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[DISCUSSION DRAFT]
110
TH
CONGRESS
2
D
S
ESSION
H. R.
ll
To provide authority for the Federal Government to purchase and insure
certain types of troubled assets for the purposes of providing stability
to and preventing disruption in the economy and financial system and
protecting taxpayers, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
M
l
.
llllll
introduced the following bill; which was referred to the
Committee on
llllllllllllll
A BILL
To provide authority for the Federal Government to purchase
and insure certain types of troubled assets for the pur-
poses of providing stability to and preventing disruption
in the economy and financial system and protecting tax-
payers, and for other purposes.
1
Be it enacted by the Senate and House of Representa-
2
tives of the United States of America in Congress assembled,
3
SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
4
(a) S
HORT
T
ITLE
.—This Act may be cited as the
5
‘‘Emergency Economic Stabilization Act of 2008’’.
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2
1
(b) T
ABLE OF
C
ONTENTS
.—The table of contents for
2
this Act is as follows:
Sec. 1. Short title and table of contents.
Sec. 2. Purposes.
Sec. 3. Definitions.
TITLE I—TROUBLED ASSETS RELIEF PROGRAM
Sec. 101. Purchases of troubled assets.
Sec. 102. Insurance of troubled assets.
Sec. 103. Considerations.
Sec. 104. Financial Stability Oversight Board.
Sec. 105. Reports.
Sec. 106. Rights; management; sale of troubled assets; revenues and sale pro-
ceeds.
Sec. 107. Contracting procedures.
Sec. 108. Conflicts of interest.
Sec. 109. Foreclosure mitigation efforts.
Sec. 110. Assistance to homeowners.
Sec. 111. Executive compensation and corporate governance.
Sec. 112. Coordination with foreign authorities and central banks.
Sec. 113. Minimization of long-term costs and maximization of benefits for tax-
payers.
Sec. 114. Market transparency.
Sec. 115. Graduated authorization to purchase.
Sec. 116. Oversight and audits.
Sec. 117. Study and report on margin authority.
Sec. 118. Funding.
Sec. 119. Judicial review and related matters.
Sec. 120. Termination of authority.
Sec. 121. Special Inspector General for the Troubled Asset Relief Program.
Sec. 122. Increase in statutory limit on the public debt.
Sec. 123. Credit reform.
Sec. 124. HOPE for Homeowners amendments.
Sec. 125. Congressional Oversight Panel.
Sec. 126. FDIC authority.
Sec. 127. Cooperation with the FBI.
Sec. 128. Acceleration of effective date.
Sec. 129. Disclosures on exercise of loan authority.
Sec. 130. Technical corrections.
Sec. 131. Exchange Stabilization Fund reimbursement.
Sec. 132. Authority to suspend mark-to-market accounting.
Sec. 133. Study on mark-to-market accounting.
Sec. 134. Recoupment.
Sec. 135. Preservation of authority.
TITLE II—BUDGET-RELATED PROVISIONS
Sec. 201. Information for congressional support agencies.
Sec. 202. Reports by the Office of Management and Budget and the Congres-
sional Budget Office.
Sec. 203. Analysis in President’s Budget.
Sec. 204. Emergency treatment.
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TITLE III—TAX PROVISIONS
Sec. 301. Gain or loss from sale or exchange of certain preferred stock.
Sec. 302. Special rules for tax treatment of executive compensation of employ-
ers participating in the troubled assets relief program.
Sec. 303. Extension of exclusion of income from discharge of qualified principal
residence indebtedness.
1
SEC. 2. PURPOSES.
2
The purposes of this Act are—
3
(1) to immediately provide authority and facili-
4
ties that the Secretary of the Treasury can use to
5
restore liquidity and stability to the financial system
6
of the United States; and
7
(2) to ensure that such authority and such fa-
8
cilities are used in a manner that—
9
(A) protects home values, college funds, re-
10
tirement accounts, and life savings;
11
(B) preserves homeownership and pro-
12
motes jobs and economic growth;
13
(C) maximizes overall returns to the tax-
14
payers of the United States; and
15
(D) provides public accountability for the
16
exercise of such authority.
17
SEC. 3. DEFINITIONS.
18
For purposes of this Act, the following definitions
19
shall apply:
20
(1) A
PPROPRIATE COMMITTEES OF CON
-
21
GRESS
.—The term ‘‘appropriate committees of Con-
22
gress’’ means—
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4
1
(A) the Committee on Banking, Housing,
2
and Urban Affairs, the Committee on Finance,
3
the Committee on the Budget, and the Com-
4
mittee on Appropriations of the Senate; and
5
(B) the Committee on Financial Services,
6
the Committee on Ways and Means, the Com-
7
mittee on the Budget, and the Committee on
8
Appropriations of the House of Representatives.
9
(2) B
OARD
.—The term ‘‘Board’’ means the
10
Board of Governors of the Federal Reserve System.
11
(3) C
ONGRESSIONAL SUPPORT AGENCIES
.—The
12
term ‘‘congressional support agencies’’ means the
13
Congressional Budget Office and the Joint Com-
14
mittee on Taxation.
15
(4) C
ORPORATION
.—The term ‘‘Corporation’’
16
means the Federal Deposit Insurance Corporation.
17
(5) F
INANCIAL INSTITUTION
.—The term ‘‘fi-
18
nancial institution’’ means any institution, including,
19
but not limited to, any bank, savings association,
20
credit union, security broker or dealer, or insurance
21
company, established and regulated under the laws
22
of the United States or any State, territory, or pos-
23
session of the United States, the District of Colum-
24
bia, Commonwealth of Puerto Rico, Commonwealth
25
of Northern Mariana Islands, Guam, American
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5
1
Samoa, or the United States Virgin Islands, and
2
having significant operations in the United States,
3
but excluding any central bank of, or institution
4
owned by, a foreign government.
5
(6) F
UND
.—The term ‘‘Fund’’ means the Trou-
6
bled Assets Insurance Financing Fund established
7
under section 102.
8
(7) S
ECRETARY
.—The term ‘‘Secretary’’ means
9
the Secretary of the Treasury.
10
(8) TARP.—The term ‘‘TARP’’ means the
11
troubled asset relief program established under sec-
12
tion 101.
13
(9) T
ROUBLED ASSETS
.—The term ‘‘troubled
14
assets’’ means—
15
(A) residential or commercial mortgages
16
and any securities, obligations, or other instru-
17
ments that are based on or related to such
18
mortgages, that in each case was originated or
19
issued on or before March 14, 2008, the pur-
20
chase of which the Secretary determines pro-
21
motes financial market stability; and
22
(B) any other financial instrument that the
23
Secretary, after consultation with the Chairman
24
of the Board of Governors of the Federal Re-
25
serve System, determines the purchase of which
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