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02.13 Dolphins beaching in record numbers on Cape Cod 02.13 Southern Californians at risk of death from air pollution, EPA says 02.13 EPA Sued by 11 States to Enforce Standards Limiting Soot 02.13 Congress nearly eliminates funds for lead poisoning 02.10 LET’S REMAKE THE WAY WE MAKE THINGS 02.09 Cancer rates triple among New York police officers who responded to 9/11 02.08 The seed emergency: The threat to food and democracy 02.07 Bill Gates backs climate scientists lobbying for large-scale geoengineering 02.04 Your Day at the Beach Could Soon Lead to a Night at the Hospital 02.03 Obama Won't Touch Climate With a 10-Foot Pole 02.03 Komen reverses decision to cut Planned Parenthood funding 02.03 Reforming EU Deep-Sea Fisheries Management 02.02 By defunding Planned Parenthood, the Susan G Komen Foundation betrays women 02.02 Ohio Tries to Escape Fate as a Dumping Ground for Fracking Fluid Ref. Dollars for Doctors - How Industry Money Reaches Physicians Ref. 2010 Comparative Price Report Medical and Hospital Fees by Country - Graphics Ref. Health at a Glance 2011 - OECD Indicators Ref. : Why is Healthcare Absurdly Expensive in USA (Part 2) [Graphics] (Part 1 is here) Video Health Care Systems in Less Corrupt Countries “News” Media
02.07 Did Obama make the economy worse? Not according to most statistics 02.02 ABC's Iran Propaganda 02.02 The Ongoing “Foxification” of the Wall Street Journal Daily The Daily Howler Justice Matters
02.13 News Corp may face US inquiry after Sun arrests at News International 02.13 Why Was No One Punished for America's "My Lai" in Iraq? 02.05 Why the AGs Must Not Settle: Robo-signing Is Just the Tip of the Iceberg 02.04 THE CAGING OF AMERICA 02.03 Senate Votes To Ban Its Members From Insider Trading... Kind Of US Politics, Policy & Culture
02.13 Bill Maher: Republicans Divide America - video 02.13 The right's stupidity spreads, enabled by a too-polite left 02.12 Even Critics of Safety Net Increasingly Depend on It - Interactive Map: Where Americans Most Depend on Government Benefits 02.12 CPAC attendees more focused on the economy than their right-wing leaders - video 02.10 The Cancer in Occupy 02.10 How Opus Dei Influenced Rick Santorum 02.10 People Are Not Leaving the Labor Force 02.09 Obama, Explained 02.09 OPED: The White Underclass 02.09 EDITORIAL: A Terrible Transportation Bill 02.09 THE OBAMA MEMOS 02.06 Are Conservatives More Fearful Than Liberals? 02.04 Soaking the Poor, State by State 02.04 Reddit Co-Founder Alexis Ohanian's Rosy Outlook On The Future of Politics 02.03 SUPERBOWL XLVI: Are You Ready for Some Football??? 02.03 Buffett rules: Sheldon Whitehouse introduces the Paying a Fair Share Act - video 02.02 Secrecy Shrouds ‘Super PAC’ Funds in Latest Filings 02.01 Rich Patrons Are Major Source of Romney’s Cash High Crimes?
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02.13 EDITORIAL: The Big Money Behind State Laws 02.10 This is no bailout for Main Street America 02.10 Why the Foreclosure Deal May Not Be So Hot After All 02.10 Matt Taibbi assesses the $26 billion settlement designed to aid victims of foreclosure fraud - video 02.10 Foreclosure Deal to Spur U.S. Home Seizures 02.09 S.E.C. Is Avoiding Tough Sanctions for Large Banks 02.08 Banks Paying Homeowners to Avoid Foreclosures 02.07 App Stores Create 500,000 U.S. Jobs 02.07 The Payroll Tax Fight 02.07 Obama super PAC decision: President blesses fundraising for Priorities USA Action 02.06 How Privatizing Government Shovels Cash to Parasitic Corporations and Undermines Democracy 02.05 We’re More Unequal Than You Think – Graphic: Unequal rise in income 02.03 PRIVATE INEQUITY 02.02 The New American Divide 02.02 American Airlines proposes to end all four pension plans 02.01 Economics 101 Ref. We’re More Unequal Than You Think – Graphic: Unequal rise in income International
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BACKGROUND:Text of Draft Proposal for Bailout Plan"The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time"
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1. Short Title. This Act may be cited as ____________________. Sec. 2. Purchases of Mortgage-Related Assets. (a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States. (b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation: (1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties; (2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts; (3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them; (4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and (5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act. Sec. 3. Considerations. In exercising the authorities granted in this Act, the Secretary shall take into consideration means for-- (1) providing stability or preventing disruption to the financial markets or banking system; and (2) protecting the taxpayer. Sec. 4. Reports to Congress. Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3. Sec. 5. Rights; Management; Sale of Mortgage-Related Assets. (a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act. (b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom. (c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act. (d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9. Sec. 6. Maximum Amount of Authorized Purchases. The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time Sec. 7. Funding. For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure. Sec. 8. Review. Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. Sec. 9. Termination of Authority. The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act. Sec. 10. Increase in Statutory Limit on the Public Debt. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000. Sec. 11. Credit Reform. The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable. Sec. 12. Definitions. For purposes of this section, the following definitions shall apply: (1) Mortgage-Related Assets.--The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008. (2) Secretary.--The term “Secretary” means the Secretary of the Treasury. (3) United States.--The term “United States” means the States, territories, and possessions of the United States and the District of Columbia. Copyright © 2008 The Baltimore News Network. All rights reserved.
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