RUN FOR PRESIDENT

Ao why shouldn't we trut him?  ;-) 

Here is the bail out plan as written by our reps......

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[DISCUSSION DRAFT]
110TH CONGRESS
2D SESSION H. R. ll
To provide authority for the Federal Government to purchase and insure
certain types of troubled assets for the purposes of providing stability
to and preventing disruption in the economy and financial system and
protecting taxpayers, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
Ml. llllll introduced the following bill; which was referred to the
Committee on llllllllllllll
A BILL
To provide authority for the Federal Government to purchase
and insure certain types of troubled assets for the purposes
of providing stability to and preventing disruption
in the economy and financial system and protecting taxpayers,
and for other purposes.
1 Be it enacted by the Senate and House of Representa2
tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
4 (a) SHORT TITLE.-This Act may be cited as the
5 ‘‘Emergency Economic Stabilization Act of 2008''.
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1 (b) TABLE OF 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.
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 authority.
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. Authority to suspend 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 President's Budget.
Sec. 204. Emergency treatment.
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TITLE III-TAX PROVISIONS
Sec. 301. Gain or loss from sale or exchange of certain preferred stock.
Sec. 302. Special rules for tax treatment of executive compensation of employers
participating in the troubled assets relief program.
Sec. 303. 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-
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1 (A) the Committee on Banking, Housing,
2 and Urban Affairs, the Committee on Finance,
3 the Committee on the Budget, and the Com4
mittee on Appropriations of the Senate; and
5 (B) the Committee on Financial Services,
6 the Committee on Ways and Means, the Com7
mittee on the Budget, and the Committee on
8 Appropriations of the House of Representatives.
9 (2) BOARD.-The term ‘‘Board'' means the
10 Board of Governors of the Federal Reserve System.
11 (3) CONGRESSIONAL SUPPORT AGENCIES.-The
12 term ‘‘congressional support agencies'' means the
13 Congressional Budget Office and the Joint Com14
mittee on Taxation.
15 (4) CORPORATION.-The term ‘‘Corporation''
16 means the Federal Deposit Insurance Corporation.
17 (5) FINANCIAL INSTITUTION.-The term ‘‘fi18
nancial institution'' means any institution, including,
19 but not limited to, any bank, savings association,
20 credit union, security broker or dealer, or insurance
21 company, established and regulated under the laws
22 of the United States or any State, territory, or pos23
session of the United States, the District of Colum24
bia, Commonwealth of Puerto Rico, Commonwealth
25 of Northern Mariana Islands, Guam, American
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1 Samoa, or the United States Virgin Islands, and
2 having significant operations in the United States,
3 but excluding any central bank of, or institution
4 owned by, a foreign government.
5 (6) FUND.-The term ‘‘Fund'' means the Trou6
bled Assets Insurance Financing Fund established
7 under section 102.
8 (7) SECRETARY.-The term ‘‘Secretary'' means
9 the Secretary of the Treasury.
10 (8) TARP.-The term ‘‘TARP'' means the
11 troubled asset relief program established under sec12
tion 101.
13 (9) TROUBLED ASSETS.-The term ‘‘troubled
14 assets'' means-
15 (A) residential or commercial mortgages
16 and any securities, obligations, or other instru17
ments that are based on or related to such
18 mortgages, that in each case was originated or
19 issued on or before March 14, 2008, the pur20
chase of which the Secretary determines pro21
motes financial market stability; and
22 (B) any other financial instrument that the
23 Secretary, after consultation with the Chairman
24 of the Board of Governors of the Federal Re25
serve System, determines the purchase of which
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1 is necessary to promote financial market sta2
bility, but only upon transmittal of such deter3
mination, in writing, to the appropriate commit4
tees of Congress.
5 TITLE I-TROUBLED ASSETS
6 RELIEF PROGRAM
7 SEC. 101. PURCHASES OF TROUBLED ASSETS.
8 (a) OFFICES; AUTHORITY.-
9 (1) AUTHORITY.-The Secretary is authorized
10 to establish a troubled asset relief program (or
11 ‘‘TARP'') to purchase, and to make and fund com12
mitments to purchase, troubled assets from any fi13
nancial institution, on such terms and conditions as
14 are determined by the Secretary, and in accordance
15 with this Act and the policies and procedures devel16
oped and published by the Secretary.
17 (2) COMMENCEMENT OF PROGRAM.-Establish18
ment of the policies and procedures and other simi19
lar administrative requirements imposed on the Sec20
retary by this Act are not intended to delay the com21
mencement of the TARP.
22 (3) ESTABLISHMENT OF TREASURY OFFICE.-
23 (A) IN GENERAL.-The Secretary shall im24
plement any program under paragraph (1)
25 through an Office of Financial Stability, estab7
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1 lished for such purpose within the Office of Do2
mestic Finance of the Department of the Treas3
ury, which office shall be headed by an Assist4
ant Secretary of the Treasury, appointed by the
5 President, by and with the advice and consent
6 of the Senate, except that an interim Assistant
7 Secretary may serve pending confirmation by
8 the Senate.
9 (B) CLERICAL AMENDMENTS.-
10 (i) TITLE 5.-Section 5315 of title 5,
11 United States Code, is amended in the
12 item relating to Assistant Secretaries of
13 the Treasury, by striking ‘‘(9)'' and insert14
ing ‘‘(10)''.
15 (ii) TITLE 31.-Section 301(e) of title
16 31, United States Code, is amended by
17 striking ‘‘9'' and inserting ‘‘10''.
18 (b) CONSULTATION.-In exercising the authority
19 under this section, the Secretary shall consult with the
20 Board of Governors of the Federal Reserve System, the
21 Corporation, the Comptroller of the Currency, the Direc22
tor of the Office of Thrift Supervision, and the Secretary
23 of Housing and Urban Development.
24 (c) NECESSARY ACTIONS.-The Secretary is author25
ized to take such actions as the Secretary deems necessary
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1 to carry out the authorities in this Act, including, without
2 limitation, the following:
3 (1) The Secretary shall have direct hiring au4
thority with respect to the appointment of employees
5 to administer this Act.
6 (2) Entering into contracts, including contracts
7 for services authorized by section 3109 of title 5,
8 United States Code.
9 (3) Designating financial institutions as finan10
cial agents of the Federal Government, and such in11
stitutions shall perform all such reasonable duties
12 related to this Act as financial agents of the Federal
13 Government as may be required.
14 (4) In order to provide the Secretary with the
15 flexibility to manage troubled assets in a manner de16
signed to minimize cost to the taxpayers, estab17
lishing vehicles that are authorized, subject to super18
vision by the Secretary, to purchase, hold, and sell
19 troubled assets and issue obligations.
20 (5) Issuing such regulations and other guidance
21 as may be necessary or appropriate to define terms
22 or carry out the authorities or purposes of this Act.
23 (d) PROGRAM GUIDELINES.-Before the earlier of
24 the end of the 2-business-day period beginning on the date
25 of the first purchase of troubled assets pursuant to the
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1 authority under this section or the end of the 45-day pe2
riod beginning on the date of enactment of this Act, the
3 Secretary shall publish program guidelines, including the
4 following:
5 (1) Mechanisms for purchasing troubled assets.
6 (2) Methods for pricing and valuing troubled
7 assets.
8 (3) Procedures for selecting asset managers.
9 (4) Criteria for identifying troubled assets for
10 purchase.
11 (e) PREVENTING UNJUST ENRICHMENT.-In making
12 purchases under the authority of this Act, the Secretary
13 shall take such steps as may be necessary to prevent un14
just enrichment of financial institutions participating in
15 a program established under this section, including by pre16
venting the sale of a troubled asset to the Secretary at
17 a higher price than what the seller paid to purchase the
18 asset. This subsection does not apply to troubled assets
19 acquired in a merger or acquisition, or a purchase of as20
sets from a financial institution in conservatorship or re21
ceivership, or that has initiated bankruptcy proceedings
22 under title 11, United States Code.
23 SEC. 102. INSURANCE OF TROUBLED ASSETS.
24 (a) AUTHORITY.-
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1 (1) IN GENERAL.-If the Secretary establishes
2 the program authorized under section 101, then the
3 Secretary shall establish a program to guarantee
4 troubled assets originated or issued prior to March
5 14, 2008, including such mortgage-backed securities.
6 (2) GUARANTEES.-In establishing any pro7
gram under this subsection, the Secretary may de8
velop guarantees of troubled assets and the associ9
ated premiums for such guarantees. Such guaran10
tees and premiums may be determined by category
11 or class of the troubled assets to be guaranteed.
12 (3) EXTENT OF GUARANTEE.-Upon request of
13 a financial institution, the Secretary may guarantee
14 the timely payment of principal of, and interest on,
15 troubled assets in amounts not to exceed 100 per16
cent of such payments. Such guarantee may be on
17 such terms and conditions as are determined by the
18 Secretary, provided that such terms and conditions
19 are consistent with the purposes of this Act.
20 (b) REPORTS.-Not later than 90 days after the date
21 of enactment of this Act, the Secretary shall report to the
22 appropriate committees of Congress on the program estab23
lished under subsection (a).
24 (c) PREMIUMS.-
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1 (1) IN GENERAL.-The Secretary shall collect
2 premiums from any financial institution partici3
pating in the program established under subsection
4 (a). Such premiums shall be in an amount that the
5 Secretary determines necessary to meet the purposes
6 of this Act and to provide sufficient reserves pursu7
ant to paragraph (3).
8 (2) AUTHORITY TO BASE PREMIUMS ON PROD9
UCT RISK.-In establishing any premium under
10 paragraph (1), the Secretary may provide for vari11
ations in such rates according to the credit risk as12
sociated with the particular troubled asset that is
13 being guaranteed. The Secretary shall publish the
14 methodology for setting the premium for a class of
15 troubled assets together with an explanation of the
16 appropriateness of the class of assets for participa17
tion in the program established under this section.
18 The methodology shall ensure that the premium is
19 consistent with paragraph (3).
20 (3) MINIMUM LEVEL.-The premiums referred
21 to in paragraph (1) shall be set by the Secretary at
22 a level necessary to create reserves sufficient to meet
23 anticipated claims, based on an actuarial analysis,
24 and to ensure that taxpayers are fully protected.
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1 (4) ADJUSTMENT TO PURCHASE AUTHORITY.-
2 The purchase authority limit in section 115 shall be
3 reduced by an amount equal to the difference be4
tween the total of the outstanding guaranteed obli5
gations and the balance in the Troubled Assets In6
surance Fund.
7 (d) TROUBLED ASSETS INSURANCE FINANCING
8 FUND.-
9 (1) DEPOSITS.-The Secretary shall deposit
10 fees collected under this section into the Fund estab11
lished under paragraph (2).
12 (2) ESTABLISHMENT.-There is established a
13 Troubled Assets Insurance Financing Fund that
14 shall consist of the amounts collected pursuant to
15 paragraph (1), and any balance in such fund shall
16 be invested by the Secretary in United States Treas17
ury securities, or kept in cash on hand or on deposit,
18 as necessary.
19 (3) PAYMENTS FROM FUND.-The Secretary
20 shall make payments from amounts deposited in the
21 Fund to fulfill obligations of the guarantees provided
22 to financial institutions under subsection (a).
23 SEC. 103. CONSIDERATIONS.
24 In exercising the authorities granted in this Act, the
25 Secretary shall take into consideration-
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1 (1) protecting the interests of taxpayers by
2 maximizing overall returns and minimizing the im3
pact on the national debt;
4 (2) providing stability and preventing disrup5
tion to financial markets in order to limit the impact
6 on the economy and protect American jobs, savings,
7 and retirement security;
8 (3) the need to help families keep their homes
9 and to stabilize communities;
10 (4) in determining whether to engage in a di11
rect purchase from an individual financial institu12
tion, the long-term viability of the financial institu13
tion in determining whether the purchase represents
14 the most efficient use of funds under this Act;
15 (5) ensuring that all financial institutions are
16 eligible to participate in the program, without dis17
crimination based on size, geography, form of orga18
nization, or the size, type, and number of assets eli19
gible for purchase under this Act;
20 (6) providing financial assistance to financial
21 institutions, including those serving low- and mod22
erate-income populations and other underserved
23 communities, and that have assets less than
24 $1,000,000,000, that were well or adequately cap25
italized as of June 30, 2008, and that as a result
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1 of the devaluation of the preferred government-spon2
sored enterprises stock will drop one or more capital
3 levels, in a manner sufficient to restore the financial
4 institutions to at least an adequately capitalized
5 level;
6 (7) the need to ensure stability for United
7 States public instrumentalities, such as counties and
8 cities, that may have suffered significant increased
9 costs or losses in the current market turmoil;
10 (8) protecting the retirement security of Ameri11
cans by purchasing troubled assets held by or on be12
half of an eligible retirement plan described in clause
13 (iii), (iv), (v), or (vi) of section 402(c)(8)(B) of the
14 Internal Revenue Code of 1986, except that such au15
thority shall not extend to any compensation ar16
rangements subject to section 409A of such Code;
17 and
18 (9) the utility of purchasing other real estate
19 owned and instruments backed by mortgages on
20 multifamily properties.
21 SEC. 104. FINANCIAL STABILITY OVERSIGHT BOARD.
22 (a) ESTABLISHMENT.-There is established the Fi23
nancial Stability Oversight Board, which shall be respon24
sible for-
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1 (1) reviewing the exercise of authority under a
2 program developed in accordance with this Act, in3
cluding-
4 (A) policies implemented by the Secretary
5 and the Office of Financial Stability created
6 under sections 101 and 102, including the ap7
pointment of financial agents, the designation
8 of asset classes to be purchased, and plans for
9 the structure of vehicles used to purchase trou10
bled assets; and
11 (B) the effect of such actions in assisting
12 American families in preserving home owner13
ship, stabilizing financial markets, and pro14
tecting taxpayers;
15 (2) making recommendations, as appropriate, to
16 the Secretary regarding use of the authority under
17 this Act; and
18 (3) reporting any suspected fraud, misrepresen19
tation, or malfeasance to the Special Inspector Gen20
eral for the Troubled Assets Relief Program or the
21 Attorney General of the United States, consistent
22 with section 535(b) of title 28, United States Code.
23 (b) MEMBERSHIP.-The Financial Stability Over24
sight Board shall be comprised of-
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1 (1) the Chairman of the Board of Governors of
2 the Federal Reserve System;
3 (2) the Secretary;
4 (3) the Director of the Federal Home Finance
5 Agency;
6 (4) the Chairman of the Securities Exchange
7 Commission; and
8 (5) the Secretary of Housing and Urban Devel9
opment.
10 (c) CHAIRPERSON.-The chairperson of the Financial
11 Stability Oversight Board shall be elected by the members
12 of the Board from among the members other than the Sec13
retary.
14 (d) MEETINGS.-The Financial Stability Oversight
15 Board shall meet 2 weeks after the first exercise of the
16 purchase authority of the Secretary under this Act, and
17 monthly thereafter.
18 (e) ADDITIONAL AUTHORITIES.-In addition to the
19 responsibilities described in subsection (a), the Financial
20 Stability Oversight Board shall have the authority to en21
sure that the policies implemented by the Secretary are-
22 (1) in accordance with the purposes of this Act;
23 (2) in the economic interests of the United
24 States; and
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1 (3) consistent with protecting taxpayers, in ac2
cordance with section 112(a).
3 (f) CREDIT REVIEW COMMITTEE.-The Financial
4 Stability Oversight Board may appoint a credit review
5 committee for the purpose of evaluating the exercise of
6 the purchase authority provided under this Act and the
7 assets acquired through the exercise of such authority, as
8 the Financial Stability Oversight Board determines appro9
priate.
10 (g) REPORTS.-The Financial Stability Oversight
11 Board shall report to the appropriate committees of Con12
gress and the Congressional Oversight Panel established
13 under section 125, semiannually, on the matters described
14 under subsection (a)(1).
15 (h) TERMINATION.-The Financial Stability Over16
sight Board, and the authority of the Oversight Board
17 under this section, shall terminate on the expiration of the
18 15-day period beginning upon the later of-
19 (1) the date that the last troubled asset ac20
quired by the Secretary under section 101 has been
21 sold or transferred out of the ownership or control
22 of the Federal Government; or
23 (2) the date of expiration of the last insurance
24 contract issued under section 102.
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1 SEC. 105. REPORTS.
2 (a) IN GENERAL.-Before the expiration of the 60-
3 day period beginning on the date of the first exercise of
4 the authority granted in section 101(a), or of the first ex5
ercise of the authority granted in section 102, whichever
6 occurs first, and every 30-day period thereafter, the Sec7
retary shall report to the appropriate committees of Con8
gress, with respect to each such period-
9 (1) an overview of actions taken by the Sec10
retary, including the considerations required by sec11
tion 103 and the efforts under section 109;
12 (2) the actual obligation and expenditure of the
13 funds provided for administrative expenses by sec14
tion 118 during such period and the expected ex15
penditure of such funds in the subsequent period;
16 and
17 (3) a detailed financial statement with respect
18 to the exercise of authority under this Act, includ19
ing-
20 (A) all agreements made or renewed;
21 (B) all insurance contracts entered into
22 pursuant to section 102;
23 (C) all transactions occurring during such
24 period, including the types of parties involved;
25 (D) the nature of the assets purchased;
26 (E) all projected costs and liabilities;
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1 (F) operating expenses, including com2
pensation for financial agents;
3 (G) the valuation or pricing method used
4 for each transaction; and
5 (H) a description of the vehicles estab6
lished to exercise such authority.
7 (b) TRANCHE REPORTS TO CONGRESS.-
8 (1) REPORTS.-The Secretary shall provide to
9 the appropriate committees of Congress, at the times
10 specified in paragraph (2), a written report, includ11
ing-
12 (A) a description of all of the transactions
13 made during the reporting period;
14 (B) a description of the pricing mechanism
15 for the transactions;
16 (C) a justification of the price paid for and
17 other financial terms associated with the trans18
actions;
19 (D) a description of the impact of the exer20
cise of such authority on the financial system,
21 supported, to the extent possible, by specific
22 data;
23 (E) a description of challenges that remain
24 in the financial system, including any bench25
marks yet to be achieved; and
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1 (F) an estimate of additional actions under
2 the authority provided under this Act that may
3 be necessary to address such challenges.
4 (2) TIMING.-The report required by this sub5
section shall be submitted not later than 7 days
6 after the date on which commitments to purchase
7 troubled assets under the authorities provided in this
8 Act first reach an aggregate of $50,000,000,000 and
9 not later than 7 days after each $50,000,000,000 in10
terval of such commitments is reached thereafter.
11 (c) REGULATORY MODERNIZATION REPORT.-The
12 Secretary shall review the current state of the financial
13 markets and the regulatory system and submit a written
14 report to the appropriate committees of Congress not later
15 than April 30, 2009, analyzing the current state of the
16 regulatory system and its effectiveness at overseeing the
17 participants in the financial markets, including the over18
the-counter swaps market and government-sponsored en19
terprises, and providing recommendations for improve20
ment, including-
21 (1) recommendations regarding-
22 (A) whether any participants in the finan23
cial markets that are currently outside the reg24
ulatory system should become subject to the
25 regulatory system; and
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1 (B) enhancement of the clearing and set2
tlement of over-the-counter swaps; and
3 (2) the rationale underlying such recommenda4
tions.
5 (d) SHARING OF INFORMATION.-Any report re6
quired under this section shall also be submitted to the
7 Congressional Oversight Panel established under section
8 125.
9 (e) SUNSET.-The reporting requirements under this
10 section shall terminate on the later of-
11 (1) the date that the last troubled asset ac12
quired by the Secretary under section 101 has been
13 sold or transferred out of the ownership or control
14 of the Federal Government; or
15 (2) the date of expiration of the last insurance
16 contract issued under section 102.
17 SEC. 106. RIGHTS; MANAGEMENT; SALE OF TROUBLED AS18
SETS; REVENUES AND SALE PROCEEDS.
19 (a) EXERCISE OF RIGHTS.-The Secretary may, at
20 any time, exercise any rights received in connection with
21 troubled assets purchased under this Act.
22 (b) MANAGEMENT OF TROUBLED ASSETS.-The Sec23
retary shall have authority to manage troubled assets pur24
chased under this Act, including revenues and portfolio
25 risks therefrom.
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1 (c) SALE OF TROUBLED ASSETS.-The Secretary
2 may, at any time, upon terms and conditions and at a
3 price determined by the Secretary, sell, or enter into secu4
rities loans, repurchase transactions, or other financial
5 transactions in regard to, any troubled asset purchased
6 under this Act.
7 (d) TRANSFER TO TREASURY.-Revenues of, and
8 proceeds from the sale of troubled assets purchased under
9 this Act, or from the sale, exercise, or surrender of war10
rants or senior debt instruments acquired under section
11 113 shall be paid into the general fund of the Treasury
12 for reduction of the public debt.
13 (e) APPLICATION OF SUNSET TO TROUBLED AS14
SETS.-The authority of the Secretary to hold any trou15
bled asset purchased under this Act before the termination
16 date in section 120, or to purchase or fund the purchase
17 of a troubled asset under a commitment entered into be18
fore the termination date in section 120, is not subject
19 to the provisions of section 120.
20 SEC. 107. CONTRACTING PROCEDURES.
21 (a) STREAMLINED PROCESS.-For purposes of this
22 Act, the Secretary may waive specific provisions of the
23 Federal Acquisition Regulation upon a determination that
24 urgent and compelling circumstances make compliance
25 with such provisions contrary to the public interest. Any
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1 such determination, and the justification for such deter2
mination, shall be submitted to the Committees on Over3
sight and Government Reform and Financial Services of
4 the House of Representatives and the Committees on
5 Homeland Security and Governmental Affairs and Bank6
ing, Housing, and Urban Affairs of the Senate within 7
7 days.
8 (b) ADDITIONAL CONTRACTING REQUIREMENTS.-In
9 any solicitation or contract where the Secretary has, pur10
suant to subsection (a), waived any provision of the Fed11
eral Acquisition Regulation pertaining to minority con12
tracting, the Secretary shall develop and implement stand13
ards and procedures to ensure, to the maximum extent
14 practicable, the inclusion and utilization of minorities (as
15 such term is defined in section 1204(c) of the Financial
16 Institutions Reform, Recovery, and Enforcement Act of
17 1989 (12 U.S.C. 1811 note)) and women, and minority18
and women-owned businesses (as such terms are defined
19 in section 21A(r)(4) of the Federal Home Loan Bank Act
20 (12 U.S.C. 1441a(r)(4)), in that solicitation or contract,
21 including contracts to asset managers, servicers, property
22 managers, and other service providers or expert consult23
ants.
24 (c) ELIGIBILITY OF FDIC.-Notwithstanding sub25
sections (a) and (b), the Corporation-
24
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1 (1) shall be eligible for, and shall be considered
2 in, the selection of asset managers for residential
3 mortgage loans and residential mortgage-backed se4
curities; and
5 (2) shall be reimbursed by the Secretary for
6 any services provided.
7 SEC. 108. CONFLICTS OF INTEREST.
8 (a) STANDARDS REQUIRED.-The Secretary shall
9 issue regulations or guidelines necessary to address and
10 manage or to prohibit conflicts of interest that may arise
11 in connection with the administration and execution of the
12 authorities provided under this Act, including-
13 (1) conflicts arising in the selection or hiring of
14 contractors or advisors, including asset managers;
15 (2) the purchase of troubled assets;
16 (3) the management of the troubled assets held;
17 (4) post-employment restrictions on employees;
18 and
19 (5) any other potential conflict of interest, as
20 the Secretary deems necessary or appropriate in the
21 public interest.
22 (b) TIMING.-Regulations or guidelines required by
23 this section shall be issued as soon as practicable after
24 the date of enactment of this Act.
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1 SEC. 109. FORECLOSURE MITIGATION EFFORTS.
2 (a) RESIDENTIAL MORTGAGE LOAN SERVICING
3 STANDARDS.-To the extent that the Secretary acquires
4 mortgages, mortgage backed securities, and other assets
5 secured by residential real estate, including multifamily
6 housing, the Secretary shall implement a plan that seeks
7 to maximize assistance for homeowners and use the au8
thority of the Secretary to encourage the servicers of the
9 underlying mortgages, considering net present value to the
10 taxpayer, to take advantage of the HOPE for Home11
owners Program under section 257 of the National Hous12
ing Act or other available programs to minimize fore13
closures. In addition, the Secretary may use loan guaran14
tees and credit enhancements to facilitate loan modifica15
tions to prevent avoidable foreclosures.
16 (b) COORDINATION.-The Secretary shall coordinate
17 with the Corporation, the Board (with respect to any
18 mortgage or mortgage-backed securities or pool of securi19
ties held, owned, or controlled by or on behalf of a Federal
20 reserve bank, as provided in section 110(a)(1)(C)), the
21 Federal Housing Finance Agency, the Secretary of Hous22
ing and Urban Development, and other Federal Govern23
ment entities that hold troubled assets to attempt to iden24
tify opportunities for the acquisition of classes of troubled
25 assets that will improve the ability of the Secretary to im26
prove the loan modification and restructuring process and,
26
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1 where permissible, to permit bona fide tenants who are
2 current on their rent to remain in their homes under the
3 terms of the lease. In the case of a mortgage on a residen4
tial rental property, the plan required under this section
5 shall include protecting Federal, State, and local rental
6 subsidies and protections, and ensuring any modification
7 takes into account the need for operating funds to main8
tain decent and safe conditions at the property.
9 (c) CONSENT TO REASONABLE LOAN MODIFICATION
10 REQUESTS.-Upon any request arising under existing in11
vestment contracts, the Secretary shall consent, where ap12
propriate, and considering net present value to the tax13
payer, to reasonable requests for loss mitigation measures,
14 including term extensions, rate reductions, principal write
15 downs, increases in the proportion of loans within a trust
16 or other structure allowed to be modified, or removal of
17 other limitation on modifications.
18 SEC. 110. ASSISTANCE TO HOMEOWNERS.
19 (a) DEFINITIONS.-As used in this section-
20 (1) the term ‘‘Federal property manager''
21 means-
22 (A) the Federal Housing Finance Agency,
23 in its capacity as conservator of the Federal
24 National Mortgage Association and the Federal
25 Home Loan Mortgage Corporation;
27
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1 (B) the Corporation, with respect to resi2
dential mortgage loans and mortgage-backed se3
curities held by any bridge depository institu4
tion pursuant to section 11(n) of the Federal
5 Deposit Insurance Act; and
6 (C) the Board, with respect to any mort7
gage or mortgage-backed securities or pool of
8 securities held, owned, or controlled by or on
9 behalf of a Federal reserve bank, other than
10 mortgages or securities held, owned, or con11
trolled in connection with open market oper12
ations under section 14 of the Federal Reserve
13 Act (12 U.S.C. 353), or as collateral for an ad14
vance or discount that is not in default;
15 (2) the term ‘‘consumer'' has the same meaning
16 as in section 103 of the Truth in Lending Act (15
17 U.S.C. 1602);
18 (3) the term ‘‘insured depository institution''
19 has the same meaning as in section 3 of the Federal
20 Deposit Insurance Act (12 U.S.C. 1813); and
21 (4) the term ‘‘servicer'' has the same meaning
22 as in section 6(i)(2) of the Real Estate Settlement
23 Procedures Act of 1974 (12 U.S.C. 2605(i)(2)).
24 (b) HOMEOWNER ASSISTANCE BY AGENCIES.-
28
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1 (1) IN GENERAL.-To the extent that the Fed2
eral property manager holds, owns, or controls mort3
gages, mortgage backed securities, and other assets
4 secured by residential real estate, including multi5
family housing, the Federal property manager shall
6 implement a plan that seeks to maximize assistance
7 for homeowners and use its authority to encourage
8 the servicers of the underlying mortgages, and con9
sidering net present value to the taxpayer, to take
10 advantage of the HOPE for Homeowners Program
11 under section 257 of the National Housing Act or
12 other available programs to minimize foreclosures.
13 (2) MODIFICATIONS.-In the case of a residen14
tial mortgage loan, modifications made under para15
graph (1) may include-
16 (A) reduction in interest rates;
17 (B) reduction of loan principal; and
18 (C) other similar modifications.
19 (3) TENANT PROTECTIONS.-In the case of
20 mortgages on residential rental properties, modifica21
tions made under paragraph (1) shall ensure-
22 (A) the continuation of any existing Fed23
eral, State, and local rental subsidies and pro24
tections; and
29
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1 (B) that modifications take into account
2 the need for operating funds to maintain decent
3 and safe conditions at the property.
4 (4) TIMING.-Each Federal property manager
5 shall develop and begin implementation of the plan
6 required by this subsection not later than 60 days
7 after the date of enactment of this Act.
8 (5) REPORTS TO CONGRESS.-Each Federal
9 property manager shall, 60 days after the date of
10 enactment of this Act and every 30 days thereafter,
11 report to Congress specific information on the num12
ber and types of loan modifications made and the
13 number of actual foreclosures occurring during the
14 reporting period in accordance with this section.
15 (6) CONSULTATION.-In developing the plan re16
quired by this subsection, the Federal property man17
agers shall consult with one another and, to the ex18
tent possible, utilize consistent approaches to imple19
ment the requirements of this subsection.
20 (c) ACTIONS WITH RESPECT TO SERVICERS.-In any
21 case in which a Federal property manager is not the owner
22 of a residential mortgage loan, but holds an interest in
23 obligations or pools of obligations secured by residential
24 mortgage loans, the Federal property manager shall-
30
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1 (1) encourage implementation by the loan
2 servicers of loan modifications developed under sub3
section (b); and
4 (2) assist in facilitating any such modifications,
5 to the extent possible.
6 (d) LIMITATION.-The requirements of this section
7 shall not supersede any other duty or requirement imposed
8 on the Federal property managers under otherwise appli9
cable law.
10 SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE
11 GOVERNANCE.
12 (a) APPLICABILITY.-Any financial institution that
13 sells troubled assets to the Secretary under this Act shall
14 be subject to the executive compensation requirements of
15 subsections (b) and (c) and the provisions under the Inter16
nal Revenue Code of 1986, as provided under the amend17
ment by section 302, as applicable.
18 (b) DIRECT PURCHASES.-
19 (1) IN GENERAL.-Where the Secretary deter20
mines that the purposes of this Act are best met
21 through direct purchases of troubled assets from an
22 individual financial institution where no bidding
23 process or market prices are available, and the Sec24
retary receives a meaningful equity or debt position
25 in the financial institution as a result of the trans31
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1 action, the Secretary shall require that the financial
2 institution meet appropriate standards for executive
3 compensation and corporate governance. The stand4
ards required under this subsection shall be effective
5 for the duration of the period that the Secretary
6 holds an equity or debt position in the financial in7
stitution.
8 (2) CRITERIA.-The standards required under
9 this subsection shall include-
10 (A) limits on compensation that exclude in11
centives for executive officers of a financial in12
stitution to take unnecessary and excessive
13 risks that threaten the value of the financial in14
stitution during the period that the Secretary
15 holds an equity or debt position in the financial
16 institution;
17 (B) a provision for the recovery by the fi18
nancial institution of any bonus or incentive
19 compensation paid to a senior executive officer
20 based on statements of earnings, gains, or other
21 criteria that are later proven to be materially
22 inaccurate; and
23 (C) a prohibition on the financial institu24
tion making any golden parachute payment to
25 its senior executive officer during the period
32
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1 that the Secretary holds an equity or debt posi2
tion in the financial institution.
3 (3) DEFINITION.-For purposes of this section,
4 the term ‘‘senior executive officer'' means an indi5
vidual who is one of the top 5 executives of a public
6 company, whose compensated is required to be dis7
closed pursuant to the Securities Exchange Act of
8 1934, and any regulations issued thereunder, and
9 non-public company counterparts.
10 (c) AUCTION PURCHASES.-Where the Secretary de11
termines that the purposes of this Act are best met
12 through auction purchases of troubled assets, and only
13 where such purchases per financial institution, in the ag14
gregate exceed $300,000,000 (including direct purchases),
15 the Secretary shall prohibit, for such financial institution,
16 any new employment contract with a senior executive offi17
cer that provides a golden parachute in the event of an
18 involuntary termination, bankruptcy filing, insolvency, or
19 receivership. The Secretary shall issue guidance to carry
20 out this paragraph not later than 2 months after the date
21 of enactment of this Act, and such guidance shall be effec22
tive upon issuance.
23 (d) SUNSET.-The provisions of subsection (c) shall
24 apply only to arrangements entered into during the period
33
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1 during which the authorities under section 101(a) are in
2 effect, as determined under section 120.
3 SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES
4 AND CENTRAL BANKS.
5 The Secretary shall coordinate, as appropriate, with
6 foreign financial authorities and central banks to work to7
ward the establishment of similar programs by such au8
thorities and central banks. To the extent that such for9
eign financial authorities or banks hold troubled assets as
10 a result of extending financing to financial institutions
11 that have failed or defaulted on such financing, such trou12
bled assets qualify for purchase under section 101.
13 SEC. 113. MINIMIZATION OF LONG-TERM COSTS AND MAXI14
MIZATION OF BENEFITS FOR TAXPAYERS.
15 (a) LONG-TERM COSTS AND BENEFITS.-
16 (1) MINIMIZING NEGATIVE IMPACT.-The Sec17
retary shall use the authority under this Act in a
18 manner that will minimize any potential long-term
19 negative impact on the taxpayer, taking into account
20 the direct outlays, potential long-term returns on as21
sets purchased, and the overall economic benefits of
22 the program, including economic benefits due to im23
provements in economic activity and the availability
24 of credit, the impact on the savings and pensions of
34
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1 individuals, and reductions in losses to the Federal
2 Government.
3 (2) AUTHORITY.-In carrying out paragraph
4 (1), the Secretary shall-
5 (A) hold the assets to maturity or for re6
sale for and until such time as the Secretary
7 determines that the market is optimal for sell8
ing such assets, in order to maximize the value
9 for taxpayers; and
10 (B) sell such assets at a price that the Sec11
retary determines, based on available financial
12 analysis, will maximize return on investment for
13 the Federal Government.
14 (3) PRIVATE SECTOR PARTICIPATION.-The
15 Secretary shall encourage the private sector to par16
ticipate in purchases of troubled assets, and to in17
vest in financial institutions, consistent with the pro18
visions of this section.
19 (b) USE OF MARKET MECHANISMS.-In making pur20
chases under this Act, the Secretary shall-
21 (1) make such purchases at the lowest price
22 that the Secretary determines to be consistent with
23 the purposes of this Act; and
24 (2) maximize the efficiency of the use of tax25
payer resources by using market mechanisms, in35
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1 cluding auctions or reverse auctions, where appro2
priate.
3 (c) DIRECT PURCHASES.-If the Secretary deter4
mines that use of a market mechanism under subsection
5 (b) is not feasible or appropriate, and the purposes of the
6 Act are best met through direct purchases from an indi7
vidual financial institution, the Secretary shall pursue ad8
ditional measures to ensure that prices paid for assets are
9 reasonable and reflect the underlying value of the asset.
10 (d) CONDITIONS ON PURCHASE AUTHORITY FOR
11 WARRANTS AND DEBT INSTRUMENTS.-
12 (1) IN GENERAL.-The Secretary may not pur13
chase, or make any commitment to purchase, any
14 troubled asset under the authority of this Act, unless
15 the Secretary receives from the financial institution
16 from which such assets are to be purchased-
17 (A) in the case of a financial institution
18 that is registered (or approved for registration)
19 and traded on a national securities exchange or
20 a national securities association registered pur21
suant to section 15A of the Securities Exchange
22 Act of 1934 (15 U.S.C. 78o-3), a warrant giv23
ing the right to the Secretary to receive non24
voting common stock or preferred stock in such
36
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1 financial institution, as the Secretary deter2
mines appropriate; or
3 (B) in the case of any financial institution
4 other than one described in subparagraph (A),
5 a senior debt instrument from such financial in6
stitution, as described in paragraph (2)(C).
7 (2) TERMS AND CONDITIONS.-The terms and
8 conditions of any warrant or senior debt instrument
9 required under paragraph (1) shall meet the fol10
lowing requirements:
11 (A) PURPOSES.-Such terms and condi12
tions shall, at a minimum, be designed-
13 (i) to provide for reasonable participa14
tion by the Secretary, for the benefit of
15 taxpayers, in equity appreciation in the
16 case of a warrant, or a reasonable interest
17 rate premium, in the case of a debt instru18
ment; and
19 (ii) to provide additional protection
20 for the taxpayer against losses from sale of
21 assets by the Secretary under this Act and
22 the administrative expenses of the TARP.
23 (B) AUTHORITY TO SELL, EXERCISE, OR
24 SURRENDER.-The Secretary may sell, exercise,
25 or surrender a warrant or any senior debt in37
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1 strument received under this subsection, based
2 on the conditions established under subpara3
graph (A).
4 (C) CONVERSION.-The warrant shall pro5
vide that if, after the warrant is received by the
6 Secretary under this subsection, the financial
7 institution that issued the warrant is no longer
8 listed or traded on a national securities ex9
change or securities association, as described in
10 paragraph (1)(A), such warrants shall convert
11 to senior debt, in an amount determined by the
12 Secretary.
13 (D) PROTECTIONS.-Any warrant rep14
resenting securities to be received by the Sec15
retary under this subsection shall contain anti16
dilution provisions of the type employed in cap17
ital market transactions, as determined by the
18 Secretary. Such provisions shall protect the
19 value of the securities from market transactions
20 such as stock splits, stock distributions, divi21
dends, and other distributions, mergers, and
22 other forms of reorganization or recapitaliza23
tion.
24 (E) EXERCISE PRICE.-The exercise price
25 for any warrant issued pursuant to this sub38
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1 section shall be set by the Secretary, in the in2
terest of the taxpayers.
3 (F) SUFFICIENCY.-The financial institu4
tion shall guarantee to the Secretary that it has
5 authorized shares of nonvoting stock available
6 to fulfill its obligations under this subsection.
7 Should the financial institution not have suffi8
cient authorized shares, including preferred
9 shares that may carry dividend rights equal to
10 a multiple number of common shares, the Sec11
retary may, to the extent necessary, accept a
12 senior debt note in an amount, and on such
13 terms, as will compensate the Secretary equiva14
lently, in the event that a sufficient shareholder
15 vote to authorize the necessary additional
16 shares cannot be obtained.
17 (3) EXCEPTIONS.-
18 (A) DE MINIMIS.-The Secretary shall es19
tablish de minimis exceptions to the require20
ments of this subsection, based on the size of
21 the cumulative transactions of troubled assets
22 purchased from any one financial institution for
23 the duration of the program, at not more than
24 $100,000,000.
39
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1 (B) OTHER EXCEPTIONS.-The Secretary
2 shall establish an exception to the requirements
3 of this subsection and appropriate alternative
4 requirements for any participating financial in5
stitution that is legally prohibited from issuing
6 securities and debt instruments, so as not to
7 allow circumvention of the requirements of this
8 section.
9 SEC. 114. MARKET TRANSPARENCY.
10 (a) PRICING.-To facilitate market transparency, the
11 Secretary shall make available to the public, in electronic
12 form, a description, amounts, and pricing of assets ac13
quired under this Act, within 2 business days of purchase,
14 trade, or other disposition.
15 (b) DISCLOSURE.-For each type of financial institu16
tions that sells troubled assets to the Secretary under this
17 Act, the Secretary shall determine whether the public dis18
closure required for such financial institutions with re19
spect to off-balance sheet transactions, derivatives instru20
ments, contingent liabilities, and similar sources of poten21
tial exposure is adequate to provide to the public sufficient
22 information as to the true financial position of the institu23
tions. If such disclosure is not adequate for that purpose,
24 the Secretary shall make recommendations for additional
25 disclosure requirements to the relevant regulators.
40
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1 SEC. 115. GRADUATED AUTHORIZATION TO PURCHASE.
2 (a) AUTHORITY.-The authority of the Secretary to
3 purchase troubled assets under this Act shall be limited
4 as follows:
5 (1) Effective upon the date of enactment of this
6 Act, such authority shall be limited to
7 $250,000,000,000 outstanding at any one time.
8 (2) If at any time, the President submits to the
9 Congress a written certification that the Secretary
10 needs to exercise the authority under this paragraph,
11 effective upon such submission, such authority shall
12 be limited to $350,000,000,000 outstanding at any
13 one time.
14 (3) If, at any time after the certification in
15 paragraph (2) has been made, the President trans16
mits to the Congress a written report detailing the
17 plan of the Secretary to exercise the authority under
18 this paragraph, unless there is enacted, within 15
19 calendar days of such transmission, a joint resolu20
tion described in subsection (c), effective upon the
21 expiration of such 15-day period, such authority
22 shall be limited to $700,000,000,000 outstanding at
23 any one time.
24 (b) AGGREGATION OF PURCHASE PRICES.-The
25 amount of troubled assets purchased by the Secretary out26
standing at any one time shall be determined for purposes
41
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1 of the dollar amount limitations under subsection (a) by
2 aggregating the purchase prices of all troubled assets held.
3 (c) JOINT RESOLUTION OF DISAPPROVAL.-
4 (1) IN GENERAL.-Notwithstanding any other
5 provision of this section, the Secretary may not exer6
cise any authority to make purchases under this Act
7 with regard to any amount in excess of
8 $350,000,000,000 previously obligated, as described
9 in this section if, within 15 calendar days after the
10 date on which Congress receives a report of the plan
11 of the Secretary described in subsection (a)(3), there
12 is enacted into law a joint resolution disapproving
13 the plan of the Secretary with respect to such addi14
tional amount.
15 (2) CONTENTS OF JOINT RESOLUTION.-For
16 the purpose of this section, the term ‘‘joint resolu17
tion'' means only a joint resolution-
18 (A) that is introduced not later than 3 cal19
endar days after the date on which the report
20 of the plan of the Secretary referred to in sub21
section (a)(3) is received by Congress;
22 (B) which does not have a preamble;
23 (C) the title of which is as follows: ‘‘Joint
24 resolution relating to the disapproval of obliga42
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1 tions under the Emergency Economic Stabiliza2
tion Act of 2008''; and
3 (D) the matter after the resolving clause of
4 which is as follows: ‘‘That Congress disapproves
5 the obligation of any amount exceeding the
6 amounts obligated as described in paragraphs
7 (1) and (2) of section 114(a) of the Emergency
8 Economic Stabilization Act of 2008.''.
9 (d) FAST TRACK CONSIDERATION IN HOUSE OF REP10
RESENTATIVES.-
11 (1) RECONVENING.-Upon receipt of a report
12 under subsection (a)(3), the Speaker, if the House
13 would otherwise be adjourned, shall notify the Mem14
bers of the House that, pursuant to this section, the
15 House shall convene not later than the second cal16
endar day after receipt of such report;
17 (2) REPORTING AND DISCHARGE.-Any com18
mittee of the House of Representatives to which a
19 joint resolution is referred shall report it to the
20 House not later than 5 calendar days after the date
21 of receipt of the report described in subsection
22 (a)(3). If a committee fails to report the joint resolu23
tion within that period, the committee shall be dis24
charged from further consideration of the joint reso43
O:\AYO\AYO08C04.xml
1 lution and the joint resolution shall be referred to
2 the appropriate calendar.
3 (3) PROCEEDING TO CONSIDERATION.-After
4 each committee authorized to consider a joint resolu5
tion reports it to the House or has been discharged
6 from its consideration, it shall be in order, not later
7 than the sixth day after Congress receives the report
8 described in subsection (a)(3), to move to proceed to
9 consider the joint resolution in the House. All points
10 of order against the motion are waived. Such a mo11
tion shall not be in order after the House has dis12
posed of a motion to proceed on the joint resolution.
13 The previous question shall be considered as ordered
14 on the motion to its adoption without intervening
15 motion. The motion shall not be debatable. A motion
16 to reconsider the vote by which the motion is dis17
posed of shall not be in order.
18 (4) CONSIDERATION.-The joint resolution
19 shall be considered as read. All points of order
20 against the joint resolution and against its consider21
ation are waived. The previous question shall be con22
sidered as ordered on the joint resolution to its pas23
sage without intervening motion except two hours of
24 debate equally divided and controlled by the pro25
ponent and an opponent. A motion to reconsider the
44
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1 vote on passage of the joint resolution shall not be
2 in order.
3 (e) FAST TRACK CONSIDERATION IN SENATE.-
4 (1) RECONVENING.-Upon receipt of a report
5 under subsection (a)(3), if the Senate has adjourned
6 or recessed for more than 2 days, the majority lead7
er of the Senate, after consultation with the minority
8 leader of the Senate, shall notify the Members of the
9 Senate that, pursuant to this section, the Senate
10 shall convene not later than the second calendar day
11 after receipt of such message.
12 (2) PLACEMENT ON CALENDAR.-Upon intro13
duction in the Senate, the joint resolution shall be
14 placed immediately on the calendar.
15 (3) FLOOR CONSIDERATION.-
16 (A) IN GENERAL.-Notwithstanding Rule
17 XXII of the Standing Rules of the Senate, it is
18 in order at any time during the period begin19
ning on the 4th day after the date on which
20 Congress receives a report of the plan of the
21 Secretary described in subsection (a)(3) and
22 ending on the 6th day after the date on which
23 Congress receives a report of the plan of the
24 Secretary described in subsection (a)(3) (even
25 though a previous motion to the same effect has
45
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1 been disagreed to) to move to proceed to the
2 consideration of the joint resolution, and all
3 points of order against the joint resolution (and
4 against consideration of the joint resolution)
5 are waived. The motion to proceed is not debat6
able. The motion is not subject to a motion to
7 postpone. A motion to reconsider the vote by
8 which the motion is agreed to or disagreed to
9 shall not be in order. If a motion to proceed to
10 the consideration of the resolution is agreed to,
11 the joint resolution shall remain the unfinished
12 business until disposed of.
13 (B) DEBATE.-Debate on the joint resolu14
tion, and on all debatable motions and appeals
15 in connection therewith, shall be limited to not
16 more than 10 hours, which shall be divided
17 equally between the majority and minority lead18
ers or their designees. A motion further to limit
19 debate is in order and not debatable. An
20 amendment to, or a motion to postpone, or a
21 motion to proceed to the consideration of other
22 business, or a motion to recommit the joint res23
olution is not in order.
24 (C) VOTE ON PASSAGE.-The vote on pas25
sage shall occur immediately following the con46
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1 clusion of the debate on a joint resolution, and
2 a single quorum call at the conclusion of the de3
bate if requested in accordance with the rules of
4 the Senate.
5 (D) RULINGS OF THE CHAIR ON PROCE6
DURE.-Appeals from the decisions of the Chair
7 relating to the application of the rules of the
8 Senate, as the case may be, to the procedure re9
lating to a joint resolution shall be decided
10 without debate.
11 (f) RULES RELATING TO SENATE AND HOUSE OF
12 REPRESENTATIVES.-
13 (1) COORDINATION WITH ACTION BY OTHER
14 HOUSE.-If, before the passage by one House of a
15 joint resolution of that House, that House receives
16 from the other House a joint resolution, then the fol17
lowing procedures shall apply:
18 (A) The joint resolution of the other House
19 shall not be referred to a committee.
20 (B) With respect to a joint resolution of
21 the House receiving the resolution-
22 (i) the procedure in that House shall
23 be the same as if no joint resolution had
24 been received from the other House; but
47
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1 (ii) the vote on passage shall be on
2 the joint resolution of the other House.
3 (2) TREATMENT OF JOINT RESOLUTION OF
4 OTHER HOUSE.-If one House fails to introduce or
5 consider a joint resolution under this section, the
6 joint resolution of the other House shall be entitled
7 to expedited floor procedures under this section.
8 (3) TREATMENT OF COMPANION MEASURES.-
9 If, following passage of the joint resolution in the
10 Senate, the Senate then receives the companion
11 measure from the House of Representatives, the
12 companion measure shall not be debatable.
13 (4) CONSIDERATION AFTER PASSAGE.-
14 (A) IN GENERAL.-If Congress passes a
15 joint resolution, the period beginning on the
16 date the President is presented with the joint
17 resolution and ending on the date the President
18 takes action with respect to the joint resolution
19 shall be disregarded in computing the 15-cal20
endar day period described in subsection (a)(3).
21 (B) VETOES.-If the President vetoes the
22 joint resolution-
23 (i) the period beginning on the date
24 the President vetoes the joint resolution
25 and ending on the date the Congress re48
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1 ceives the veto message with respect to the
2 joint resolution shall be disregarded in
3 computing the 15-calendar day period de4
scribed in subsection (a)(3), and
5 (ii) debate on a veto message in the
6 Senate under this section shall be 1 hour
7 equally divided between the majority and
8 minority leaders or their designees.
9 (5) RULES OF HOUSE OF REPRESENTATIVES
10 AND SENATE.-This subsection and subsections (c),
11 (d), and (e) are enacted by Congress-
12 (A) as an exercise of the rulemaking power
13 of the Senate and House of Representatives, re14
spectively, and as such it is deemed a part of
15 the rules of each House, respectively, but appli16
cable only with respect to the procedure to be
17 followed in that House in the case of a joint
18 resolution, and it supersedes other rules only to
19 the extent that it is inconsistent with such
20 rules; and
21 (B) with full recognition of the constitu22
tional right of either House to change the rules
23 (so far as relating to the procedure of that
24 House) at any time, in the same manner, and
49
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1 to the same extent as in the case of any other
2 rule of that House.
3 SEC. 116. OVERSIGHT AND AUDITS.
4 (a) COMPTROLLER GENERAL OVERSIGHT.-
5 (1) SCOPE OF OVERSIGHT.-The Comptroller
6 General of the United States shall, upon establish7
ment of the troubled assets relief program under
8 this Act (in this section referred to as the ‘‘TARP''),
9 commence ongoing oversight of the activities and
10 performance of the TARP and of any agents and
11 representatives of the TARP (as related to the agent
12 or representative's activities on behalf of or under
13 the authority of the TARP), including vehicles es14
tablished by the Secretary under this Act. The sub15
jects of such oversight shall include the following:
16 (A) The performance of the TARP in
17 meeting the purposes of this Act, particularly
18 those involving-
19 (i) foreclosure mitigation;
20 (ii) cost reducti

So I just read that the bail out of these institutions is going to cost the tax payers over $700 Billion dollars.  How many zers is that again?  That will cost the US tax payers $2,000 for every man, woman and child in the United states.  MY GAWD!  It must be nice to be able to print your own money!  This is just plain sad (as opposed to Palin sad). 

I heard that the debate this Friday is going to concentrate on Forign Policy.  Though I understand the importance of this..... Shouldn't we be concentrating on Domestic Policy?

I also heard that the last two investment Bank Goldman and Lehman Brothers can now have there own banks that work directly with the public.  This little news item was sent out at about 4:00 last night (slow news day, big sports day).  It was said that at not point could these investment banks do this.... now we ease regulations.....and let them take more of a control to stop them from going out of business. 

This is all getting way to strange for me.

Here is a brief synopsis of what my Run for President Platform would look like.....

1. More Power!  Energy conservation is important, but not very realistic.  We can do only what we can do. Drill in my backyard?  Sure.... But that is not the true answer.  I am all for offshore drilling, drilling in Alaska, etc.  I am a guy, and frankly watching Oil Rigs and construction is fun.  Just make sure at Christmas or whatever people want to start calling December 25, you put a nice star on top of it, with other pretty lights. We need to free up restrictions on Nuclear Power. As is happening in Texas (very heavily right now) we need to invest in Wind Farms.  How many acres and acres of open range are there in the United States?  Once again.... during that December 25th thing.... A star at the top, powered by a battery, that was powered by solar during the day would be a nice touch....Then it can be a Christmas/Quanza/Day before Boxing Day Tree. Start a 10 year government program.  How do we do this?  Move NASA's vision from outer space to what we are doing right here on earth.  Let's take care of what is below us, before we start looking at the star again.

2. Change the War Powers Act to state. Any member of Congress, member or member of the Executive branch that votes for war must send 1 child to serve in the War zone.

3. More separation of Church and State.  Sorry.... Just don't want radicals in our White House. There are enough of them in the world.

4. The only money a member of Congress or the Executive Branch can collect is his congressional pay. PERIOD. END OF STORY.  During a run for office the only money may be paid by individual contributors with a $500 cap.

5. If you want to run for office, you should not have to pay for an application fee or anything else. Collect the signatures and you should be allowed to be on the ballot. It cost to

6. A Constitutional amendment that states "This constitution shall never be used to take away the right of any one individual, which another individual may have."  I am not gay. I do not plan on being gay anytime soon....but it scare the hell out of me that we would put something on the Constitution that would allow for the removal of something that one human can do, that another can do.  What's next....Only rednecks can carry guns because they know how to shoot?

7.  Pay the children to graduate.  Set up a national Sales tax (YES I SAID TAX....How else we pay for it?  Smaller Government?  Get real! Government grows and grows. And yes.... that needs to be fixed, but will take more time then the 4 years I will be in office. I will not run for a second term, if elected.)  Pay a child $1 a day that they attend PUBLIC (separation of church and state after all) school at the time of their graduation. It is their Job to go to school, and it is the parent job to see it happen (parents get $1 per day as well). Hopefully this will stop a few kids from dropping out, and a few parents from letting it happen.  If they Drop out.... The are to join a military or Job Corps (subsidized by this same program) program of some sort

8.  Line Item Veto must exist to cut PORK. That way the blame falls on ME. Not congress.

9. Iraq.....Your time is up.  We have given them enough time to get it together.  Set a 1 year limit on when we are going to leave.  You want to put a country on its feet..... Put some damn weight on its shoulders. If they have a fear of imploding upon themselves, and they have not figured it out yet..... That's on them. We have given them the building blocks of democracy...... NOW USE IT!  Move the Troops to Afghanistan and let's finish the job we started with. You remember the one.... Getting Bin Laden at any cost. Any country that is not with us, is with the terrorist?  Those phrases ring a bell?  Our president said them after 9/11.  How short his memory is!

10. Excuse the Debt of all Courtiers that owe us money.  Let's face it.... we will never get it back anyway.  So let's create some good PR, and go from there.  Then any money that we loan out to a country....make their government sign a treaty that states.... Failure to pay this loan in full will result in us Repossessing parts of your country.  We will start with your personal houses first and go from there.

OK.... There is a lot more to this rant....I mean Platform..... But I think you are getting the point.

My Name is Dale.... And I endorse this message....because it was written by me an not a speech writer, or a marketing person, or a handler of any sort.

Some of you know where we started..... This is where we ended up  Videos, Audio, Blogs..... All kinds of fun interactive toys!