Treasury's Legislative Proposal From Treasury Department for Authority to Buy Mortgage-Related Assets
Title I - Authorizing the Treasury Department to Buy Mortgage-Related Assets
Sec. 2. Purchases of Mortgage-Related Assets.
Authority to Purchase.The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
Necessary Actions.The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
appointing such employees as may be required to carry out the authorities in this Act and defining their duties;
entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and
issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.