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TITLE I - Troubled Assets Relief Program

Sec. 106. Rights; Management; Sale of Troubled Assets; Revenues and Sale Proceeds. (2 Comments) subscribe to the comments feed

  1. EXERCISE OF RIGHTS.The Secretary may, at any time, exercise any rights received in connection with troubled assets purchased under this Act.

  2. MANAGEMENT OF TROUBLED ASSETS.The Secretary shall have authority to manage troubled assets purchased under this Act, including revenues and portfolio risks therefrom.

  3. SALE OF TROUBLED ASSETS.The Secretary may, at any time, upon terms and conditions and at a price determined by the Secretary, sell, or enter into securities loans, repurchase transactions, or other financial transactions in regard to, any troubled asset purchased under this Act.

  4. TRANSFER TO TREASURY.Revenues of, and proceeds from the sale of troubled assets purchased under this Act, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under section 113 shall be paid into the general fund of the Treasury for reduction of the public debt.

  5. APPLICATION OF SUNSET TO TROUBLED ASSETS.The authority of the Secretary to hold any troubled asset purchased under this Act before the termination date in section 120, or to purchase or fund the purchase of a troubled asset under a commitment entered into before the termination date in section 120, is not subject to the provisions of section 120.

2 comments on Sec. 106. Rights; Management; Sale of Troubled Assets; Revenues and Sale Proceeds.

  • This section states it all. Every sub heading dealing with this section of the bill starts with ,"The Secretary may",or "The authority of the Secretary",or "The Secretary shall have the authority". All this proves is that Secretary Paulson,who will only be in office into late January,will have the power to do whatever he wants ,with no consequences, and that the entire 700 billion could be spent before he leaves office. This is unheard of power for a Secretary, and must not happen. Vote No,to H.R. 3997,or the Bailout bill,as people like to call it.

    posted by David C. Knoxville,TN at October 1, 2008

  • Again, this gives total discretionary power to Paulson.

    This is insane. Paulson is untrustworthy.

    posted by Nathanael Nerode at October 1, 2008
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