The public comment period for this legislation has now ended.

TITLE I - Troubled Assets Relief Program

Sec. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS. (5 Comments) 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.

5 comments on Sec. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS.

  • This provision allows the Secretary to buy troubled assets from foreign banks. It actually seems to conflict with the limitation referenced in section 101 which defines "troubled assets." In other words, it gives broad authority to Paulson to buy any troubled asset owned by a bank or foreign government anywhere in the worldWhere am I wrong?

    posted by Photontorpedotube at October 1, 2008

  • Photo, many people think you are right and are outraged. It should at least specify US sourced assets.
    Then there is the One World Government theorists who think the Germans/ Europeans are pulling the strings here. Maybe they're right.
    Anyway how can these high priced legislators be so sloppy in this section.

    posted by CB at October 1, 2008

  • I do not think you are wrong at all. Downsize DC says the samething ...

    I doubt you will see this in the mainstream media conglomerates.

    posted by Batman at October 1, 2008

  • this language is fantastically vague. but I don't see One World Government here. What this bill essentially does is order up 700 billion dollars to go towards the further expansion of our central banking system. It widens the scope of activities that our government can engage in from a banking perspective. This provision meerly accounts for the global nature of finance, allowing the treasury to buy and sell foreign assets (just as any private financial institution would).

    Do I think it's wrong for our government to be playing like a private financial institution... with tax dollars or monopoly money from their own presses? Yes.

    Also note that "sunset" isn't mentioned here. this is a power granted to the treasury without time-limit.

    posted by Peter Van at October 2, 2008

  • That is exactly what it means. The Sec can buy "ANY" troubled assett in the world that has any kind of relatinship to the mess we are in now and that is a lot of stuff it could be almost anything as long as someone ties it to the current crisis

    posted by dancingeagle at October 4, 2008
The Sunlight Foundation supports, develops and deploys new Internet technologies to make information about Congress and the federal government more accessible to the American people. Through its projects and grant-making, Sunlight serves as a catalyst to create greater political transparency and to foster more openness and accountability in government. This Site may contain links to Internet sites that are not operated by Sunlight Foundation. These links are provided as a service and do not imply any endorsement of the activities or content of these sites, nor any association with their operators. Sunlight Foundation does not control these Internet sites and is not responsible for their content, security, or privacy practices. We urge you to review the privacy policy posted on web sites you visit before using the site or providing personal information.