October 1, 2008 – This morning, the Senate Banking Committee posted online (in PDF) their version of the Emergency Economic Stabilization Act of 2008. The bill, which started life as a three-page measure, reached 110 pages when it was voted down in the House. The Senate's new proposed legislation is included within a 451-page document filled with additional provisions. In order to facilitate a conversation about the specifics, we're parsing the bill's text, and have completed the first part, "Division A: the Emergency Economic Stabilization Act of 2008," posted below for review and commentary.
Unfortunately, because Congress has yet to enter the 21st century by publishing legislative data -- instead of PDF files of bills -- we cannot present the entire bill section by section, for you to review and comment on. (However, if you notice, the file name on the top of the PDF they published shows that the bill originally was an XML file.)
It is appalling that Congress posted this massive document the very day they intend to vote on the bill. Now more than ever, we the taxpayers need to tell Congress enough is enough. We can't expect that citizens or lawmakers themselves can decipher such broad legislation in such a short period of time.
Tell Congress to Read the Bill First! Click here to sign Sunlight's petition. Demand they take at least 72 hours to read the bailout bill!
TITLE I - Troubled Assets Relief Program
- Sec. 101. PURCHASES OF TROUBLED ASSETS. (19 comments)
- Sec. 102. INSURANCE OF TROUBLED ASSETS. (2 comments)
- Sec. 103. CONSIDERATIONS. (4 comments)
- Sec. 104. FINANCIAL STABILITY OVERSIGHT BOARD. (5 comments)
- Sec. 105. REPORTS. (4 comments)
- Sec. 106. RIGHTS; MANAGEMENT; SALE OF TROUBLED ASSETS; REVENUES AND SALE PROCEEDS. (2 comments)
- Sec. 107. CONTRACTING PROCEDURES. (1 comment)
- Sec. 108. CONFLICTS OF INTEREST. (4 comments)
- Sec. 109. FORECLOSURE MITIGATION EFFORTS. (13 comments)
- Sec. 110. ASSISTANCE TO HOMEOWNERS. (18 comments)
- Sec. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE. (8 comments)
- Sec. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS. (5 comments)
- Sec. 113. MINIMIZATION OF LONG-TERM COSTS AND MAXIMIZATION OF BENEFITS FOR TAXPAYERS. (6 comments)
- Sec. 114. MARKET TRANSPARENCY. (4 comments)
- Sec. 115. GRADUATED AUTHORIZATION TO PURCHASE. (5 comments)
- Sec. 116. OVERSIGHT AND AUDITS. (2 comments)
- Sec. 117. STUDY AND REPORT ON MARGIN AUTHORITY. (1 comment)
- Sec. 118. FUNDING. (3 comments)
- Sec. 119. JUDICIAL REVIEW AND RELATED MATTERS. (2 comments)
- Sec. 120. TERMINATION OF AUTHORITY. (1 comment)
- Sec. 121. SPECIAL INSPECTOR GENERAL FOR THE TROUBLED ASSET RELIEF PROGRAM.
- Sec. 122. INCREASE IN STATUTORY LIMIT ON THE PUBLIC DEBT. (3 comments)
- Sec. 123. CREDIT REFORM. (1 comment)
- Sec. 124. HOPE FOR HOMEOWNERS AMENDMENTS.
- Sec. 125. CONGRESSIONAL OVERSIGHT PANEL. (2 comments)
- Sec. 126. FDIC AUTHORITY.
- Sec. 127. COOPERATION WITH THE FBI. (2 comments)
- Sec. 128. ACCELERATION OF EFFECTIVE DATE. (3 comments)
- Sec. 129. DISCLOSURES ON EXERCISE OF LOAN AUTHORITY.
- Sec. 130. TECHNICAL CORRECTIONS.
- Sec. 131. EXCHANGE STABILIZATION FUND REIMBURSEMENT.
- Sec. 132. AUTHORITY TO SUSPEND MARK-TO-MARKET ACCOUNTING. (3 comments)
- Sec. 133. STUDY ON MARK-TO-MARKET ACCOUNTING. (4 comments)
- Sec. 134. RECOUPMENT. (1 comment)
- Sec. 135. PRESERVATION OF AUTHORITY. (1 comment)
- Sec. 136. TEMPORARY INCREASE IN DEPOSIT AND SHARE INSURANCE COVERAGE. (2 comments)
- TITLE II - Budget-Related Provisions
TITLE III - Tax Provisions
- Sec. 301. GAIN OR LOSS FROM SALE OR EXCHANGE OF CERTAIN PREFERRED STOCK. (1 comment)
- Sec. 302. SPECIAL RULES FOR TAX TREATMENT OF EXECUTIVE COMPENSATION OF EMPLOYERS PARTICIPATING IN THE TROUBLED ASSETS RELIEF PROGRAM. (4 comments)
- Sec. 303. EXTENSION OF EXCLUSION OF INCOME FROM DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS. (1 comment)