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TITLE I - Troubled Assets Relief Program

Sec. 112. Coordination With Foreign Authorities and Central Banks. (1 Comment) subscribe to the comments feed

The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.

1 comment on Sec. 112. Coordination With Foreign Authorities and Central Banks.

  • The establishment of similar programs by foreign authorities or central banks is outside the control of the Secretary, the Congress and the United States government as a whole. The suggestion that the Secretary "shall coordinate" such programs is speculative and fails to adequately counter balance the risk of qualifying troubled assets held by foreign institutions.

    Significant safe-guards must be implemented around this special class of assets. This should not be left to the discretion of the Secretary without at least a framework of timely reporting. Such assets should be excluded until such a time as foreign authorities or central banks have instituted so-called "similar programs".

    The U.S. tax-payer should be engaged with the international community in responsible action, not held to account and fund the freely made decisions of foreign institutions alone and without guarantee.

    posted by R. Murnen (private citizen) at September 29, 2008
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