Financialservices.house.gov:Financial Services House Gov Website Crash
By Dan on Sep 28, 2008 in Internet | | |
Financialservices.house.gov:Financial Services House Gov Website Crash -Financialservices.house.gov is the website that has the 700 billion bailout text to read.Financialservices.house.gov/www.financialservices.house.gov can not hold the traffic it has been getting.The complete bailout bill is below:
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY
TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1. Short Title.
This Act may be cited as ____________________.
Sec. 2. Purchases of Mortgage-Related Assets.
(a) Authority to Purchase.–The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
(b) Necessary Actions.–The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;
(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and
(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.
Sec. 3. Considerations.
In exercising the authorities granted in this Act, the Secretary shall take into consideration means for–
(1) providing stability or preventing disruption to the financial markets or banking system; and
(2) protecting the taxpayer.
Sec. 4. Reports to Congress.
Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.
Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.
(a) Exercise of Rights.–The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.
(b) Management of Mortgage-Related Assets.–The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.
(c) Sale of Mortgage-Related Assets.–The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
(d) Application of Sunset to Mortgage-Related Assets.–The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.
Sec. 6. Maximum Amount of Authorized Purchases.
The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time
Sec. 7. Funding.
For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Sec. 9. Termination of Authority.
The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
Sec. 10. Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
Sec. 11. Credit Reform.
The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.
Sec. 12. Definitions.
For purposes of this section, the following definitions shall apply:
(1) Mortgage-Related Assets.–The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.
(2) Secretary.–The term “Secretary” means the Secretary of the Treasury.
(3) United States.–The term “United States” means the States, territories, and possessions of the United States and the District of Columbia.
That’s all we have for now on Financialservices.house.gov:Financial Services House Gov Website Crash.
stuart rosenberg | Sep 28, 2008 | Reply
secretary has too much authority,no protection for the multitude of small banks, let wall street compensate the foreclosures, federal regulation should also include the nonbank lenders.All regulations seem to be prospective with no punitive action against the conmen who made the bad ,loans in the first place.what the donothing congress has submitted is chicken feed i.e.program to build1.5 million affordable homes or apts over 10 years,etc
Joan Kleppe | Sep 28, 2008 | Reply
I WAS VERY IMPRESSED BY THE FACT THAT MORE TIME WAS TAKEN FOR PUTTING THE BILL TOGETHER FOR THE BAILOUT.
I AM EMPLOYED BY INSURANCE AND FINANCIAL SERVICES . SEC RULES NEED TO BE LOOKED AT AND POSSIBLITY OVERHAULED.
THE PRESENT ADMINISTRATION HAS BEEN MAKING POOR DECISIONS AND NOT TAKING RESPONSIBITY FOR THEIR ACTIONS.
I FEEL THAT MEMBERS OF THE HOUSE AND SENATE SHOULD ONLY BE ABLE TO SERVE A MAXIMUM TIME OF 8 YRS. THAT WOULD BE A WAY OF POSSIBITY CORRESTING SOME OF THE PROBLEMS WE NOW HAVE.
THANKS FOR YOUR TIME. JOAN
S Schaefer | Sep 28, 2008 | Reply
Regarding: Nancy Pelosi and her delivery of status reports regarding the $700,000,000,000.00 Bailout Deal.
Instead of expecting praise for wheeling and dealing over a Wall Street bailout, I think an apology (from both houses and all government financial agencies responsible for oversight and legislation of federal related financial matters related to the bailout) is owed to the citizens. You should not be proud, rather you should be ashamed. Renaming the action as a buy-in is a total joke.
You created the processes and infrastructure that was flawed from the get go. Then you failed to monitor and correct the problems as they occurred. Some of you even suggested or voted to make matters worse. When individuals (some from your own ranks) suggested there were problems, you just ignored them.
We, the People, have just witnessed the most unethical, inept and corrupt elected federal officials at any time in our history. The sad thing is that we can most likely expect the incompetence, the greed and the lack of cooperation to continue. At least until all of you have been replaced!
Perhaps we need a one party or a no party system going forward.
Also, all lobbyists need to be banned from interaction with our elected and appointed officials. Fines and prison terms should be rendered to all such interacting parties.
We need an independent, unbiased oversight committee to oversee all dealings of the House, the Senate and other Federal Agencies that deal with large sums of federal money.
When a politician or a newsperson speaks, you can definitely see the D or an R on their foreheads. When a D interacts with an R they are extremely rude towards each other.
The politicians seem to stay in cover-up mode because most of them freely distort the facts and they undoubtedly must be aware of the breadth of corruptness within the agencies.
We need to follow the money to see who is or has been involved in receiving money from Wall Street, other lobbyists and even agencies like Fannie Mae and Freddie Mac.
Such investigations should result in prosecution of such parties. Punishment should result in banishment of Federal employment and loss of benefits as well as prison and fines to exceed the amounts received.
You all need to take the responsibility for failed attempts to dole out affordable housing to those who can’t afford it. Even if houses were given to them, many of them could not afford the upkeep or the taxes. Some may even ignore the upkeep even if they could afford it. Do you remember the savings on loan bailout of the 80s? This was another screw-up.
What is being done to eliminate Fanny Mae and Freddie Mac?
The Bailout Deal should include prosecution of all parties who gave or received any funds resulting in the financial system failure. Also, the oversight provisions should prosecute any parties involved in falsifying documents to receive after-the-fact Federal funds. Wall street may be responsible for the creative measures to create new market investment devices or methods that made this financial system failure more severe. These parties should also be prosecuted.
Hopefully after this fiasco voters will replace all incumbents who voted in favor of this bill at their next re-election cycle!
Tom Roberts | Sep 28, 2008 | Reply
It appears that from watching the news on the bail out most of the weekend,dems and repubicans mostely the dems are mored worried about taking the blame and not getting relected. So lets see could this be the problem all along it is more important to place the blame on the present administration rather than do your jobs in the first place. The speaker,franks schumer and one or two republicans as well as most all ceo’s and other top executives should be investigated and charged, for not doing their jobs over the past several years. But lets not do that lets just give all you crooks more money, a bonus for not doing your jobs you were sworn to do for the american people. The american people should demand that everybody envolved dems and republicans,ceo’s and anyone else should give up all your 401′,homes and retirment. After all it the average american did the kind of job you guys have done that is what would happen to us, and not on of you basterds would step in and give us a bonus and good retirement for a lousy job. This one you cant blame on Bush alone you dems refused to listen to Bush in2003 when he warned of this . Did not fruit cake but a stope to his suggestions, along with obama,dodd, and the other idoits, and even put their crook buddies in charge. It would be nice if you would tell the truth just once. for sure you would get elected and relected then. This bail out is insane, their is better ways and less expensive for everyone. You guys just will not look at anything but yourself. Very noticable that congress and dems,yes some republicans dont really give a damn. Question when to we start having to call each other C O M R A D E.
Dan Pagdon | Sep 29, 2008 | Reply
We keep hearing assurances that any funds distributed to the Sec.of the Treasury for the purchase of troubled financial instruments will ultimately be recovered upon the subsequent sale of such items. Them we learn that the organizations who failed in the stewardship of these instruments will now get to set the price we have to pay, not their current depressed value. This process is being called a reverse auction. It never ceases to amaze me how fast lawyers come up with terms to conceal deceit and flim-flam. It’s like seeing a sign on a used car asking for $5000 but the dealer says he would rather have $10,000 so you agree to give him $8000. We will never resell this car for even $5000 so how are we not being cheated? However, if we only give these financial morons the current value of their trash, they will still be at the brink of failure. Lack of honest oversight has put us at the mercy of thieves and liars!
Rodger Baier | Sep 29, 2008 | Reply
I have more confidence in keeping free enterprise free than bailing out failed experiments in socialism.
DO NOT print 700 billion dollars for the tax payer to repay.
Mary B. Watson | Sep 29, 2008 | Reply
DEPLORABLE….that is the situation in which you have put all hard working taxpayers.
Not policing you own you allowed, and probably encouraged, some in your ranks to put themselves first, not the very souls who elected them as someone to look to for protection of their rights.
Greed is the only thing that is going on in Washington. WE pay all of your bills and yet you want more and more.
How could you have the nerve to have Dodd and Franks, and they have the gall, to partiipate in this finanial process?
You were warned by President Bush and John McCain years ago, and Franks and Dodd were the heads of the very departments that caused this fiasco.
My wish is that all of you who are up for re-election be thrown out with the rest of the trash.
Roger | Sep 29, 2008 | Reply
PASS THE HOMEOWNERS AND BANK PROTECTION ACT!!! Not This Trash Wallstreet talks about.
This act is already passed in some states but needs to be passed in all states for some real progress to happen.
Search online for the HOMEOWNERS AND BANK PROTECTION ACT and GET IT PASSED NOW!!!
Amanda | Sep 29, 2008 | Reply
I say do not bail these businesses out! Let it do what it may do. The government doesn’t bail out those of us who need it. Why should they bail them out so we can pay for it for the next 20 years or longer. There is no guarentee that it won’t happen again. I say let them 4 businesses go under. What happenes is what happenes. Maybe thos weathly people or people living above there means will finally live with in there means if we go into a depression. Gas prices will fall again and grocery’s will be finally affordable again. People maybe won’t have to live pay check to pay check. Let us go into a depression and rebuild it back up is what I say. I SAY NO WAY TO THE BAIL OUT! IT IS THE WORST THING THAT COULD HAPPEN TO THIS COUNTRY AND OUR KIDS OF THE FUTURE WILL HAVE TO PAY FOR IT! SAY NO TO THE BAIL OUT LET THEM GO UNDER!!!!!!
Barbara Bennett | Sep 30, 2008 | Reply
this was the biggest farce that I have ever seen and I dare you to print this! this is obvously a sneaky way to give more money to Acorn and whatever the Dems have snuck into this bill. Obama should be prosecuted for being attached to Acorn in the first place.
I am sure that in a few days, Obama will flaunt himself into Washington and “save the day” for all the American People! What a joke! This has been planned all along!
this is such a “fear” tactic and you should all be ashamed! I am so pround of the Dems and the Reps that voted this bill down. Nancy Pilosi said that the entire bill would be able to be viewed online, but that was not true! It still isn’t online in it’s entirety! I am sick to death of all of the lies! You should all be replaced and believe me, you all will hear from us Americans this next election!!!
Amanda | Sep 30, 2008 | Reply
I think it is time for the Democratics and Republicans to stop worring about who they are going to point the finger at in the first place. It must not be all that bad if they can take 2 days off from all of this for a hoilday, and go back to work at Noon on Thursday. I am still against this bail out. I think it is a very bad idea. Keep shooting it down. We are the ones who will have to pay! The AMERICAN TAX PAYERS! We have people working in this country not paying any taxes so they don’t care if it goes through or not. They are not going to have to suffer. The only thing they have to worry about is if they will still have a job or not when they wake up to get ready for work.
Jeanne | Oct 1, 2008 | Reply
from Dave Ramsey’s web page 10-1-08
Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps:
Common Sense Plan.
I. INSURANCE
A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.
B. In order for a company to accept the government-backed insurance, they must do two things:
1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and ruined lives.
2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.
C. This backstop will cost less than $50 billion—a small fraction of the current proposal.
II. MARK TO MARKET
A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.
B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.
III. CAPITAL GAINS TAX
A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.
B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to
stand up, speak out, and fix this mess.