Speaker.gov:www.speaker.gov Bailout Bill Site Crashed
Speaker.gov:www.speaker.gov Bailout Bill Site Crashed – Speaker.gov/www.speaker.gov is the website that house speaker Nancy Pelosi advised the nation to visit so they can read the entire bailout bill/bailout plan but the the server crashed.Read the bailout bill/bailout plan 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 Speaker.gov:www.speaker.gov Bailout Bill Site Crashed.
Brian | Sep 29, 2008 | Reply
Please ask Americans what they think first on this bail out. I pray that the right thing will be done. In America, where I live, When you do your job wrong you are replaced. No pay, no nothing. We say you are sent down the road talking to your-self.
Thomas E Anderson, Sr. | Sep 29, 2008 | Reply
Bailing out the parties suffering in this depression should be excercised as long as the families and petite proprieters will enjoy the funds needed to become solvent.
nancy miller | Sep 29, 2008 | Reply
We have been warned by 300 top economist not to pass this bill too quickly. The amoral politicians and Wall St are already tasting the money like a shark after blood. Nancy Pelosi site was not even ready to handle the site load she must have known would come.Why should we believe that the greedy group that pushed Fannie and Freddie and passed it into law to line their pockets ,including Nobama will have main street in mind. The law to separate banking from Wall St was passed into law under Clinton and Fannie and Freddie passed under the Dems watch. So who is really to blame for this mess. Do your research. Basing your vote on the left media and movie stars mania will destroy this great nation. Pelosi and her Dem puppets were ready to pass into law Paulson’s 2 to 3 page bill without even including the Republican House. Does that not give you pause or is your brain Dem dead?
FELICIA | Sep 29, 2008 | Reply
WHAT ARE YOU’LL GOING TO DO FOR THE TAXPER. WE NEED HELP WITH OUR BILLS . ARE YOU GOING TO SENDS US ANOTHER STLM. CHECK? IT SEEMS AS THOUGH YOU HAVE FORGOTTEN ABOUT THE TAXPERS SUCH AS MYSELF. I AM WORKING THREE JOBS TRYING TO KEEP FOOD ON THE TABLE AND PAY THESE HIGH LIGHT BILLS AND GAS IN MY CAR TO GET TO WORK. I HAVE A 13, AND 15 YEAR OLD TO PROVIDE FOR WHAT ABOUT ME AND THOSE LIKE. WHY ARE YOU ALL TRYING TO LINE THE POCKET OT THESE CEO’S. THEY HAVE SALARY OF 500.OO A YAER . I AM STRUGGLING TO KEEP MY HEAD ABOVE WATER. THIS IS REALITY.
FELICIA
MONROE, LA
Sandra Caballero | Sep 29, 2008 | Reply
Nancy, should not take this crisis to make a political issue. Stop making sarcastic comments and be more profesional. This is a moment where Rep. and Dem. are to be together for the best of us ” AMERICANS” and not to blame other when you know the corruption is very close to you and to Obama by having Freddie and Fannie get away with murder and make millions in this economic situation. Why didn’t yhe senate cancell the golden par. to them even though it was singned before this bail out came out. The law should over write that aggrement since it was proven of their corruption. But guess what ….they are the one supporting your candidate with the dirty money stoken from our people. I hope one day you regret be part of this…and stop insulting each other and respect the public , after all we pay your salary.
james c conner | Sep 29, 2008 | Reply
well looks like your big mouth and lib additude did what we all hoped would happen.this bail out does nothing for us tax payers. James Conner
Barry Birdwell | Sep 29, 2008 | Reply
Hopefully this will put an end to the phrase “the rich get richer”. It is time for you idiots in congress to read the peoples lips that hired you. We do not care that the corporations that have been ripping us all of are going to have some bad times like the rest of us. Hopefully it will help to limit the amount of dollars you all receive from lobbiest to do what they want over what the people want. The best thing that can happen here is a revolt to replace everyone of you in congress that all allowed this to happen. Your example of borrow as much as you can without any concern with being able to pay it back has finally come home to roost. You are a bunch of IDIOTS that do not deserve the pay you receive so use that to bail us out of this situation you created. You should have been smart enough to know EVERYONE CAN NOT AFFORD TO BUY A HOUSE!!!
Carl | Sep 29, 2008 | Reply
Maybe we all should have called ouselves a major bank!!! Let the backers live like the general public, bet they couldn’t last a week.
Mary Cooper | Sep 29, 2008 | Reply
Rescind the Community Reinvestment Act of 1977 and it’s 1995 revision as well as its’ amended form in aug of 2005!. It appears our good congress was essentially blackmailing banking institutions into making bad credit loans to the poor and minorities who they knew could not pay it back. Banks were given a rating on how well they preformed at “serving their communities”. Based on that rating, they were granted charters, approval of mergers and other branch openings. If I were a bank I’d package them up and sell them off as quickly as possible as well. The Office of the comptroller of currency, Board of governors of the federal reserve system, federal deposit insurance corp. and office of thrift over sees the CRA. I’m not positive but aren’t these the very same agencies they want to put in charge of overseeing the bailout. Why are not we taking a close look at how we got here?
karol | Sep 30, 2008 | Reply
Before this bill has gone through over $10 billion, of our USA money, has gone to foriegn banks. This bailout only helps the rich and those who have money in stocks. NOT THE MIDDLE CLASS home owner. The mayor of LA want %500 billion to bail out 20,000 LOW INCOME home owners. These people not only do not pay into the system. They’re part of the problem. If you can afford to buy it. DON’T.
karol | Sep 30, 2008 | Reply
after 35 years of building bridges and freeways here in California. As a union worker I have no 401k. Just my little saving account in the bank and my home. NEITHER is worth a s**t. THANK YOU CONGRESS. I CAN’T RETIRE! My home is worth less then I owe. No I was not a sub primer. Bought my home 8 years ago. Now I don’t even have equity in my home.
Lisa B | Oct 1, 2008 | Reply
I think there needs to be a much better limit to what they pay out. I think the money amount is WAY to high. We have already wasted trillions in a nonexistant war. We do not need to be bailing out any old company. Limit it just to a few mortage banks. No other companies. Period. Not trillions handed out either. Maybe a few million. This cannot be an open ended hand out for rich idiots. Obviously their parents wasted good money on their education. To save money we need to STOP paying X presidents for the rest of their lives. If you are in a position of government you should NOT be payed the rest of your life, unless you put in over 20 years. 1 year of payments is enough. They Congress & X presidents can get an “Unemployment” benefit like the entire rest of the americans get. 1 year is sufficient. Not an open payment for the rest of their lives!!!! Meanwhile my Grandmother lives on a lousy $700 a month.
Eddy | Oct 2, 2008 | Reply
Whats all this talk about main st!
If the politicans were actually worried the money would go direct to mom and pop. And not by way of Wall St. Its a crisis because the banks were/are greedy to mom and pop. Now the bail out will free mom and pop! I don’t belive it. For a fact I know mom and pop will have to show more “credit worthiness” than before the Wall Street Bail Out.
Ann Margain | Dec 20, 2008 | Reply
Dear Speaker of the House,
Please forgive my simplistic answer to the economic crisis, that is if it seems so economically ignorant.
Since the middle class will take up all the slack in paying back all the billions of dollars bail out, then I think we should have gotten the money. It would have saved us middle class tax payers billions if Congress had given each of us American citizens one million each. So at the tune of 330 million instead of one trillion, so far, we could have saved our economy, saved our homes, put money in the banks, taken care of ourselves for the next five years with no jobs, paid more income taxes, kept our small businesses open, fed our chidren, boosted the economy, and get through the next few years of depression. The car dealers can go defunked for all I care, along with wall street. They have cheated us for years and then get bailed out with my taxes!!!
Please answer me>
Totally Frustrated,
Ann Margain
M.Taylor | Feb 4, 2009 | Reply
PLEASE lift the penalties for withdrawing from last year’s 401K or IRA accounts!!! We would not have dipped into the funds if we weren’t DESPERATE.