $700 billion and requiring Congressional review for any future commitment of taxpayers’ funds. If the government loses money, the financial industry will pay back the taxpayers.
3 Phases of a Financial Rescue with Strong Taxpayer Protections
* Reinvest in the troubled financial markets … to stabilize our economy and insulate Main Street from Wall Street
* Reimburse the taxpayer … through ownership of shares and appreciation in the value of purchased assets
* Reform business-as-usual on Wall Street … strong Congressional oversight and no golden parachutes
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My word, that language really states their intent to be oversightful, without one word as to how, except that if Congress doesn’t like the way the first half is spent, it can “disapprove the second half.”
I say let it fall where it will and be what it is, an unsustainable system, so more sustainable changes can be made. Of course, it’s too late, and there was little chance of that in the first place.
G. Orwell was right ! 1984 has arrived w/ alll it’s dire presdictions.
Has anyone (who is voting on this bill, read it?)
It gives the Secetary of athe treasury full and total power over all finincial matters from the smallest residential mortgage to credit unions insurances and oh yes banks! It also makes him totaly immmune to any investigation, as it is written …may not be investigated by any law agency.
PLEASE READ Page 68. Section 122 Increase in Statutory llimit of public debrt. U.S. Code is admended by stricking out the dollar limitation, contained in such subsectiion and inserting in liew thereof $11,315,000,000,000.
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