FreedomsAdvocate.com

I finally obtained a draft of the Bailout Bill, it is here.

It is 110 pages long, so I have not been able to do a full analysis, but here is the gist:

• Creates a new program: Troubled Asset Relief Program (TARP)
• Creates a new Office in Dept of Treasury: Office of Financial Stability, and maybe a new Asst Sec of Treasury Position.
• Turns the Govt into an insurance company.
• Gives handouts to companies that had stock in Freddie and Fannie and were hurt. (sec 103 (6)) (pg 13)
• Bails out states, counties, retirement funds
• Gov't purchase any real estate
• Treasury Secretary (TS) can add most anyone he wants.
• TS should renegotiate SFD and MFD loans to include federal credits and federal loan guarantees. (109 (a)) (pg 25)
• Requires maintaining Fed, State & Local Rent subsidies for MFD's.
• Executive Pay Caps--contract abrogation. (pg 32)
• Bails out foreign companies, too.
• Can go way beyond $700 Billion
• Adds a Special Inspector General position as well as unlimited subordinates.
• increases the National Debt ceiling to $11.315 Trillion.
• Amends the National Housing Act to allow increased government subsidies.
• Creates a new Congressional Oversight Panel with at least 5 paid SES positions, plus unlimited new paid positions.
• SEC can suspend Mark to Market (157) (sec132) (pg 88)
• Mark to Market Study Required (sec 133) (pg 89)
• After 5 years, if the TARP is in the red, the Pres needs to present a means of recoupment from the financial industry.
• Tax write off for Fannie & Freddie prefered stockholders.

Sorry for any typos and inconsistencies, will have to fix any later today.