See other Dead Constitution Articles
Title: Bill is here
Source:
[None]
URL Source: http://money.cnn.com/2008/09/28/news/pdf/firstdraft.pdf
Published: Sep 28, 2008
Author: mag4paul
Post Date: 2008-09-28 16:34:00 by mag4paul
Keywords: bailout
Views: 202
Comments: 14
Here it is folks. Time to get your pink slips out for all who vote us into the poor house.
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#1. To: mag4paul (#0)
Your link doesn't work for me.
If you are a firefox user you may need to right click on "Click for Full Text" and save it to a file, then click on that file.
Money problems do not come from a lack of money, but from living an excessive, unrealistic lifestyle
Are you using firefox?
Money problems do not come from a lack of money, but from living an excessive, unrealistic lifestyle
I read that word, "troubled" a lot. Cannot those shysters and politicians say fraudulent????
Yes. Thanks for the suggestion. I will try it.
Same comment. There says there is an error and it cannot be opened.
There was only a save link as. There wasn't really a save file as choice available.
after it lands on disk it should look something like: Money problems do not come from a lack of money, but from living an excessive, unrealistic lifestyle
sorry I meant "save link as..."
Money problems do not come from a lack of money, but from living an excessive, unrealistic lifestyle
That is what I tried. It downloaded and all. I just still get the file corrupted message. Maybe my adobe is corrupted.
Sorry, I am lucky to have learned how to get it on as a link(thanks to children). No firefox (?) It is a asobe arobat doc. I saved it to my PC but don't know how to attach. Let me know if there is anything I should do to help this.
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS Section 1. Short Title. This Act may be cited as ____________________. Sec. 2. Purchases of Mortgage-Related Assets. (a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States. (b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation: (1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties; (2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts; (3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them; (4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and (5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act. Sec. 3. Considerations. In exercising the authorities granted in this Act, the Secretary shall take into consideration means for-- (1) providing stability or preventing disruption to the financial markets or banking system; and (2) protecting the taxpayer. Sec. 4. Reports to Congress. Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3. Sec. 5. Rights; Management; Sale of Mortgage-Related Assets. (a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act. (b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom. (c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act. (d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9. Sec. 6. Maximum Amount of Authorized Purchases. The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time Sec. 7. Funding. For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure. Sec. 8. Review. Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. Sec. 9. Termination of Authority. The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act. Sec. 10. Increase in Statutory Limit on the Public Debt. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000. Sec. 11. Credit Reform. The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable. Sec. 12. Definitions. For purposes of this section, the following definitions shall apply: (1) Mortgage-Related Assets.--The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008. (2) Secretary.--The term “Secretary” means the Secretary of the Treasury. (3) United States.--The term “United States” means the States, territories, and possessions of the United States and the District of Columbia.
lol
I have Adobe 7.0.0 I'll try pasting some of the bill below to see what it looks like 2 Sec. 301. Gain or loss from sale or exchange of certain preferred stock. 1 and the Committee on the Budget of the Sen2 1 ing any central bank of, or institution owned by, a 1 termination, in writing, to the appropriate com2 (B) CLERICAL 1 AMENDMENT. Section 1 related to this Act as financial agents of the Federal (e) PREVENTING UNJUST 1 ENRICHMENT. In making (3) EXTENT 1 OF GUARANTEE. Upon request of 1 sociated with the particular troubled asset that is 1 the Secretary in United States Treasury securities, [edit: if anyone wants the rest, I can post, but I cannot get rid of the line numbers appended to the previous line problem. No matter what I paste it into the dash followed by newline followed by line number turns into line number followed by newline]
Money problems do not come from a lack of money, but from living an excessive, unrealistic lifestyle
#2. To: mag4paul (#0)
#3. To: Old Friend (#1)
#4. To: mag4paul (#0)
#5. To: purpleman (#3)
Are you using firefox?
#6. To: purpleman (#3)
#7. To: purpleman (#2)
#8. To: Old Friend (#6)
[adobe icon] firstdraft.pdf 160KB Adobe Acrobat 7.0
#9. To: Old Friend (#7)
#10. To: purpleman (#9)
sorry I meant "save link as..."
#11. To: All (#0)
#12. To: purpleman (#2)
I did manage to find this much from the New York Times
#13. To: All (#12)
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
#14. To: Old Friend (#10)
(Edited)
(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. 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
gressÂ’Â’ means
23 (A) the Committee on Banking, Housing,
24 and Urban Affairs, the Committee on Finance,
4
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 institutionÂ’Â’ 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
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 assetsÂ’Â’ 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
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
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
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
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
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
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
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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