http://www.reuters.com/article/bondsNews/idUSN0150827420081001?sp=true
REVISIONS TO THE $700 BILLION ASSET RESCUE PLAN
* The bill would raise the Federal Deposit Insurance Corp’s current insurance limit to $250,000 per account from $100,000. The FDIC also would receive temporary unlimited borrowing authority from the Treasury under the bill. The measure is intended to boost banking system confidence and could be well-received in wealthier Republican congressional districts.
* Millions of middle-class taxpayers also would get relief in the plan from a one-year fix that will shield them from higher tax rates under the Alternative Minimum Tax. The issue comes up every year and temporary fixes routinely win broad support in Congress.
* The bill includes a package of tax credits and other incentives for renewable energy, such as wind and solar power, cellulosic ethanol and other alternative sources, as well as for purchases of plug-in electric vehicles.
* The bill includes extension of favorable business tax provisions, such as tax credits related to new markets and research and development as well as the tax treatment of costs for retail and restaurant improvements.
* Various other provisions are now included in apparent bids to secure specific votes. Among these are an exemption for excise taxes of certain wooden arrows designed for use by children and more favorable tax treatment of income from litigation over the 1989 Exxon Valdez oil spill in Alaska. The latter provision is aimed squarely at Rep. Don Young, an Alaska Republican who voted against the bill on Monday.
* The bill also gives the Securities and Exchange Commission authority to suspend “mark-to-market” accounting standards to protect investors and the public interest. It also authorizes a study on the advisability of modifications to the practice, which has been blamed for billions of dollars of write-downs by financial services firms, eroding their balance sheets, as they struggle with elusive valuations in an illiquid market.
and is all of this stuff supposed to be paid for out of the $700 Billion?
Um, like where is the part about
DISBANDING FREDDIE AND FANNIE and the COMMUNITY REINVESTMENT ACT since they are the reason we are in this mess?