TITLE I - Troubled Assets Relief Program
Sec. 103. CONSIDERATIONS. (4 Comments)
In exercising the authorities granted in this Act, the Secretary shall take into consideration
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protecting the interests of taxpayers by maximizing overall returns and minimizing the impact on the national debt;
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providing stability and preventing disruption to financial markets in order to limit the impact on the economy and protect American jobs, savings, and retirement security;
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the need to help families keep their homes and to stabilize communities;
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in determining whether to engage in a direct purchase from an individual financial institution, the long-term viability of the financial institution in determining whether the purchase represents the most efficient use of funds under this Act;
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ensuring that all financial institutions are eligible to participate in the program, without discrimination based on size, geography, form of organization, or the size, type, and number of assets eligible for purchase under this Act;
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providing financial assistance to financial institutions, including those serving low- and moderate-income populations and other underserved communities, and that have assets less than $1,000,000,000, that were well or adequately capitalized as of June 30, 2008, and that as a result of the devaluation of the preferred government-sponsored enterprises stock will drop one or more capital levels, in a manner sufficient to restore the financial institutions to at least an adequately capitalized level;
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the need to ensure stability for United States public instrumentalities, such as counties and cities, that may have suffered significant increased costs or losses in the current market turmoil;
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protecting the retirement security of Americans by purchasing troubled assets held by or on behalf of an eligible retirement plan described in clause (iii), (iv), (v), or (vi) of section 402(c)(8)(B) of the Internal Revenue Code of 1986, except that such authority shall not extend to any compensation arrangements subject to section 409A of such Code; and
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the utility of purchasing other real estate owned and instruments backed by mortgages on multifamily properties.
4 comments on Sec. 103. CONSIDERATIONS.
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section h. is what this legislation is all about.!! Preserving the retirement security of the executives, judicial and legislator's !!!!-Not the home owners.
posted by Robert price at October 1, 2008 -
Doesn't say what is to happen if he does NOT take these items into consideration. They should put him on short leash.
posted by Anonymous at October 1, 2008 -
The first sentence above states "...the Secretary shall take into consideration". In "government speak" the word "shall" is taken to mean the Secretary "will" (i.e.: is required to) take into consideration. All that means is that Secretary will have to document that the specific subject matters (items a through i above) were talked about/discussed within his office. Whatever he dicides to do after the discussion may or may not be to the benefit of the subject matters discussed. All that matters is that he documents that the subject matters were "considered".
posted by Jim S - A retired government employee. at October 3, 2008 -
"F- providing financial assistance to financial institutions, including those serving low- and moderate-income populations and other underserved communities, and that have assets less than $1,000,000,000, that were well or adequately capitalized as of June 30, 2008, and that as a result of the devaluation of the preferred government-sponsored enterprises stock will drop one or more capital levels, in a manner sufficient to restore the financial institutions to at least an adequately capitalized level;"
posted by Erich Riesenberg at October 5, 2008
This clearly implies paying above market prices.