PublicMarkup.org - Sec. 3. Considerations. - Dodd's Legislative Proposal From Treasury Department for Authority to Buy Mortgage-Related Assets

The public comment period for this legislation has now ended.

TITLE I - Authorizing the Treasury Department to Buy Mortgage-Related Assets

Sec. 3. Considerations. (7 Comments)

Before establishing a program under this Act, the Secretary shall make a finding that such program is necessary

to provide stability or preventing disruption to the financial markets or banking system; and
to protect the taxpayer.

Sec. 2 (37 comments)

Sec. 4 (36 comments)

7 comments on Sec. 3. Considerations.

"the Secretary shall make a finding that such program is necessary..." - how shall the finding be made? Are there benchmarks or other quantifiable measures that can be used so that this is independently verifiable?
posted by James Newman, http://james.bemusedart.com at September 22, 2008
Additional: the oversight committee in Section 4 (following) hints at some answer to the above question, but again, quantitative and independently verifiable measures are lacking.
posted by James Newman, http://james.bemusedart.com at September 22, 2008
What does, "protect the taxpayer," actually mean? Why is a term like this not defined more explicitly?
posted by Anonymous at September 23, 2008
This provision just codifies a needed formality: The Treasury Secretary is required to put into writing his agreement that this program is necessary for the reasons listed. It isn't a substantive provision. It just basically says, "Mr. Paulson, we think this bill will do a. and b. - do you agree?"
posted by Mithras Invicti, blog Fables of the Reconstruction at September 23, 2008
Wide open here. "a" and "b" could be construed to mean anything.
posted by Craig Bryant, Citizen at September 28, 2008
Didn't the Secretary already make his position perfectly clear? How is he required to protect the taxpayers, and how will he be held accountable.
posted by Elementary School Teacher at September 28, 2008
You call this oversight? When the money is spent, if this fails, then you have legislated your ability to point fingers; but, not one single pro-active piece of legislation to have a hand on the controls. Furthermore, our leaders have not held-out for major concessions from the administration - of any sort.
posted by Disgusted Democrat Voter at September 28, 2008

Sec. 2 (37 comments)

Sec. 4 (36 comments)

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