Text of the 106 page Bailout Bill

CNNMoney ^ | 9/28/2008 | CNNMoney

[Red in Blue PA]

Text of the abomination for those interested.

[icwhatudo]

BULLSH*T BONE THROWN TO HOUSE RPUBS:

"Treasury may establish an insurance program - with risk-based premiums paid by the industry - to guarantee companies' troubled assets, including mortgage-backed securities, purchased before March 18, 2008."

[Red in Blue PA]

[DISCUSSION DRAFT]
SEPTEMBER 28, 2008
110TH CONGRESS
2D SESSION H. R. ll
To provide authority for the Federal Government to purchase certain types
of troubled assets for the purposes of providing stability to and preventing
disruption in the economy and financial system and protecting
taxpayers, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
Ml. llllll introduced the following bill; which was referred to the
Committee on llllllllllllll
A BILL
To provide authority for the Federal Government to purchase
certain types of troubled assets for the purposes of providing
stability to and preventing disruption in the economy
and financial system and protecting taxpayers, and
for other purposes.
1 Be it enacted by the Senate and House of Representa2
tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
4 (a) SHORT TITLE.—This Act may be cited as the
5 ‘‘Emergency Economic Stabilization Act of 2008’’.

1 (b) TABLE OF CONTENTS.—The table of contents for
2 this Act is as follows:
Sec. 1. Short title and table of contents.
Sec. 2. Purposes.
Sec. 3. Definitions.
TITLE I—TROUBLED ASSETS RELIEF PROGRAM
Sec. 101. Purchases of troubled assets.
Sec. 102. Insurance of troubled assets.
Sec. 103. Considerations.
Sec. 104. Financial Stability Oversight Board.
Sec. 105. Reports.
Sec. 106. Rights; management; sale of troubled assets; revenues and sale proceeds.
Sec. 107. Contracting procedures.
Sec. 108. Conflicts of interest.
Sec. 109. Foreclosure mitigation efforts.
Sec. 110. Assistance to homeowners and localities.
Sec. 111. Executive compensation and corporate governance.
Sec. 112. Coordination with foreign authorities and central banks.
Sec. 113. Minimization of long-term costs and maximization of benefits for taxpayers.
Sec. 114. Market transparency.
Sec. 115. Graduated authorization to purchase.
Sec. 116. Oversight and audits.
Sec. 117. Study and report on margin authority.

Sec. 118. Funding.
Sec. 119. Judicial review and related matters.
Sec. 120. Termination of authority.
Sec. 121. Special Inspector General For The Troubled Asset Relief Program.
Sec. 122. Increase in statutory limit on the public debt.
Sec. 123. Credit reform.
Sec. 124. HOPE for Homeowners amendments.
Sec. 125. Congressional Oversight Panel.
Sec. 126. FDIC enforcement enhancement.
Sec. 127. Cooperation with the FBI.
Sec. 128. Acceleration of effective date.
Sec. 129. Disclosures on exercise of loan authority.
Sec. 130. Technical corrections.
Sec. 131. Exchange Stabilization Fund reimbursement.
Sec. 132. Suspension of mark-to-market accounting.
Sec. 133. Study on mark-to-market accounting.
Sec. 134. Recoupment.
Sec. 135. Preservation of authority.
TITLE II—BUDGET-RELATED PROVISIONS
TITLE II—BUDGET-RELATED PROVISIONS
Sec. 201. Information for congressional support agencies.
Sec. 202. Reports by the Office of Management and Budget and the Congressional
Budget Office.
Sec. 203. Analysis in President’s Budget.
TITLE III—TAX PROVISIONS
Sec. 301. Gain or loss from sale or exchange of certain preferred stock.
Sec. 302. Extension of exclusion of income from discharge of qualified principal
residence indebtedness.

[trisham]

Thanks. I always have a problem on my computer with PDF files.

[HuntsvilleTxVeteran]

[DISCUSSION DRAFT]
SEPTEMBER 28, 2008
110TH CONGRESS
2D SESSION H. R. ll
To provide authority for the Federal Government
to purchase certain types of troubled assets for
the purposes of providing stability to and
preventing disruption in the economy and financial
system and protecting taxpayers, and for other purposes.

[Red in Blue PA]

Try another browser

[freeangel]

You didn’t really think that a version without a planned and funded voter fraud by the democrats would fly, did you?

[cripplecreek]

Based on the first page I’m saying NO SALE.

[TLI]

Looks that way

[goldstategop]

It loads fine with Internet Explorer. I think its a Firefox flaw.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[mass55th]

All I’m getting is a gray page.

[dragnet2]

To provide authority for the Federal Government to purchase certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, and for other purposes.

[icwhatudo]

Mozilla Firefox will not open this file. USE IE OR ANOTHER BROWSER!!

[Bloody Sam Roberts]

Good to see the following provision included:

SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE.

(C) a prohibition on the financial institution making any golden parachute payment to its senior executive officers during the period that the Secretary holds an equity position in the financial institution.

[NoGrayZone]

ø(A) 65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regu4 latory Reform Act of 1992 (12 U.S.C. 4568);

What is that?

[goldstategop]

Its NOT mandatory. Its optional. That's one reason oppose it. Along with the ACORN funding junk. I noted it was a discussion draft. We'll have to see the final version.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[444Flyer]

I refuse to read this without the presence of my attorney./s

[Red in Blue PA]

WHAT A JERK!!!!!!!!!!!!

Obama: McCain Gets No Credit for Wall Street Bailout

http://elections.foxnews.com/2008/09/28/obama-mccain-gets-credit-wall-street-bailout

[dragnet2]

ACORN is STILL IN THERE (Page 22 - lines 1 thru 8)

1 ø(A) 65 percent shall be deposited into the
2 Housing Trust Fund established under section
3 1338 of the Federal Housing Enterprises Regu4
latory Reform Act of 1992 (12 U.S.C. 4568);
5 and¿
6 ø(B) 35 percent shall be deposited into the
7 Capital Magnet Fund established under section
8 1339 of that Act (12 U.S.C. 4569).¿

[NoGrayZone]

http://cdfi.org/uploads/other/Capital%20Magnet%20Fund%20Overview.pdf

“35 percent shall be deposited into the
Capital Magnet Fund established under section
1339 of that Act (12 U.S.C. 4569).¿”

I dont like that one bit!

[icwhatudo]

TAXPAYERS ARE BAILING OUT FOREIGN BANKS:

7 SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES 8 AND CENTRAL BANKS.

9 The Secretary shall coordinate, as appropriate, with 10 foreign financial authorities and central banks to work to11 ward the establishment of similar programs by such au12 thorities and central banks. To the extent that such for13 eign financial authorities or banks hold troubled assets as 14 a result of extending financing to financial institutions 15 that have failed or defaulted on such financing, such trou16 bled assets qualify for purchase under section 101.