Posted on 09/20/2008 10:17:51 AM PDT by Fox_Mulder77
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY
TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1. Short Title.
This Act may be cited as ____________________.
Sec. 2. Purchases of Mortgage-Related Assets.
(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;
(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and
(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.
Sec. 3. Considerations.
In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--
(1) providing stability or preventing disruption to the financial markets or banking system; and
(2) protecting the taxpayer.
Sec. 4. Reports to Congress.
Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.
Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.
(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.
(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.
(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
(d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.
Sec. 6. Maximum Amount of Authorized Purchases.
The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time
Sec. 7. Funding.
For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Sec. 9. Termination of Authority.
The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
Sec. 10. Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
Sec. 11. Credit Reform.
The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.
Sec. 12. Definitions.
For purposes of this section, the following definitions shall apply:
(1) Mortgage-Related Assets.--The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.
(2) Secretary.--The term “Secretary” means the Secretary of the Treasury.
(3) United States.--The term “United States” means the States, territories, and possessions of the United States and the District of Columbia.
A Dictatorship?
LOL
You sound just like a dem....lol!
You need to read up on the Democrat fingerprints on this scam and stop running from thread to thread trying to blame President Bush and everyone BUT the democrats.
You are working too hard to provide cover for them it would appear.
FYI...I am rather busy today. Multi-tasking posting things all over the internet before the Obama Brownshirts get out in force again...(eye roll)
Now, let's not get ahead of ourselves here. Just because someone *has* unlimited, nigh-cosmic power totally bereft of judicial or legislative oversight doesn't mean they're going to *use* it.
* * * * *
(Heck, who am I kidding. I'd give myself a Lamborghini with flamethrowers to cut through DC traffic if I had this kind of top cover.)
* * * * *
No worries, though. I'm sure we'll get a wise, judicious ruling from the Supreme Court on this matter, sometime around December
of 2036.
Section 8 is the killer
Sadly, I think the Dems are going to make that happen even if McCain wins.... not trying to knock McCain or the Republicans, but I don't think they have the gonads to stave off the parasites in our country!!
http://www.nytimes.com/2008/09/21/business/21draftcnd.html?_r=1&ref=business&oref=slogin
Maybe the Admin Moderator can add the link to your post?
Government is not the answer to our problems. Government is the problem.
Whatever...
These are all members of the CFR - below.
Condolezza Rice;Secretary of State
William Jefferson Clinton; former President of the United States
Greenspan; Gates;
Baker; Madeline Albright; Dick Cheney; Henry “Hank” Paulson;
David Rockefeller; Henry Kissinger; Zebinew Brizinski; James “Jimmy” Carter
A NEW AXIS OF EVIL
America is purposely and intentionally being broken down piece by piece: Taking away our middle class, reducing the value of our dollar, allowing drug smugglers to easily cross our borders, allowing illegal workers to cross our borders, out-sourcing our jobs and all of our industry, ignoring the line between chuch and state, spending endless money in Iraq, keeping the minimum wage low, allowing the oil companies to rape us.
Ignore post #48
This is much more informative.
http://www.modernhistoryproject.org/mhp/ArticleDisplay.php?Article=FinalWarn05-3
This Act may be cited as ____________________.
The Mayer Amschel Rothschild Act
“Give me control of a nation’s money
and I care not who makes the laws.”
During the 1920’s, America enjoyed a decade of prosperity, fueled by the easy availability of credit. Between 1923 and 1929 the Federal Reserve expanded the money supply by sixty-two percent. When the stock market crashed, many small investors were ruined, but not “insiders.” In March of 1929 Paul Warburg issued a tip the Crash was coming, and the largest investors got out of the market, according to Allen and Abraham in “None Dare Call it Conspiracy.”
With their fortunes intact, they were able to buy companies for a fraction of their worth. Shares that had sold for a dollar might now cost a nickel, and the buying power, and wealth, of the rich increased enormously.
Louis McFadden, Chairman of the House Banking Committee declared: “It was not accidental. It was a carefully contrived occurrence...The international bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all.”
Excerpt:
http://www.conspiracyarchive.com/NWO/Council_Foreign_Relations.htm
Whew, it’s down to only $700B now .... that’s a relief!
"If it's Raines, we're poorer..."
The precedent this sets is very, very serious.
When Jamie Gorelick applies for a job, shoot her on sight
Sounds unconstitutional to me. Got a link?
Oil-for-food is likely as not the source of most of the design of this scam.
The “cure” appears to be worse than the disease. Let ‘em die. They’re rotten to the core anyway. We may suffer in the short term but we’ll survive and be stronger for it. Long live the Republic!
And prosecute the corrupt thieves and congressmen involved. Lengthy prison terms for the guilty are in order.
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