The Emergency Economic Stabilization Act of 2008

Posted by Kendall Harmon

The 110 page pdf of the whole proposed bill is here.

Filed under: * Economics, PoliticsEconomyThe September 2008 Proposed Henry Paulson 700 Billion Bailout Package

Posted September 29, 2008 at 6:03 am [Printer Friendly] [Print w/ comments]

1. Irenaeus wrote:

If I were designing this legislation, I would have required the Treasury to document how it valued the major assets it purchased. The documentation would facilitate oversight and help constrain overly sweet bailout deals.
_ _ _ _ _ _ _ _ _

What kind of accountability might we get from the bill’s declaration of congressional purposes?

The purposes section is (as often happens) a mishmash of potentially conflicting objectives. The summary describes section 103 as requiring the Treasury to consider “the interests of taxpayers, minimizing the impact on the national debt, providing stability to the financial markets, preserving homeownership, the needs of all financial institutions regardless of size or other characteristics, and the needs of local communities.”

You can find something here to justify or criticize whatever you want. Not much accountability in that.

At least the Treasury doesn’t have to consider “empowering and enhancing the self-esteem of any and all Americans in communities nationwide.”

(Adapted from a now-superseded T19 thread)

September 29, 12:42 pm | [comment link]
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