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Text of EESA 2008

Finally, the text of the proposed Emergency Economic Stabilization Act of 2008 (Adobe PDF) has been released.

Summary as follows:

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. [...]

Summary of the Draft Proposal – WSJ.com

This sounds promising.

Summary of the Draft Proposal To Rescue U.S. Financial Markets – WSJ.com

IMPROVING THE FINANCIAL RESCUE LEGISLATION

Significant bipartisan work has built consensus around dramatic improvements to the original Bush-Paulson plan to stabilize American financial markets — including cutting in half the Administration’s initial request for $700 billion and requiring Congressional review [...]

Finally

Hopefully, when I wake up, there’ll be a published draft that those of us who are interested can read.

Congressional leaders reach tentative deal on bailout – CNN.com

WASHINGTON (AP) — Congressional leaders and the Bush administration have reached a tentative deal on a bailout of imperiled financial markets that could cost taxpayers hundreds of [...]

Buffett says bailout may cost taxpayer nothing

Buffett Right, U.S. Bank Plan May Cost Nothing

Sept. 25 (Bloomberg) — President George W. Bush, billionaire Warren Buffett and BlackRock Inc.’s Laurence Fink are “absolutely” right to say a $700 billion U.S. plan to buy assets from financial firms may cost taxpayers nothing even with purchases at above-market prices, a top-rated analyst said.

[...]

Agreement on Principles

Text of Lawmakers’ Agreement on Principles

Congressional Republicans and Democrats came to an agreement on principles for the Treasury’s Troubled Asset Relief Program that they will take into final negotiations with the White House. It includes sections on taxpayer protections, oversight and transparency, homeownership preservation and funding authority.

Agreement on Principles

Taxpayer Protection

Requires [...]

Congress has a plan

Congress has a plan

Lawmakers agree on bailout principles to protect taxpayers and ensure oversight.

NEW YORK (CNNMoney.com) — Lawmakers have reached agreement on a bipartisan counterproposal to the Bush administration’s $700 billion financial bailout plan.

Both parties and both houses agreed Thursday to a set of principles on revisions to the rescue plan, which [...]

Bush to address nation to push bailout – CNN.com

Bush to address nation to push bailout – CNN.com

NEW YORK (CNN) — President Bush will deliver a prime-time televised speech Wednesday night to pressure Congress to pass a $700 billion plan to bail out Wall Street, the White House announced.

Bush’s speech is set to begin at 9:01 p.m. ET and will take just [...]

The Democrats’ plan, presented by John McCain

In yet another signal that John McCain is looking for change in Washington, the Republican presidential candidate urged lawmakers to adopt five improvements, originally suggested by the Democratic Party, to the government’s $700-billion proposed bailout of the US financial system.

Of course, McCain says these are his ideas. But we know the truth.

McCain [...]

Section 8 of the Paulson Plan revised

Sec 8. Minimization of Long-Term Costs and Maximization of Benefits for Taxpayers.

(a) Long-Term Costs and Benefits.–The Secretary shall use the authority under this Act in a manner that will minimize any potential long-term negative impact on the taxpayer, taking into account the direct outlays, potential long-term returns on assets purchased, and the overall economic [...]