Posts Tagged ‘Emergency Economic Stabilization Act of 2008’

Read the “Bailout” Bill that was voted down

September 30, 2008
The Nay's Have it

The Nay's Have it!

Some Highlights of what they tried to pass:

  • Throw a TARP over the Problems: “Troubled Asset Relief Program established under this Act on the activities and performance of the TARP.” (p. 6 & 49)
  • Oversite- (Weren’t they already doing that with Fannie & Freddie?) “It shall be the duty of the Special nspector General to conduct, supervise, and coordinate audits and investigations of the purchase, management, and sale of assets by the Secretary of the Treasury” (p.63)
  • Increase Debt Limit – (I think that’s $11 Triillion Dollars) 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 ‘‘$11,315,000,000,000’’. (p. 68)
  • Taking Care of Their Own, AGAINThe Oversight Panel may appoint and fix the pay of any personnel as the Commission considers appropriate. (p. 74)

Click Here to Read the entire mess as proposed and thankfully rejected:subprime-bill