The text is pasted below: September 28, 2008 Honorable Barney Frank Chairman Committee on Financial Services U.S. House of Representatives Washington, DC 20515 Dear Mr. Chairman: The Congressional Budget Office (CBO) has reviewed the Emergency Economic Stabilization Act of 2008, as released by the House Committee on Financial Services on . 0000049371 00000 n tNZX CPh ;nCs3:^]n;a?QRjy%uNY6X=-8Y+0K%m"{ObCV-k|iY! ]s{2'NGl@-X?y bI($1P5~v-`F4EF{,!| | This paper provides an in-depth analysis of the Emergency Economic Stabilization Act of 2008 and related . Identical letter sent to the Honorable Christopher J. Dodd. 0000013014 00000 n 7 Because EESA was enacted on October 3, 2008, this report appears to be required by January 1, 2009. 5 ''Emergency Economic Stabilization Act of 2008''. P.L. Tax Changes in How Individuals are Affected by The Emergency Economic Stabilization Act of 2008. 0000046068 00000 n 1424 . 0000005964 00000 n 0000013371 00000 n 0000008213 00000 n Effective 0000004839 00000 n H\0E3?gXBlf1mwl!M RigE|OW>aUe~mQy2*~8Ek~Rm[?u]'w Journal of Economic PerspectivesVolume 29, Number 2Spring 2015Pages 3-24 T he rescue of the US automobile industry amid the 2008-2009 recession and financial crisis was a consequential, controversial, and difficult decision made at a fraught moment for the US economy. Press J to jump to the feed. 0000050508 00000 n However, the House failed to pass the Act on . hb```a`` A of Pub. 0000025314 00000 n created under the Housing and Economic Recovery Act of 2008. The act gives the Treasury . 0000046302 00000 n Link copied. A of Pub. startxref P@gQymujP6m_u9!1-K+>[aTz'>U)bU`bD.\a 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 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 0000008776 00000 n 301. 0000006809 00000 n As anyone who has been near a television screen, a newspaper or the Internet this past week knows, the Emergency Economic Stabilization Act of 2008 (the "Act") was enacted under enormous pressure as the entire world watched credit markets lock up and the global financial system come under great stress. 0000051003 00000 n 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. RENEWABLE ENERGY INCENTIVES In the wake of subprime mortgage crisis the U.S senator Henry Paulson propose Emergency Economic Stabilizing Act (EESA). Reports by the Secretary of the Treasury Section 102(b) (Troubled Asset Relief Program). 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. November 17, 2008 | Roger McEowen. In October 2008, it was co-opted 1 0 obj Committee on the Budget. 343) the establishment of the 0000008635 00000 n But the debate start whether it will really work to repair the damage. 0000007512 00000 n Committee on Financial Services 0000013627 00000 n Washington, DC 20515. endstream endobj 2948 0 obj <>stream 0000050288 00000 n 0000004275 00000 n 0000050783 00000 n - 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. 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/. Chairman The non-tax provisions of the bill would impose no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. Although virtually all of the press coverage of this law has concentrated on its hotly debated $700 billion . Intergovernmental and Private-Sector Mandates. This report discusses the Emergency Economic Stabilization Act of 2008, which provides authority for the Secretary of the Treasury to purchase and insure "troubled assets" to provide stability and prevent disruption in the economy and financial system. 1 Some of the reporting requirements are assigned to newly established entities in the act, including the Financial Stability Oversight Board, 2 the Congressional Oversight Panel (COP . Download PDF Email November 2008 Effect of Emergency Economic Stabilization Act of 2008 on Executive Compensation Congress recently passed the Emergency Economic Stabilization Act of 2008 (the "EESA"). 0000017998 00000 n 0 0000050179 00000 n 0000006527 00000 n 2957 0 obj <>stream Emergency Economic Stabilization Act of 2008, Privacy, Security, and Copyright Policies. Among other provisions, the legislation would create a Troubled Asset Relief Program (TARP). Emergency Economic Stabilization Act of 2008 2 www.dpw.com New York y Menlo Park y Washington DC y London y Paris y Frankfurt y Madrid y Tokyo y Beijing y Hong Kong At its core, the Act represents a fundamental shift - if possibly only a temporary one - in the role of the state in the American economy and the world's financial markets :73H'Vbdm$ff{@DJcTb6djC9Zfl6^dIN3zU-WBUv0vc j,QAqGIP()E;t)_zwTuT"N1,HO8Q!508pO8p(){9;iOZ:9[ eW=84mAs92Pxb_vUkEq8n}|)wIX L55 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$$[ CBO has just issued its analysis of the Emergency Economic Stabilization Act of 2008, as released tonight by the House Committee on Financial Services. 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. <> CBO has just issued its analysis of the Emergency Economic Stabilization Act of 2008, as released tonight by the House Committee on Financial Services. 0000017032 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. For complete classification of division A to the Code, see Short Title note set out below and Tables. --- September 28, 2008 Honorable Barney Frank Chairman Committee on Financial . 0000050728 00000 n %%EOF 0000049855 00000 n 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 110-343 (HR 1424) and the Senate Finance Committee's October 1, 2008 Staff Summary (Last Date Accessed: October 6, 2008). 0000007933 00000 n 0000049639 00000 n 0000042729 00000 n Emergency economic stabilization act of 2008 by United States. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. The legislation includes a variety of other provisions that would, on net, add to the budget deficit. 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. $XO1\\2+={A`ZcrhpBbk^H,FMam_#tC3H&)>|2JS#TI4\/|Q*0R 3%yZ!,pZ Xyt}yoH3Iuzf.@`E;'19fYI dH$V,@0)?4+Z?Tu}13gw}Jsm"l`R}`%H*q$:nJY~ 0000012851 00000 n 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. 0000004135 00000 n The Emergency Economic Stabilization Act of 2008 (EESA, Division A of H.R. 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). 0000050125 00000 n 0000011798 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. 0000050453 00000 n FY 2009 FY 2010 Total Cohort 2009 and . 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 $700 billion limit would be reduced by the excess of obligations to net premiums, if any, under this insurance program. Download Oversight Of The Emergency Economic Stabilization Act PDF/ePub or read online books in Mobi eBooks. 0000005401 00000 n 0000006949 00000 n 1424, which was enacted on October 3, 2008, as P.L. <]>> 0000049963 00000 n The bill also contains provisions that would: - Change the tax treatment of certain types of income, losses, or deductions of corporations or individuals; - Require that certain financial institutions seeking to sell assets through the TARP meet appropriate standards for senior executive officers compensation, as determined by the Secretary of the Treasury; - Require the Secretary of the Treasury to take steps to maximize assistance for homeowners, including encouraging servicers of the underlying mortgages to take advantage of the Hope for Homeowners Program under section 257 of the National Housing Act; - Allow the Federal Reserve System to pay interest on certain reserves of depository institutions that are held on deposit at the Federal Reserve, starting on October 1, 2008; - Direct the Federal Housing Finance Agency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board to implement various measures with regard to residential loans and securities under their control in order to reduce the number of foreclosures, which could include modifying the terms of such loans; and. 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. Oct. 3, 2008 [H.R. The Act The Troubled Assets Relief Program (TARP), created by this Act, is also . >*H 0000050563 00000 n 0000000016 00000 n 0000004416 00000 n TAX PROVISIONS IN THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 (PL 110-343, HR 1424, Enacted October 3, 2008) I. 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 . Emergency Economic Stabilization Act of 2008: Author: Portal:United States Congress: Year: 2008: Source: djvu: Progress: To be proofread: Transclusion: Index not transcluded or unreviewed: . 0000006386 00000 n 0000049747 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. This followed a tumultuous week in Congress regarding the rescue legislation. 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. By Federal Deposit Insurance Corporation (FDIC) Press Releases [PDF-303.87 KB] CITE. >*H 5khk,rmL vp. 0000022620 00000 n The Energy Improvement and Extension Act of 2008 extends existing tax credits for renewable %PDF-1.6 % 0000005542 00000 n The Emergency Economic Stabilization Act of 2008, often called the "bank bailout of 2008", was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and signed into law by President George W. Bush.It became law as part of Public Law 110-343 on October 3, 2008, in the midst of the financial crisis of 2007-2008.It created the $700 billion Troubled Asset . 0000049693 00000 n 0000049477 00000 n 0000050673 00000 n I. NCENTIVES. 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