My Summary of that BAD,BAD bailout Bill

Text of the Bill that was defeated at this site:
3:30 PM 9/29/2008
Here are the things in that bill that raised questions to me:
1)it includes the US but including the District of Columbia, Puerto Rico, Guam, the Virgin Islands,
American Samoa, and the Northern Mariana Islands, none of which are
territories or states of US;
2) it says it is to ‘make, fund committments to purchase from any financial institution on such
terms and conditions as are defined by Secretary” of Treasury;
3) It creates an Office of Domestic Finance to be headed by an Assistant Secretary
appointed by the President but if he doesn’t then by an interim approved by US Senate;
4) It says its consultants are Federal Reserve Board, Comptroller of Currency, Office of Thrift
Supervision, Secretary of HUD.
5) it says it will be able to ‘designate financial institutions as financial agents of the federal government’;
6) it gives the authority to ‘purchase, hold, and sell assets, and issue obligations” [debt] ;
7) it does not define the phrase ‘troubled asset’ but uses it as the goal;
8)  it says premiums collected from the insurance plan it wants to create could be, would be invested in securities;
9) it does not include chapter 11 bankruptcies;
10) it would cover the debts of cities, counties;
11) it would buy debts from developers of multi-family properties;
12) it would create a “special Investigator General of the TARP=Troubled Assets Relief Program’ a new federal office;
13)  it would create a “Financial Stability Oversight Board with these folks: Chairman of the Board of Governors, Secretary
of the US Treasury, Director of HUD, Chairman of SEC, Secretary of HUD, and they would appoint a “credit review committee”;
14) no real end of it established but ‘fifteen days after last troubled asset is bought or fifteen days after last insurance
contract is issued; [open ended]
15) Creates reports to Congress of ‘all transactions’ — [WOE, a lot of power of confidential info of taxpayers!]
16) Secretary of Treasury may ‘sell,enter into securities loans, and repurchase transactions of any troubled asset’;
17) Secretary of Treasury may ‘waive specific provisions of Federal Acquistion Regulation ” for ‘minority contracting’;
18) it would ‘encourage homeowners to take advantage of HOPE for HOMEOWNERS Program under section 257 of
National Housing Act;
19) Could buy ‘any mortgage or mortgage-backed security of Federal Reserve Ban, as provided in section 110(a)(1)(c)
of the Federal Housing Finance Agency, or  HUD, or ‘other federal agencies’ [including Congresss???]
20)the golden parachute provisions only kick in if the financial institute sells more than $ 300 million to the US gov’t;
21) US government would receive ‘non-voting or preferred stocks’ in financial institutions or ‘senior debt instruments’
[worthless loan papers???}
22) Secretary of Treasury would have the right to prevent disclosure of transactions if he wanted too;
23)  establishes a FASTRACK through both houses of Congress with words such as ‘motion not debatable’, ‘motion to
reconsider not in order’, ‘not subject to postpone’, ‘limit debate to ten hours’, and allows a single quorum. These are
subrogate the US Constitution! Every Senator and every Representative should have the right to debate as long as necessary
and to filibuster it.
24) The “Congressional Oversight Panel’ would consists of:
   one member appointed by Speaker of House;
     ”       ”                ”                     ” Minority Leader of House’
     ”        ”               ”                    ”  Senate Majority leader [notice it is not the President of Senate=VP as is usual]
     ”         ”             ”                      ”  Senate Minority leader
    ”         ”                ”                    ”  Speaker of House and Majority Leader
 and four members=quorum, and get this:  this “Oversight Panel’ could  “secure directly from any department or
agency of the U.S. any info necessary to enable it”.
25) It amends the FDIC laws to prohibit false advertising of being covered by FDIC for some financial institutions [who is undefined];
and allows ‘affirmative action’ to remedy any existing violations of current law;
26) Amends section 203 of Financial Services Regulatory Relief Act to end Oct 1,2008 instead of Oct 1,2011.
27) It allows itself to operate secretively if requested by Chairman of Board of Federal Reserve;
28) It requires ‘all reports’ to Congressional Oversight Panel; [so much for being free of unreasonable searches and seizures of
confidential financial info!]
29) It amends section 128 (b)(2) of the Truth in Lending Laws [ 15 USC 1638 (b)(2) by saying that if an APR is misrepresented
then the offending company only had to reissue another statement three days after the potential borrower applied
telling what the new APR would be;
30) It says the feds “may not establish a guarantee of money market mutual funds industry”;
31) it says the SEC may ‘suspend, by rule, regulation, order the application of statement #157 of the Financial Accounting
Standards Board for any insurer, or with respect to any class or category of transaction in Mark to market accounting;
32) It says if after five years, taxpayers suffer a  loss then the US President should submit a legislation proposol with his
or her plan to recoup losses [dumps problem on the future President five years from now about how to pay for any of this]
33) it extends subsection (E) of section (108)(a)(1) of the Internal Revenue Code of 1986 to Jan 1,2013.
34) It says the OMB {Office of Management and Budget of US] shall by Dec 31,2008 submit a report to Congress and President of
Freddie Mac and Fannie Mae transactions;
35) It says the GAO and the Comptroller General ‘shall have access upon request to ANY information, data, schedules,
books, accounts, financial records, reports, files, ELECTRONIC COMMUNICATIONS,  and or other papers, things or
property in use by TARP or any vehicles  established by Secretary under this Act and to the officers, directors, employees,
independent public accountants, tax advisors, and other agents or representative’s activities on behalf of or under
authority of TARP; {WOW, suspending the US Constitution!} and requires “verifying transactions by depositories,
fiscal agents, custodians”; and may make and retain copies of any of this!!!!!!! BIG BROTHER GOV’t in your bank account!
36) Annual audit will use GAAP standards [Generally Acceptable Accounting Principles] except it was those so-called
principles that created the mess in the first place;
37)  ‘any reports shared with Congress Oversight Panel’ of five members;
38 ) No lawsuit against Treasury secretary unless he agreed to it before hand.
39) Secretary of Treasury could appeal to ‘high court’;
40) increases public debt of US government to: $11,315,000,000,000;
41) establishes new government agency of Office of Special Inspector General of TARP; at pay of level IV of Executive
Schedules under 5315, title 5 US Code; and allows hiring at grade GS-15 of General schedule of section 5332; and gives $50 million
to the administration and set up of that;
42)”Nothing  in this subsection shall be construed to authorize public disclosure of information that is (c) part of an criminal investigation” [this would be called a CYA provision’;
43) Amends section 257 of National Housing Act [12 USC 1715z-23]

I am not an accountant and there are provisions that are very complex that I am not sure I understand and of course,
that is probably the intent–obfuscation, the character trait of crooks.

And you thought it did nothing! It suspends the Constitution, creates two new Federal agencies, allows them to snoop
into citizen’s bank accounts and email, and puts all power into the five appointed by Congress members people; and
postpones the day of reckoning for five years; and allows concealing of financial fraud, and crimes, and probably destroys mutual funds;
and allows secretive operations. THANK GOD it failed!
signed gloria poole, RN and artist, Denver CO 80203
5:42 PM 9/29/2008