I have Adobe 7.0.0 I'll try pasting some of the bill below to see what it looks like
2 (b) TABLE OF 1 CONTENTS. The table of contents for 2 this Act is as follows: Sec. 1. Short title and table of contents. Sec. 2. Purposes. Sec. 3. Definitions. TITLE I TROUBLED ASSETS RELIEF PROGRAM Sec. 101. Purchases of troubled assets. Sec. 102. Insurance of troubled assets. Sec. 103. Considerations. Sec. 104. Financial Stability Oversight Board. Sec. 105. Reports. Sec. 106. Rights; management; sale of troubled assets; revenues and sale proceeds. Sec. 107. Contracting procedures. Sec. 108. Conflicts of interest. Sec. 109. Foreclosure mitigation efforts. Sec. 110. Assistance to homeowners and localities. Sec. 111. Executive compensation and corporate governance. Sec. 112. Coordination with foreign authorities and central banks. Sec. 113. Minimization of long-term costs and maximization of benefits for taxpayers. Sec. 114. Market transparency. Sec. 115. Graduated authorization to purchase. Sec. 116. Oversight and audits. Sec. 117. Study and report on margin authority. Sec. 118. Funding. Sec. 119. Judicial review and related matters. Sec. 120. Termination of authority. Sec. 121. Special Inspector General For The Troubled Asset Relief Program. Sec. 122. Increase in statutory limit on the public debt. Sec. 123. Credit reform. Sec. 124. HOPE for Homeowners amendments. Sec. 125. Congressional Oversight Panel. Sec. 126. FDIC enforcement enhancement. Sec. 127. Cooperation with the FBI. Sec. 128. Acceleration of effective date. Sec. 129. Disclosures on exercise of loan authority. Sec. 130. Technical corrections. Sec. 131. Exchange Stabilization Fund reimbursement. Sec. 132. Suspension of mark-to-market accounting. Sec. 133. Study on mark-to-market accounting. Sec. 134. Recoupment. Sec. 135. Preservation of authority. TITLE II BUDGET-RELATED PROVISIONS Sec. 201. Information for congressional support agencies. Sec. 202. Reports by the Office of Management and Budget and the Congressional Budget Office. Sec. 203. Analysis in PresidentÂ’s Budget. TITLE III TAX PROVISIONS 3
Sec. 301. Gain or loss from sale or exchange of certain preferred stock. Sec. 302. Extension of exclusion of income from discharge of qualified principal residence indebtedness. 1 SEC. 2. PURPOSES. 2 The purposes of this Act are 3 (1) to immediately provide authority and facili4 ties that the Secretary of the Treasury can use to 5 restore liquidity and stability to the financial system 6 of the United States; and 7 (2) to ensure that such authority and such fa8 cilities are used in a manner that 9 (A) protects home values, college funds, re10 tirement accounts, and life savings; 11 (B) preserves homeownership and pro12 motes jobs and economic growth; 13 (C) maximizes overall returns to the tax14 payers of the United States; and 15 (D) provides public accountability for the 16 exercise of such authority. 17 SEC. 3. DEFINITIONS. 18 For purposes of this Act, the following definitions 19 shall apply: 20 (1) APPROPRIATE COMMITTEES OF CON21 GRESS. The term ‘‘appropriate committees of Con22 gress’’ means 23 (A) the Committee on Banking, Housing, 24 and Urban Affairs, the Committee on Finance, 4
1 and the Committee on the Budget of the Sen2 ate; and 3 (B) the Committee on Financial Services, 4 the Committee on Ways and Means, and the 5 Committee on the Budget of the House of Rep6 resentatives. 7 (2) BOARD. The term ‘‘Board’’ means the 8 Board of Governors of the Federal Reserve System. 9 (3) CONGRESSIONAL SUPPORT AGENCIES. The 10 term ‘‘congressional support agencies’’ means the 11 Congressional Budget Office and the Joint Com12 mittee on Taxation. 13 (4) CORPORATION. The term ‘‘Corporation’’ 14 means the Federal Deposit Insurance Corporation. 15 ø(5) FINANCIAL INSTITUTION. The term ‘‘fi16 nancial institution’’ means any institution, including, 17 but not limited to, any bank, savings association, 18 credit union, security broker or dealer, or insurance 19 company, organized and regulated under the laws of 20 the United States or any State, territory, or posses21 sion of the United States, the District of Columbia, 22 Commonwealth of Puerto Rico, Commonwealth of 23 Northern Mariana Islands, Guam, American Samoa, 24 or the United States Virgin Islands, and having sig25 nificant operations in the United States, but exclud5
1 ing any central bank of, or institution owned by, a 2 foreign government.¿ 3 (6) FUND. The term ‘‘Fund’’ means the Trou4 bled Assets Insurance Fund established under sec5 tion 102. 6 (7) SECRETARY. The term ‘‘Secretary’’ means 7 the Secretary of the Treasury. 8 (8) TARP. The term ‘‘TARP’’ means the 9 troubled asset relief program established under sec10 tion 101. 11 (9) TROUBLED ASSETS. The term ‘‘troubled 12 assets’’ means 13 (A) residential or commercial mortgages 14 and any securities, obligations, or other instru15 ments that are based on or related to such 16 mortgages, that in each case was originated or 17 issued on or before March 14, 2008, the pur18 chase of which the Secretary determines pro19 motes financial market stability; and 20 (B) øany other financial instrument that 21 the Secretary, after consultation with the Chair22 man of the Board of Governors of the Federal 23 Reserve System, determines the purchase of 24 which is necessary to promote financial market 25 stability, but only upon transmittal of such de6
1 termination, in writing, to the appropriate com2 mittees of Congress¿. 3 TITLE I TROUBLED ASSETS 4 RELIEF PROGRAM 5 SEC. 101. PURCHASES OF TROUBLED ASSETS. 6 (a) OFFICES; AUTHORITY. 7 ø(1) AUTHORITY. The Secretary is authorized 8 to establish a troubled asset relief program (or 9 ‘‘TARP’’) to purchase, and to make and fund com10 mitments to purchase, troubled assets from any fi11 nancial institution, on such terms and conditions as 12 are determined by the Secretary, and in accordance 13 with this Act and the policies and procedures devel14 oped and published by the Secretary.¿ 15 (2) ESTABLISHMENT OF TREASURY OFFICE. 16 (A) IN GENERAL. The Secretary shall im17 plement any program under paragraph (1) 18 through an Office of Financial Stability, estab19 lished for such purpose within the Office of Do20 mestic Finance of the Department of the Treas21 ury, which office shall be headed by an Assist22 ant Secretary of the Treasury, appointed by the 23 President, by and with the advice and consent 24 of the Senate. 7
(B) CLERICAL 1 AMENDMENT. Section 2 5315 of title 5, United States Code, is amended 3 in the item relating to Assistant Secretaries of 4 the Treasury, by striking ‘‘(9)’’ and inserting 5 ‘‘(10)’’. 6 (b) CONSULTATION. In exercising the authority 7 under this section, the Secretary shall consult with the 8 Board of Governors of the Federal Reserve System, the 9 Federal Reserve Bank of New York, the Corporation, the 10 Comptroller of the Currency, the Director of the Office 11 of Thrift Supervision, and the Secretary of Housing and 12 Urban Development. 13 (c) NECESSARY ACTIONS. The Secretary is author14 ized to take such actions as the Secretary deems necessary 15 to carry out the authorities in this Act, including, without 16 limitation, the following: 17 (1) The Secretary shall have direct hiring au18 thority with respect to the appointment of employees 19 to administer this Act. 20 (2) Entering into contracts, including contracts 21 for services authorized by section 3109 of title 5, 22 United States Code. 23 (3) Designating financial institutions as finan24 cial agents of the Federal Government, and such in25 stitutions shall perform all such reasonable duties 8
1 related to this Act as financial agents of the Federal 2 Government as may be required. 3 (4) In order to provide the Secretary with the 4 flexibility to manage troubled assets in a manner de5 signed to minimize cost to the taxpayers, estab6 lishing vehicles that are authorized, subject to super7 vision by the Secretary, to purchase troubled assets 8 and issue obligations. 9 (5) Issuing such regulations and other guidance 10 as may be necessary or appropriate to define terms 11 or carry out the authorities or purposes of this Act. 12 (d) PROGRAM GUIDELINES. Before the earlier of 13 the end of the 2-business-day period beginning on the date 14 of the first purchase of troubled assets pursuant to the 15 authority under this section or the end of the 45-day pe16 riod beginning on the date of enactment of this Act, the 17 Secretary shall publish program guidelines, including the 18 following: 19 (1) Mechanisms for purchasing troubled assets. 20 (2) Methods for pricing and valuing troubled 21 assets. 22 (3) Procedures for selecting asset managers. 23 (4) Criteria for identifying troubled assets for 24 purchase. 9
(e) PREVENTING UNJUST 1 ENRICHMENT. In making 2 purchases under the authority of this Act, the Secretary 3 shall take such steps as may be necessary to prevent un4 just enrichment of financial institutions participating in 5 a program established under this section, including by pre6 venting the resale of a troubled asset to the Secretary at 7 a higher price than what the seller paid to purchase the 8 asset. This subsection does not apply to troubled assets 9 acquired in a merger or acquisition, or a purchase of as10 sets from a financial institution in conservatorship or re11 ceivership, or that has initiated bankruptcy proceedings 12 under title 11, United States Code. 13 SEC. 102. INSURANCE OF TROUBLED ASSETS. 14 (a) AUTHORITY. 15 (1) IN GENERAL. If the Secretary establishes 16 the program authorized under section 101, then the 17 Secretary shall establish a program to guarantee 18 troubled assets, including mortgage-backed securities 19 issued prior to March 18, 2008. 20 (2) GUARANTEES. In establishing any pro21 gram under this subsection, the Secretary may de22 velop guarantees of troubled assets and the associ23 ated premiums for such guarantees. Such guaran24 tees and premiums shall be determined by category 25 or class of the securities to be guaranteed. 10
(3) EXTENT 1 OF GUARANTEE. Upon request of 2 a financial institution, the Secretary may guarantee 3 the timely payment of principal of, and interest on, 4 troubled assets in amounts not to exceed 100 per5 cent of such payments. Such guarantee may be on 6 such terms and conditions as are determined by the 7 Secretary, provided that such terms and conditions 8 are consistent with the purposes of this Act. 9 (b) REPORTS. The Secretary shall report to the ap10 propriate committees of Congress on the program estab11 lished under subsection (a). Such report shall be sub12 mitted prior to any increase in the authority to purchase 13 troubled assets in accordance with section 115. 14 (c) PREMIUMS. 15 (1) IN GENERAL. The Secretary shall collect 16 premiums from any financial institution partici17 pating in the program established under subsection 18 (a). Such premiums may be in amount that the Sec19 retary determines necessary to meet the purposes of 20 this Act and to provide sufficient reserves pursuant 21 to paragraph (3). 22 (2) AUTHORITY TO BASE PREMIUMS ON PROD23 UCT RISK. In establishing any premium under 24 paragraph (1), the Secretary may provide for vari25 ations in such rates according to the credit risk as11
1 sociated with the particular troubled asset that is 2 being guaranteed. The Secretary shall publish the 3 methodology for setting the premium for a class of 4 troubled assets, such that the premium is consistent 5 with paragraph (3), together with an explanation of 6 the appropriateness of the class of assets that may 7 participate in the program established under this 8 section. 9 (3) MINIMUM LEVEL. The premiums referred 10 to in paragraph (1) shall be set by the Secretary at 11 a level necessary to create reserves sufficient to meet 12 anticipated claims, based on an actuarial analysis 13 and to ensure that taxpayers are fully protected. 14 (4) OFFSET. The amount of premiums col15 lected under this subsection shall offset the amount 16 authorized to be purchased under section 115. 17 (d) TROUBLED ASSETS INSURANCE FUND. 18 (1) DEPOSITS. The Secretary shall deposit 19 fees collected under this section into the Troubled 20 Assets Insurance Fund established under paragraph 21 (2). 22 (2) ESTABLISHMENT. There is established a 23 Troubled Assets Insurance Fund that shall consist 24 of the amounts collected pursuant to paragraph (1), 25 and any balance ins such fund shall be invested by 12
1 the Secretary in United States Treasury securities, 2 or kept in cash on hand or on deposit, as necessary. 3 (3) PAYMENTS FROM FUND. The Secretary 4 shall make payments from amounts deposited in the 5 Troubled Assets Insurance Fund to fulfill obligations 6 of the guarantees provided to financial institutions 7 under subsection (a). 8 SEC. 103. CONSIDERATIONS. 9 In exercising the authorities granted in this Act, the 10 Secretary shall take into consideration 11 (1) protecting the interests of taxpayers by 12 maximizing overall returns and minimizing the im13 pact to the national debt; 14 (2) providing stability and preventing disrup15 tion to financial markets in order to limit the impact 16 on the economy; 17 (3) the need to help families keep their homes 18 and to stabilize communities; 19 (4) in determining whether to engage in a di20 rect purchase from an individual financial institu21 tion, the long-term viability of the financial institu22 tion in determining whether the purchase represents 23 the most efficient use of funds under this Act; 24 (5) ensuring that all financial institutions are 25 eligible to participate in the program, without dis
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