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Dead Constitution
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Title: Summary of Draft Proposal [Bailout Bill]
Source: Office of Speaker Nancy Pelosi via Dealbreaker.COM
URL Source: [None]
Published: Sep 28, 2008
Author: Nancy Pelosi
Post Date: 2008-09-28 14:27:14 by mirage
Keywords: None
Views: 235
Comments: 20

Office of Speaker Nancy Pelosi -- Sept. 28, 2008

REINVEST, REIMBURSE, REFORM

IMPROVING THE FINANCIAL RESCUE LEGISLATION

Significant bipartisan work has built consensus around dramatic improvements to the original Bush-Paulson plan to stabilize American financial markets — including cutting in half the Administration’s initial request for $700 billion and requiring Congressional review for any future commitment of taxpayers’ funds. If the government loses money, the financial industry will pay back the taxpayers.

3 Phases of a Financial Rescue with Strong Taxpayer Protections.

• Reinvest in the troubled financial markets … to stabilize our economy and insulate Main Street from Wall Street
• Reimburse the taxpayer … through ownership of shares and appreciation in the value of purchased assets
• Reform business-as-usual on Wall Street … strong Congressional oversight and no golden parachutes

CRITICAL IMPROVEMENTS TO THE RESCUE PLAN. Democrats have insisted from day one on substantial changes to make the Bush-Paulson plan acceptable — protecting American taxpayers and Main Street — and these elements will be included in the legislation

Protection for taxpayers, ensuring THEY share IN ANY profits

• Cuts the payment of $700 billion in half and conditions future payments on Congressional review
• Gives taxpayers an ownership stake and profit-making opportunities with participating companies
• Puts taxpayers first in line to recover assets if participating company fails
• Guarantees taxpayers are repaid in full — if other protections have not actually produced a profit
• Allows the government to purchase troubled assets from pension plans, local governments, and small banks that serve low- and middle-income families

Limits on excessive compensation for CEOs and executives

New restrictions on CEO and executive compensation for participating companies:

• No multi-million dollar golden parachutes
• Limits CEO compensation that encourages unnecessary risk-taking
• Recovers bonuses paid based on promised gains that later turn out to be false or inaccurate

Strong independent oversight and transparency

Four separate independent oversight entities or processes to protect the taxpayer

• A strong oversight board appointed by bipartisan leaders of Congress
• A GAO presence at Treasury to oversee the program and conduct audits to ensure strong internal controls, and to prevent waste, fraud, and abuse
• An independent Inspector General to monitor the Treasury Secretary’s decisions
• Transparency — requiring posting of transactions online — to help jumpstart private sector demand

Meaningful judicial review of the Treasury Secretary’s actions

Help to prevent home foreclosures crippling the American economy

• The government can use its power as the owner of mortgages and mortgage backed securities to facilitate loan modifications (such as, reduced principal or interest rate, lengthened time to pay back the mortgage) to help reduce the 2 million projected foreclosures in the next year
• Extends provision (passed earlier in this Congress) to stop tax liability on mortgage foreclosures
• Helps save small businesses that need credit by aiding small community banks hurt by the mortgage crisis — allowing these banks to deduct losses from investments in Fannie Mae and Freddie Mac stocks

Poster Comment:

Let the fleecing begin.

Post Comment   Private Reply   Ignore Thread  

Begin Trace Mode for Comment # 14.

#1. To: mirage (#0)

America lost most of its former character as an agrarian republic during the first civil war. The second biggest blow came during the Great Depression when free markets were almost fully replaced by interventionist monetary instruments.

The next crisis will be no different: it will be a massive setback for liberty.

The real question is: are we going to take it, or do something about it?

buckeye  posted on  2008-09-28   14:49:42 ET  Reply   Untrace   Trace   Private Reply  

The real question is: are we going to take it, or do something about it?

History says BOHICA.

mirage  posted on  2008-09-28   15:01:51 ET  Reply   Untrace   Trace   Private Reply  

So we deserve what we're getting, because we didn't have the intestinal fortitude of our ancestors.

buckeye  posted on  2008-09-28   15:02:51 ET  Reply   Untrace   Trace   Private Reply  

Nationalize the entire financial sector and get it over with. The government to take ownership of everything.

Eliminate the useless eaters.

Cynicom  posted on  2008-09-28   15:07:18 ET  Reply   Untrace   Trace   Private Reply  

Nationalize the entire financial sector and get it over with. The government to take ownership of everything.

Eliminate the useless eaters.

I'm praying to Jeebus to have The Mulatto Messiah & The Angel Palin to save us. I know they can do it.

Esso  posted on  2008-09-28   15:50:11 ET  Reply   Untrace   Trace   Private Reply  

I'm praying to Jeebus to have The Mulatto Messiah & The Angel Palin to save us. I know they can do it.

Amen brother and amen.

Cynicom  posted on  2008-09-28   16:40:48 ET  Reply   Untrace   Trace   Private Reply  

        There are no replies to Comment # 14.

End Trace Mode for Comment # 14.

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