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Sunday, September 28, 2008

Revised Bailout Bill draft

I'll update this post later with commentary.
The bailout details can be read by clicking here.

Highlights
  • A five member oversight committee to be form comprised of:
  1. The Chairman of the Board of Governors of the Federal Reserve System
  2. The chairperson of the Board of Directors of the Federal Deposit Insurance Corporation
  3. The chairperson of the Securities and Exchange Commission
  4. Two members that are not an employee of the Federal Government or any State government having appropriate financial expertise in both the public and private sectors, appointed jointly by the majority leader of the Senate and the Speaker of the House of Representatives
  • 700 Billion dollars, with initial installment of 250 Billion available when bill is made into law, additional money may be granted at will by notifying congress
  • And a lot of "protect the people" "best interest of taxpayer", all fluff that cannot be legislated.
This is still a bailout, see my previous post on stop the bailout.
The Senate Committee homepage on Banking and Housing can be found here.

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