Treasury's Legislative Proposal From Treasury Department for Authority to Buy Mortgage-Related Assets
Congress is moving rapidly to enact a gigantic taxpayer bailout of the financial sector, with a potential cost of $700 billion or more than $2000 per American citizen. We believe, as Justice Brandeis said, that "Sunlight is the best of disinfectants," and that all legislation ought to be open to public comment and consideration in real-time, not just after the fact. So, as a public service, we're posting the eight-page text of the "Legislative Proposal from Treasury Department for Authority to Buy Mortgage-Related Assets" for public comment.
Read and comment on the Senate's most recent bill, posted October 1, 2008.
TITLE I - Authorizing the Treasury Department to Buy Mortgage-Related Assets
- Sec. 1. Short Title. (14 comments)
- Sec. 2. Purchases of Mortgage-Related Assets. (13 comments)
- Sec. 3. Considerations. (10 comments)
- Sec. 4. Reports to Congress. (3 comments)
- Sec. 5. Rights; Management; Sale of Mortgage-Related Assets. (2 comments)
- Sec. 6. Maximum Amount of Authorized Purchases. (6 comments)
- Sec. 7. Funding. (9 comments)
- Sec. 8. Review. (41 comments)
- Sec. 9. Termination of Authority. (2 comments)
- Sec. 10. Increase in Statutory Limit on the Public Debt. (5 comments)
- Sec. 11. Credit Reform. (1 comment)
- Sec. 12. Definitions. (1 comment)