[giftbestcom]

I don't think the "plan" has been put into writing yet. From what I gather the principles have been agreed upon and now it's time to construct the Bill.

[Bridgester]

I thought they expected a draft AND enactment today. WTF is going on?

[ATTILAGLIC]

I understood the committees would be voting on it today; it would be posted today at noon; and the House and Senate would vote on it possibly on Monday...but no later than Wednesday.

[Sensbachtal]

Why you quoting me?

Released Sunday evening. That's within the last half hour.

[QEoMi752]

Originally posted by DRoseDARs
acknowledged they were not certain it would pass. "Now we have to get the votes," Why the hell was everyone calling this a "deal" when they don't even have a sizable majority in the bag? Kinda defeats the purpose of the term if it's just a "proposal" by the parties' leaders. The vote debates tomorrow will be fascinating beyond measure.

[ringtonesmannq]

I don't know the website. Your link does not work for me.

[Smalmslobby]

Originally posted by Wezil
Why you quoting me?

Released Sunday evening. That's within the last half hour. Are you having a stroke or something? From my time frame, you posted at 3:24pm, from yours it would be 6:24pm. I posted the article 8 minutes later. It's a three hour difference between us, but the minutes are the same. The AP article was already circulating when you posted, which means the bill had already been "put into writing" earlier this afternoon from your time frame, midday from mine.

[FEti0TUI]

It means both McCain and Obama are dumber than Bush. Cause this will be good for a few months bump on the stock market. Long enough for one of them to take over holding the bag for Bush.

[dexterljohnthefinanceguy]

I'd really like to know to gritty details.

[Dertrioz]

Originally posted by Oerdin
I'd really like to know to gritty details. See for yourself:

The entire bill, line by line

Executive summary

[CruzIzabella]

110 pages...up from--what was it--3?

[Quvwcxqx]

Originally posted by Darius871


Well, those are ridiculously big margins and font sizes, so much so that it's almost hard to read. If I tried turning in a 110-page paper like that I'd be expelled. ...or elected to Congress.

[Falik]

CQ TODAY PRINT EDITION
Sept. 28, 2008 – 8:49 p.m.
Summary of Financial Legislation
By CQ Staff

According to one early summary, the financial bailout includes:

• Purchases of Troubled Assets. Authorizes the Treasury Secretary to establish a Troubled Asset Relief Program (“TARP”) to purchase troubled assets from financial institutions. Establishes an Office of Financial Stability within the Treasury Department to implement the TARP in consultation with the Board of Governors of the Federal Reserve System, the FDIC, the Comptroller of the Currency, the Director of the Office of Thrift Supervision and the Secretary of Housing and Urban Development.

• Insurance of Troubled Assets. If the Secretary establishes the TARP program, the Secretary is required to establish a program to guarantee troubled assets of financial institutions. The Secretary is required to establish risk-based premiums for such guarantees sufficient to cover anticipated claims. The Secretary must report to Congress on the establishment of the guarantee program.

• Considerations. The Treasury Secretary is required to take a number of considerations into account, including the interests of taxpayers, minimizing the impact on the national debt, providing stability to the financial markets, preserving home ownership, the needs of all financial institutions regardless of size or other characteristics, and the needs of local communities. Requires the Secretary to examine the long-term viability of an institution in determining whether to directly purchase assets under the TARP.

• Oversight. Establishes the Financial Stability Oversight Board to review and make recommendations regarding the exercise of authority under the legislation. In addition, the Board must ensure that the policies implemented by the Secretary protect taxpayers, are in the economic interests of the United States, and are in accordance with this Act. The Board is comprised of the Chairman of the Board of Governors of the Federal Reserve System, the Secretary of the Treasury, the Director of the Federal Home Finance Agency, the Chairman of the Securities and Exchange Commission and the Secretary of the Department of Housing and Urban Development.

• Reports. The Secretary is required to report monthly to Congress its activities under TARP, including detailed financial statements. For every $50 billion in assets purchased, the Secretary is required to report to Congress a detailed description of all transactions including justifications for the financial terms.

• Management, sale of assets, and proceeds. Provides the Secretary with the authority to manage troubled assets, including the ability to determine the terms and conditions associated with the disposition of troubled assets. Requires profits from the sale of troubled assets to be used to pay down the national debt.

• Foreclosure mitigation. For mortgages and mortgage-backed securities acquired through TARP, the Secretary must implement a plan to mitigate foreclosures and to encourage servicers of mortgages to modify loans through Hope for Homeowners and other programs. Allows the Secretary to use loan guarantees and credit enhancement to avoid foreclosures. Requires the Secretary to coordinate with other federal entities that hold troubled assets in order to identify opportunities to modify loans, considering net present value to the taxpayer.

• Homeowner Assistance. Requires federal entities that hold mortgages and mortgage-backed securities, including the Federal Housing Finance Agency, the FDIC, and the Federal Reserve to develop plans to minimize foreclosures. Requires federal entities to work with servicers to encourage loan modifications.

• Executive Compensation and Corporate Governance. Provides that Treasury will promulgate executive compensation rules governing financial institutions that sell it troubled assets. Where Treasury buys assets directly, the institution must observe standards limiting incentives, allowing clawback and prohibiting golden parachutes. When Treasury buys assets at auction, an institution that has sold more than $300 million in assets is subject to additional taxes, including a 20% excise tax on golden parachute payments triggered by events other than retirement, and tax deduction limits for compensation limits above $500,000.

• Minimization of Long-Term Costs and Maximization of Benefits for Taxpayers. Requires that the Treasury receive non-voting warrants from participating financial institutions.

• Market Transparency. The Secretary is required, within 2 business days of exercising authority under this Act, to publicly disclose the details of any transaction.

• Graduated Authorization to Purchase.

Authorizes $700 billion as requested by the Treasury Secretary for implementation of TARP. Allows the Secretary to immediately use up to $250 billion in authority. Upon a Presidential certification of need, the Secretary may access an additional $100 billion. The final $350 billion may be accessed if the President transmits a written request to Congress. The Secretary may use this additional authority unless within 15 days Congress passes a joint resolution of disapproval.

• Oversight and Audits. Requires the Comptroller General of the United States to conduct ongoing oversight of the activities and performance of TARP, and conduct an annual audit of TARP.

• Termination of Authority. Provides that the authorities to purchase and guarantee assets terminate on December 31, 2009. The Secretary may it one year.

• Special Inspector General. Establishes the Office of the Special Inspector General for the TARP to conduct, supervise, and coordinate audits and investigations.

• Public Debt. Raises the debt ceiling from $10 trillion to $11.3 trillion.

• Congressional Oversight Panel. Establishes a Congressional Oversight Panel to review the state of the financial markets, the regulatory system, and the use of authority under TARP. The panel is required to report to Congress every 30 days and to submit a special report on regulatory reform prior to January 20, 2009. The panel will consist of 5 outside experts.

• Tax Treatment of Executive Compensation.

Applies limits on executive compensation and golden parachutes for certain executives of employers who participate.
Source: CQ Today Print Edition

[johnstylet]

Oh I know he has to "create" one, but how many loans (if any) it would cover is entirely in his discretion. In other words that provision's a dead letter if he wants it to be.

[craditc]

Originally posted by Darius871
Oh I know he has to "create" one, but how many loans (if any) it would cover is entirely in his discretion. In other words that provision's a dead letter if he wants it to be. Virtually everything in that bill is left to his discretion...

[bs44MhUW]

Originally posted by Darius871


Exactly, which is why there's a good chance this will fall apart at the seams. Timex's article shows that the House support is already tepid at best. The GOP Caucus is probably going to be locking itself in a room tomorrow playing legislative Russian Roulette trying to figure out who has to vote for it

[GentlieGant]

We are ****ed regardless. No easy way out of this mess.

[Rufio]

110 pages...up from--what was it--3?

It didn't take too many pages to declare Paulson dictator. Honestly, that's what gives me the most pause about this deal. We're going trust some dude who suggested to Congress that they give him $700 billion with no accountability. This is going to be some greasy business (even if some absolutely necessary steps are probably going to get made as well). Warren Buffet put $5 billion into Goldman-Sachs for a reason, and it isn't altruism. At least it's "only" $350 billion.

[yespkorg]

Congress has to appropriate the rest. Hopefully, they'll have the presence of mind to be a little more cautious...

[ITYfl01c]

Yeah, but Paulson probably isn't going to supervise the rest. Which may make the process somewhat less egregious...