An explanation of the Emergency Economic Stabilization Act from the view of Indiana Representative Steve Buyer 1 . In October 2008, it was co-opted Joint Committee on Taxation, 2008, CCH Incorporated, Wolters Kluwer Law & Business edition, in English The Energy Improvement and Extension Act of 2008 extends existing tax credits for renewable provisions were included in H.R. 110-343 (HR 1424) and the Senate Finance Committee's October 1, 2008 Staff Summary (Last Date Accessed: October 6, 2008). The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets of financial institutions and making it difficult for working families, small On the basis of the costs incurred by private investment firms that acquire, manage, and sell similar assets, CBO expects that the administrative costs of operating the program could amount to a few billion dollars per year, as long as the government held all or most of the purchased assets. 0000049371 00000 n 0000018502 00000 n >*H /K0/6oUi&]-Ck`lN'' {*Jh V 8 ^ Q*H Emergency Economic Stabilization Act of 2008, also known as Troubled Assets Relief Program (TARP); An Act to Provide Authority for the Federal Government to Purchase and Insure Certain Types of Troubled Assets for the Purposes of Providing Stability to and Preventing Disruption in the Economy and Financial System and Protecting Taxpayers, to Amend The Internal Revenue Code of 1986 to Provide . The vehicle used for this legislation will be H.R. The legislation would, among other provisions, create a Troubled Asset Relief Program (TARP), under which the Secretary of the Treasury would be authorized to purchase, insure, hold, and sell a wide variety of financial instruments, particularly those that are based on or related to residential or commercial mortgages issued prior to March 14, 2008. ngaGrJ^%mL|>^- H!v+{mCG,d[im^8dpT|:|!g#X/,)I4 ,Rr {-{]5{}i-N\?9b$N"+NHMiK#G:iGFc^_q8(u;0rBR0AJQ2KD9;R!az3R6,1wUVU0Gvzy,P=5mt]Wq+%y CHVWV7o)USS2rr_h*6> ]W'J}I'ga^r Emergency Economic Stabilization Act of 2008: Money Market Investor Funding Facility . The recoupment mechanism is designed to offset any net losses the government experiences on the TARP transactions. Intergovernmental and Private-Sector Mandates. Ambiguities in the Act, however, create questions as to the scope of the Act's provisions and permissible avenues of compliance. 2944 0 obj <> endobj To finance those purchases, the Treasury would have to sell debt to the public. 0000013014 00000 n RENEWABLE ENERGY INCENTIVES 0000005542 00000 n It also extends the availability of the exclusion from gross income of discharges of qualifying mortgage debt and several other provisions affecting individuals that had expired at the end of or were scheduled to expire at the end of this year. 1424, the Emergency Economic Stabilization Act of 2008. Financial Products - Ordinary Loss on Sale of Fannie Mae or Freddie Mac Preferred Stock Held by Banks In a narrowly targeted change, EESA characterizes gain or loss on the sale of "applicable preferred $700 Billion Bailout answers questions such as: What does the bill say, exactly? 0000006386 00000 n Although virtually all of the press coverage of this law has concentrated on its hotly debated $700 billion . p8&g0GVkI;U 8E(bY4 1424, which was enacted on October 3, 2008, as P.L. The $700 billion limit would be reduced by the excess of obligations to net premiums, if any, under this insurance program. Charles Dharapak / AP. e`f` @1 pZwCVG3$Ypf+j/Z6Ow?ZgfFEmDMHUN .>q&MSi6 0r230/7+)?GGXLx -&H31 RDd&(@ RgM Thursday, November 13, 2008. 0000007793 00000 n In addition, a number of provisions in the bill would affect federal revenues by changing tax law, including provisions that would limit the deductibility of executive compensation for certain firms selling assets; allow losses incurred by certain taxpayers on preferred stock in Fannie Mae and Freddie Mac to be treated as ordinary rather than capital losses; and exclude from income amounts attributable to the cancellation of mortgage debt of individuals in certain circumstances. 0000050563 00000 n FY 2009 FY 2010 Total Cohort 2009 and . In the wake of subprime mortgage crisis the U.S senator Henry Paulson propose Emergency Economic Stabilizing Act (EESA). $IU!Yd3HVoXOfHafDPd?hoKaEi9dYm)xKHvRYYXAO:2}w81YvY*y. This book highlights The Emergency Economic Stabilization Act (EESA), established as law on October 3rd 2008, in response to these economic fears. SHORT TITLE AND TABLE OF CONTENTS. Emergency Economic Stabilization Act Programs . Emergency Economic Stabilization Act (EESA) of 2008: One of the bailout measures taken by Congress in 2008 to help repair the damage from the subprime mortgage crisis. endstream endobj 2949 0 obj <>stream The purchase price of all such assets outstanding at any one time could not exceed $700 billion (though cumulative gross purchases could exceed $700 billion as previously purchased assets are sold). <>stream 0000050673 00000 n This report discusses the Emergency Economic Stabilization Act of 2008, which provides authority for the Secretary of the Treasury to purchase and insure "troubled assets" to provide stability and prevent disruption in the economy and financial system. Link copied. CBO expects that the Treasury would use most or all of the $700 billion in purchase authority within two years (after which the authority to enter into agreements to purchase various troubled assets would expire). 2 . Since the passage of EESA in October 2008, the OFS has implemented a number of programs aimed to stabilize the financial system and restore the flow of credit to Recoupment mechanism. Over the weekend of September 27-28, it appeared that the U.S. House had reached agreement on a massive bill, the Emergency Economic Stabilization Act of 2008 (Act), designed to help put the U.S. financial sector back on its feet and calm Wall Street's fears. Joint Committee on Taxation : Free Download, Borrow, and Streaming : Internet Archive H.R. Press J to jump to the feed. Media in category "Emergency Economic Stabilization Act of 2008" The following 4 files are in this category, out of 4 total. As I'm sure you're aware, on Oct. 3, 2008, the President signed into law the Emergency Economic Stabilization Act of 2008 (P.L. 0000008776 00000 n File Format: . The Emergency Economic Stabilization Act of 2008 ("EESA") became law on October 3, 2008. Emergency Economic Stabilization Act of 2008: Secured Credit Facility Authorized for American International Group, Inc. on September 16, 2008 Overview On September 16, 2008, the Board of Governors of the Federal Reserve System (Board), by the unanimous vote of its five members and with the full The act created the Troubled Asset Relief Program, a program authorizing the Department of the Treasury to purchase assets from failing financial institutions until October 3, 2010. Both economic conditions and PAC contributions matter in explaining , but their effect is the two by votesattenuated In any case, the ultimate cost to the government on the transactions would not be the total amount spent to purchase assetslimited to $700 billion outstanding at any one timebut rather the difference between the amount spent by the government and the amount received in earnings and sales proceeds when all of the assets are finally sold, presumably some years from now. 1424 . On September 28, 2008, Congressional leaders announced the Emergency Economic Stabilization Act of 2008 (EESA). 0000007371 00000 n >*H 5khk,rmL vp. GOP rally in Ottumwa 063 (4556439010).jpg. By Federal Deposit Insurance Corporation (FDIC) Press Releases [PDF-303.87 KB] CITE. However, the House failed to pass the Act on . 0000002316 00000 n The Emergency Economic Stabilization Act of 2008 (EESA, enacted as P.L. 0000050288 00000 n Photo: Photo: Alex Wong/Getty Images On October 3, 2008, President George W. Bush signed the $700 billion Emergency Economic Stabilization Act (EESA) of 2008 after Treasury Secretary Henry Paulson asked Congress to approve a bailout to buy mortgage-backed securities that were in danger of defaulting. The pdf of our analysis is posted here. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. <>/ExtGState<>>> Emergency Economic Stabilization Act of 2008. Those costs would depend on the kinds of assets purchased or insured. H.R.1424 is the vehicle for the economic rescue legislation. The text is pasted below. <]>> d. The subsidy cost is estimated using procedures similar to those specified in the Federal Credit Reform Act of 1990, but with an adjustment for market risk as directed by the Emergency Economic Stabilization Act of 2008. %PDF-1.4 % 0000006245 00000 n Another version of EESA, which included the original U.S. House of Representatives Under the plan, the Secretary . The program would probably include assets that have the worst credit risks and hence are difficult to price, making it likely that the government would, in some cases, pay prices that fail to cover those risks. 0000008891 00000 n Act, Division A, Title III, Sec. Wielding the extraordinary discretion recently granted to it by Congress, the US government announced a plan to inject $250 billion of capital directly into the US banking system, to guarantee the short-term debt of most US banks and thrifts and to eliminate FDIC insurance limits for noninterest bearing accounts. Preventing Unjust Enrichment- The Secretary must take steps to prevent unjust Emergency Economic Stabilization Act of 2008 Temporarily Increases Basic FDIC Insurance Coverage from $100,000 to $250,000 Per Depositor 10/07/2008. Overview On October 21, 2008, the Board of Governors of the Federal Reserve System (Board), by the unanimous vote of its five members, approved under section 13(3) of the Federal Reserve Act (12 U.S.C. 110-343) established numerous reporting requirements regarding a variety of issues. The legislation includes a variety of other provisions that would, on net, add to the budget deficit. 0000003852 00000 n Text of H.R.1424, as signed by the President on October 3, 2008 - JCT technical explanations of H.R. 0000008074 00000 n As noted above, CBO expects that since the acquired assets would have some value, the net budget impact would be substantially less than $700 billion; similarly, net cash disbursements under the program would also be substantially less than $700 billion over time because, ultimately, the government would sell the acquired assets and thus generate income that would offset much of the initial expenditures. 0000008213 00000 n 0000006105 00000 n 0000025314 00000 n 0000049316 00000 n L. 110-343, Oct. 3, 2008, 122 Stat. This legislation authorizes the Treasury Department to purchase "troubled assets" from financial institu-tions under a new Troubled Asset Relief Program. 0000042729 00000 n I hope this information is helpful to you. endstream endobj 2945 0 obj <>/Metadata 180 0 R/Pages 2942 0 R/StructTreeRoot 308 0 R/Type/Catalog>> endobj 2946 0 obj <>/ProcSet[/PDF/Text/ImageB]/XObject<>>>/Rotate 0/StructParents 23/Tabs/S/Type/Page>> endobj 2947 0 obj <>stream Statutory Notes and Related Subsidiaries Short Title of 2010 Amendment That lack of specificity regarding how the authority would be implemented and even what types of assets would be purchased makes it impossible at this point to provide a meaningful estimate of the ultimate impact on the federal budget from enacting this legislation. Emergency Economic Stabilization Act[1] - Free download as PDF File (.pdf), Text File (.txt) or read online for free. ;YX_y_ [ DVi Emergency economic stabilization act of 2008 : United States. Congress. 0000017547 00000 n Honorable Barney Frank 0000005121 00000 n %PDF-1.5 % %%EOF %%EOF tNZX CPh ;nCs3:^]n;a?QRjy%uNY6X=-8Y+0K%m"{ObCV-k|iY! ]s{2'NGl@-X?y bI($1P5~v-`F4EF{,!| 0000049693 00000 n The Congressional Budget Office (CBO) has reviewed the Emergency Economic Stabilization Act of 2008, as released by the House Committee on Financial Services on September 28, 2008. | This paper provides an in-depth analysis of the Emergency Economic Stabilization Act of 2008 and related . The Act The Troubled Assets Relief Program (TARP), created by this Act, is also analysed. 343) the establishment of the 0000003484 00000 n Enacting the legislation could also affect other federal spendingincluding, for example, outlays from the operations of Fannie Mae, Freddie Mac, federal housing programs, and deposit insurance. 321 0 obj <>stream In particular, the federal budget would not record the gross cash disbursements for purchases of troubled assets (or cash receipts for their eventual sale), but instead would reflect the estimated net cost to the government of such purchases (broadly speaking, the purchase cost minus the present value, adjusted for market risk, of any estimated future earnings from holding those assets and the proceeds from the eventual sale of them). The Emergency Economic Stabilization Act of 2008 (EESA) authorized the Secretary of the Treasury to establish the Troubled Assets Relief Program (TARP) to "purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on terms and conditions as are determined by the Secretary." The EESA The author provides details and insight into the Emergency Economic Stabilization Act of and specifically addresses it possible impact on Emergency economic stabilization act of 2008 book. 110-343) authorized the Department of the Treasury (Treasury) to purchase or guarantee troubled assets and other financial instruments, provided that the total purchase price paid for assets held by the Secretary at anyone time not exceed $700 billion. <> 0000049585 00000 n TAX PROVISIONS IN THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 (PL 110-343, HR 1424, Enacted October 3, 2008) I. Oct. 3, 2008 [H.R. The non-tax provisions of the bill would impose no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. Instant access to millions of titles from Our Library and it's FREE to try! CBO has just issued its analysis of the Emergency Economic Stabilization Act of 2008, as released tonight by the House Committee on Financial Services. 0000016045 00000 n On Friday, October 3, 2008 President Bush signed into law the Emergency Economic Stabilization Act of 2008 (the "Act"), legislation intended to bring relief to the troubled credit markets. Division A is the Emergency Economic Stabilization Act of 2008; Division B is the Energy Improvement and Extension Act of 2008; and Division C is the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. If, five years after enactment of the bill, the Director of the Office of Management and Budget in consultation with the Director of the Congressional Budget Office determines that the TARP has incurred a net loss, the President would be required to submit a legislative proposal to recoup that shortfall from entities benefiting from the TARP. 0000008813 00000 n Mb9u-$l >vy;P% %m 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. Download as PDF; Printable version; hbbd``b`z$kA'`$8o$j@\Zb``D"` Short title and table of contents. Those administrative costs are not included in the $700 billion limit on asset purchases. 7 Because EESA was enacted on October 3, 2008, this report appears to be required by January 1, 2009. The Emergency Economic Stabilization Act (EESA) of 2008, often referred to as the "bank bailout of 2008", was an act of Congress that created a billion-dollar Troubled Asset Relief Program . edit (a) Short Title. 0000046519 00000 n Furthermore, the insurance program contained in the enacted version of the EESA is briefly summarised and . 0000004275 00000 n endstream endobj 2948 0 obj <>stream Program Summary by Budget Activity (Dollars in Thousands) Purchase Cap. 0000049477 00000 n 0000006949 00000 n 0000046068 00000 n 0000004698 00000 n After a narrow rejection by the U.S. House of Representatives on September 29, approval by a comfortable margin by the U.S. Senate on October 2 and passage by the House on October 3 in a turn around from the September 29 vote, the Emergency Economic Stabilization Act of 2008 became law with the President's signature on October 3, 2008.1 The shift in the House occurred with sharply . created under the Housing and Economic Recovery Act of 2008. Tracker: Tip This also eliminated the monetary cap for residential solar electric installations, permitted utilities and allowed the credit to be used against the alternative minimum tax so they could quality for the . 0000050125 00000 n From a gift planning perspective, the most The text is pasted below. Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 * Heartland Disaster Tax Relief Act of 2008 This bill was originally introduced in March 2007 and passed the House as the Genetic Information Nondiscrimination Act of 2008. 0000050179 00000 n trailer T. AX . Tax Changes in How Individuals are Affected by The Emergency Economic Stabilization Act of 2008. This page was last edited on 10 January 2015, at 20:26. 0000012337 00000 n 0000008494 00000 n 0000050948 00000 n 0000000016 00000 n 0000004135 00000 n 2 All Section references relate to Title 26 of the Internal Revenue Code. 1 Analysis based on P.L. The bill includes a provision intended to protect against such future net losses by requiring that firms selling troubled assets to the government also provide warrants or senior debt instruments. The Emergency Economic Stabilization Act of 2008 (EESA, Division A of H.R. Chairman The Emergency Economic Stabilization Act of 2008 September 28, 2008 Press Release Significant bipartisan work has built consensus around dramatic improvements to the original Bush-Paulson plan to stabilize American financial markets--including requiring a plan to ensure the taxpayer is repaid in full. 0000049531 00000 n 0000050783 00000 n The Emergency Economic Stabilization Act of 2008, commonly referred to as a bailout of the U.S. financial system, is a law enacted subsequently to the subprime mortgage crisis authorizing the United States Secretary of the Treasury to spend up to $700 billion to purchase distressed assets, especially mortgage-backed securities, and supply cash directly to banks. 0000011798 00000 n - The authority would increase to $700 billion if the President submits a report detailing a plan to use the remaining $350 billion in purchase authority; that expansion would be subject to a 15-day Congressional review for potential disapproval of the plan. 0000014976 00000 n That net cost is likely to be substantially less than $700 billion but is more likely than not to be greater than zero. As noted in CBOs recent testimony before the House Budget Committee, the net gain or loss on the TARP transactions would reflect the degree to which the federal government sought to obtain, and succeeded in receiving, a fair market price for the assets it purchased, and the degree to which, because of severe market turmoil, market prices would be lower than the underlying value of the assets. 110-343 | THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008:. 0000050453 00000 n 0000008635 00000 n Among other provisions, the legislation would create a Troubled Asset Relief Program (TARP). I. NCENTIVES. 0000050618 00000 n xb```b`,c`g`e`@ V(FfV \ l @.PpM3Xv3~gVdz4Y;&MbVl3bs4s6xfQwX1gLdIghdq g3nqlcsss-dfXk]i1K|"ne=. 2952 0 obj <>/Filter/FlateDecode/ID[<5C384F84EABD5740A00A828B1C260669>]/Index[2944 14]/Info 2943 0 R/Length 57/Prev 1291990/Root 2945 0 R/Size 2958/Type/XRef/W[1 2 1]>>stream 0000006527 00000 n 0000005261 00000 n yphuT+.JRM55PSV9#\}n-hIV^,I(K; P]6:I:IAOj?X/(`t%r+F1EOmCU6P^ 221 0 obj <> endobj 0000050728 00000 n 0000004557 00000 n Under the TARP, the Secretary would have the authorityif deemed necessary to promote stability in the financial marketsto purchase any financial asset at any price and to sell that asset for any price at any future date. This followed a tumultuous week in Congress regarding the rescue legislation. 0000007653 00000 n Any savings from such legislation would be estimated when the proposal is considered and would be credited to that legislation for Congressional scorekeeping purposes. 0000003378 00000 n 2957 0 obj <>stream Part of Public Law 110-343 is the Energy Improvement and Extension Act of 2008. A of Pub. 0000051003 00000 n The US Department of Housing and Urban Development has released the Notice of Allocations, Application Procedures, Regulatory Waivers Granted to and Alternative Requirements for Emergency Assistance for Redevelopment of Abandoned and. 110-343). Under the legislation, the authority to enter into agreements to purchase such troubled assets would initially be set to expire on December 31, 2009, but could be extended through two years from the date of enactment upon certification by the Secretary that such an extension is necessary. 0000005401 00000 n Press question mark to learn the rest of the keyboard shortcuts November 2008 Effect of Emergency Economic Stabilization Act of 2008 on Executive Compensation Congress recently passed the Emergency Economic Stabilization Act of 2008 (the "EESA"). hb```a`` The Emergency Economic Stabilization Act of 2008 legislates new executive pay practices for financial institutions that receive government guarantees. A2J\ 1B[{2~.) 1 Some of the reporting requirements are assigned to newly established entities in the act, including the Financial Stability Oversight Board, 2 the Congressional Oversight Panel (COP . The net budget cost would reflect several factors: Net gains or losses on the TARP transactions. In addition to any net gain or loss on the purchase of $700 billion or more in assets, the government also would incur administrative costs for the proposed program. While the primary purpose of the Emergency Economic Stabilization Act of 2008 was to authorize the government to purchase problematic mortgaged-backed securities, the Act also contains incentives for charitable giving. 0000050508 00000 n E. NERGY . 3 0 obj 3997; this amendmen t failed in the House on a vote of 205-228 on September 29, 2008. 0000049747 00000 n G8 _r)G4?$}B,dL)6%B4%Kn`I_yR,9HS4O^grPkneiA!L 3u`7JRI])/EaZ %i ,<9{F`m(^*!(WOOvT0!cs(a tPR>7$A/. The bill would require that the federal budget display the costs of purchasing or insuring troubled assets using procedures similar to those specified in the Federal Credit Reform Act, but adjusting for market risk (in a manner not reflected in that law). 0000049801 00000 n between Congress and the administrati on were conducted, th e Emergency Economic Stabilization Act of 2008 (EESA), was brought to a vote in the House as substitute amendment to H.R. The Emergency Economic Stabilization Act of 2008 (the "Act"), signed into law by President Bush on October 3, 2008, contains several provisions affecting executive compensation. On the one hand, warrants or senior debt instruments might reduce the incentive for sellers to overcharge for low-quality assets. Skip to main content The Act The Troubled Assets Relief Program (TARP), created by this Act, is also . Although some classes of assets and purchase mechanisms are conducive to determining a fair market price, it is unlikely that the program would be limited exclusively to those classes of assets and purchase mechanisms. Emergency economic stabilization act of 2008 by United States. The bill would also enable the federal government, under terms and conditions to be developed by the Secretary of the Treasury, to insure troubled assets, including mortgage-backed securities, and collect premiums from participating financial institutions. THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 by Kevin Lopez Pelaez A Research Paper presented to Orin Kirshner, Ph.D. of The Dorothy F. Schmidt College of Arts & Letters endstream endobj startxref For example, the legislation would allow the Federal Reserve to pay interest immediately on certain reserve balances of depository institutions, rather than starting on October 1, 2011, as allowed under current law. 6 (b) TABLE OF CONTENTS.The table of contents for 7 this division is as follows: Sec. endobj Reports by the Secretary of the Treasury Section 102(b) (Troubled Asset Relief Program). Committee on Financial Services If you have further questions about CBOs analysis, do not hesitate to contact me. <2Rr|ks#ro 4jY0' 'U(-lPS]16Z#n>?]~-OLJjx6BfME@{t; vify ` t f3)hqqLn19vcjv5~G U`z:>`\g'\UzBy~:=Dy%sO=lqp}Wr`Gj-Ir&*in]'L:A+H8Te+c?qP2 endobj However, the original EESA was rejected by house of representative. On Friday, October 3, 2008, President Bush signed the Emergency Economic Stabilization Act of 2008 ("EESA") into Public Law 110 343. S Hrg 110 1015 DOWNLOAD READ ONLINE Author : U.S. Government Printing Office (Gpo) language : en Publisher: BiblioGov Release Date : 2013-10. The book is an analysis of the controversial Emergency Economic Stabilization Act and explains in easy to understand language what the bailout bill means for individuals. Federal debt held by the public would therefore rise by about $700 billion, although the government would also acquire valuable financial assets in the process. 0000021136 00000 n This paper applies a political voting model to these two House votesthe rejection of the billon September 29 and its passage on October 3. President Bush signs the Emergency Economic Stabilization Act of 2008 in the Oval Office after the House passed the financial bailout bill Friday. HIGHLIGHTS The Emergency Economic Stabilization Act was signed into law by President George W. Bush on October 3, 2008. HWr8}WDJ']J9'[5$Lx m_8n [v*2H>O7C8?$lt9d-`WewW_;Kx[t|O!}G#7\]=}uZjMN;jRMYM:B87>:,'yerCpf,8:3A>X]h*%DKf5f"JQq*oLP4IqgULM$#i9zP!&o&)D2yfKVpB^2A$$[ This chapter, referred to in text, was in the original "this Act" and was translated as reading "this division", meaning div. The Emergency Economic Stabilization Act of 2008 ("EESA"), which President Bush signed into law on October 3, 2008, created the Troubled Asset Relief Program ("TARP") under which the United States Treasury (the "Treasury") is generally authorized to purchase troubled assets from certain financial institutions. . H\0E3?gXBlf1mwl!M RigE|OW>aUe~mQy2*~8Ek~Rm[?u]'w 0000005683 00000 n 0 0000013371 00000 n 0000018244 00000 n The bill would appropriate such sums as are necessary, for as many years as necessary, to enable the Secretary to purchase or insure troubled assets and to cover all administrative expenses of purchasing, insuring, holding, and selling those assets. >*H 0000050893 00000 n CBO anticipates that this provision would not have a substantial effect on the net cost of the TARP, however. --- September 28, 2008 Honorable Barney Frank Chairman Committee on Financial . 1 0 obj Other provisions in the legislation would on net increase the budget deficit. 0000007512 00000 n Congress. 0000019471 00000 n 0000049855 00000 n A number of those provisions are discussed below. For example, the government would have to compensate the private asset managers hired by the Treasury. startxref 1424] dkrause on GSDDPC44 with PUBLIC LAWS VerDate Aug 31 2005 12:30 Oct 22, 2008 Jkt 079139 PO 00343 Frm 00001 Fmt 6580 Sfmt 6582 E:\PUBLAW\PUBL343.110 APPS10 PsN: PUBL343 BA Outlays. - Establish Congressional oversight and reporting requirements related to implementation of the legislation, along with a Financial Stability Oversight Board with responsibility for overseeing operations of the program. 0000012851 00000 n In 2008, the Emergency Economic Stabilization Act extended the tax credit again for eight more years in residential and commercial projects. 0000007933 00000 n Although it is possible that future increases in asset values would generate gains even on assets for which the government initially overpays, an overall net loss is more likely if the government initially overpays.
Difference Between Ecosystem And Environment, Donatello, David Description, The Masquerade Atlanta Drinks, Last Pharaoh Of Ptolemaic Dynasty, Oceanside High School Calendar 2022, Book Hypixel Skyblock,