The Proposed Bailout Bill – Get it Here

The Proposed Bailout Bill

The Proposed Bailout Bill

It seems to be hard to find on any mainstream website (why is that?), but the bailout bill is available on a PDF. You can download the bill that was posted by the VoteCole.info Blog by clicking here.

According to CNN, the major provisions of the bill are:

  • The $700 billion would be disbursed in stages, with $250 billion made available immediately for the Treasury’s use.
  • Curbs will be placed on the compensation of executives at companies that sell mortgage assets to Treasury. Among them, companies that participate will not be able to deduct the salary they pay to executives above $500,000.
  • An oversight board will be created. The board will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director and the Housing and Urban Development secretary.
  • Treasury is allowed the option to take ownership stakes in participating companies under certain circumstances.
  • Treasury may establish an insurance program – with risk-based premiums paid by the industry – to guarantee companies’ troubled assets, including mortgage-backed securities, purchased before March 14, 2008.
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