0000021136 00000 n The Act The Troubled Assets Relief Program (TARP), created by this Act, is also . 0000011095 00000 n An explanation of the Emergency Economic Stabilization Act from the view of Indiana Representative Steve Buyer P.L. endstream endobj startxref 0000050838 00000 n Emergency Economic Stabilization Act (EESA) of 2008: One of the bailout measures taken by Congress in 2008 to help repair the damage from the subprime mortgage crisis. endobj 0000005683 00000 n 0000006386 00000 n Preventing Unjust Enrichment- The Secretary must take steps to prevent unjust 0000050563 00000 n Regulation: Code of Federal Register 42 USC 5301 Title III, Section 2301. 0000004980 00000 n Under the plan, the Secretary . 1 0 obj On September 28, 2008, Congressional leaders announced the Emergency Economic Stabilization Act of 2008 (EESA). Other provisions in the legislation would on net increase the budget deficit. H\0E3?gXBlf1mwl!M RigE|OW>aUe~mQy2*~8Ek~Rm[?u]'w 0000050508 00000 n The author provides details and insight into the Emergency Economic Stabilization Act of and specifically addresses it possible impact on Emergency economic stabilization act of 2008 book. In any case, the ultimate cost to the government on the transactions would not be the total amount spent to purchase assetslimited to $700 billion outstanding at any one timebut rather the difference between the amount spent by the government and the amount received in earnings and sales proceeds when all of the assets are finally sold, presumably some years from now. endstream endobj 2949 0 obj <>stream endobj - The authority would increase to $700 billion if the President submits a report detailing a plan to use the remaining $350 billion in purchase authority; that expansion would be subject to a 15-day Congressional review for potential disapproval of the plan. Skip to main content 0000050893 00000 n CBO has just issued its analysis of the Emergency Economic Stabilization Act of 2008, as released tonight by the House Committee on Financial Services. As noted above, CBO expects that since the acquired assets would have some value, the net budget impact would be substantially less than $700 billion; similarly, net cash disbursements under the program would also be substantially less than $700 billion over time because, ultimately, the government would sell the acquired assets and thus generate income that would offset much of the initial expenditures. Emergency Economic Stabilization Act of 2008 2 www.dpw.com New York y Menlo Park y Washington DC y London y Paris y Frankfurt y Madrid y Tokyo y Beijing y Hong Kong At its core, the Act represents a fundamental shift - if possibly only a temporary one - in the role of the state in the American economy and the world's financial markets GOP rally in Ottumwa 063 (4556439010).jpg. November 2008 Effect of Emergency Economic Stabilization Act of 2008 on Executive Compensation Congress recently passed the Emergency Economic Stabilization Act of 2008 (the "EESA"). 0000050453 00000 n $IU!Yd3HVoXOfHafDPd?hoKaEi9dYm)xKHvRYYXAO:2}w81YvY*y. 0000003484 00000 n On Friday, October 3, 2008 President Bush signed into law the Emergency Economic Stabilization Act of 2008 (the "Act"), legislation intended to bring relief to the troubled credit markets. 7 Because EESA was enacted on October 3, 2008, this report appears to be required by January 1, 2009. 0000010062 00000 n For complete classification of division A to the Code, see Short Title note set out below and Tables. startxref <2Rr|ks#ro 4jY0' 'U(-lPS]16Z#n>?]~-OLJjx6BfME@{t; vify ` t f3)hqqLn19vcjv5~G U`z:>`\g'\UzBy~:=Dy%sO=lqp}Wr`Gj-Ir&*in]'L:A+H8Te+c?qP2 A of Pub. Committee on the Budget. Joint Committee on Taxation, 2008, CCH Incorporated, Wolters Kluwer Law & Business edition, in English SHORT TITLE AND TABLE OF CONTENTS. S Hrg 110 1015 DOWNLOAD READ ONLINE Author : U.S. Government Printing Office (Gpo) language : en Publisher: BiblioGov Release Date : 2013-10. 0000018502 00000 n 0000017547 00000 n 0000046068 00000 n Statutory Notes and Related Subsidiaries Short Title of 2010 Amendment 0 0000049909 00000 n 0000019471 00000 n 0000004135 00000 n 0000016045 00000 n HWr8}WDJ']J9'[5$Lx m_8n [v*2H>O7C8?$lt9d-`WewW_;Kx[t|O!}G#7\]=}uZjMN;jRMYM:B87>:,'yerCpf,8:3A>X]h*%DKf5f"JQq*oLP4IqgULM$#i9zP!&o&)D2yfKVpB^2A$$[ Division A is the Emergency Economic Stabilization Act of 2008; Division B is the Energy Improvement and Extension Act of 2008; and Division C is the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. Congress. 0000006949 00000 n 0000050288 00000 n 0000008776 00000 n On Friday, October 3, 2008, President Bush signed the Emergency Economic Stabilization Act of 2008 ("EESA") into Public Law 110 343. A number of those provisions are discussed below. From a gift planning perspective, the most endstream endobj 2948 0 obj <>stream 0000050398 00000 n 221 101 110-343 (HR 1424) and the Senate Finance Committee's October 1, 2008 Staff Summary (Last Date Accessed: October 6, 2008). 0000005823 00000 n Emergency Economic Stabilization Act of 2008. Under the TARP, the Secretary would have the authorityif deemed necessary to promote stability in the financial marketsto purchase any financial asset at any price and to sell that asset for any price at any future date. 0000007090 00000 n If, five years after enactment of the bill, the Director of the Office of Management and Budget in consultation with the Director of the Congressional Budget Office determines that the TARP has incurred a net loss, the President would be required to submit a legislative proposal to recoup that shortfall from entities benefiting from the TARP. Sometimes they are a way of recognizing or honoring the sponsor or creator of a particular law (as with the 'Taft-Hartley Act'). 0000013889 00000 n 0000004275 00000 n The Act The Troubled Assets Relief Program (TARP), created by this Act, is also analysed. 0000006668 00000 n 0000006245 00000 n xref yphuT+.JRM55PSV9#\}n-hIV^,I(K; P]6:I:IAOj?X/(`t%r+F1EOmCU6P^ <>stream %%EOF 1 Some of the reporting requirements are assigned to newly established entities in the act, including the Financial Stability Oversight Board, 2 the Congressional Oversight Panel (COP . In addition, a number of provisions in the bill would affect federal revenues by changing tax law, including provisions that would limit the deductibility of executive compensation for certain firms selling assets; allow losses incurred by certain taxpayers on preferred stock in Fannie Mae and Freddie Mac to be treated as ordinary rather than capital losses; and exclude from income amounts attributable to the cancellation of mortgage debt of individuals in certain circumstances. Part of Public Law 110-343 is the Energy Improvement and Extension Act of 2008. %%EOF 0000008074 00000 n Emergency Economic Stabilization Act of 2008: Money Market Investor Funding Facility . Both of us were involved | This paper provides an in-depth analysis of the Emergency Economic Stabilization Act of 2008 and related . In addition to any net gain or loss on the purchase of $700 billion or more in assets, the government also would incur administrative costs for the proposed program. Furthermore, the insurance program contained in the enacted version of the EESA is briefly summarised and . 0000006809 00000 n The Emergency Economic Stabilization Act of provides alternative minimum tax (AMT) relief, energy tax credits, and disaster relief for individuals. The legislation includes a variety of other provisions that would, on net, add to the budget deficit. 0000003852 00000 n After a narrow rejection by the U.S. House of Representatives on September 29, approval by a comfortable margin by the U.S. Senate on October 2 and passage by the House on October 3 in a turn around from the September 29 vote, the Emergency Economic Stabilization Act of 2008 became law with the President's signature on October 3, 2008.1 The shift in the House occurred with sharply . 0000013131 00000 n The text is pasted below: September 28, 2008 Honorable Barney Frank Chairman Committee on Financial Services U.S. House of Representatives Washington, DC 20515 Dear Mr. Chairman: The Congressional Budget Office (CBO) has reviewed the Emergency Economic Stabilization Act of 2008, as released by the House Committee on Financial Services on . 3 0 obj This paper applies a political voting model to these two House votesthe rejection of the billon September 29 and its passage on October 3. Dodd-Frank Wall Street Reform and Consumer Protection Act. 2952 0 obj <>/Filter/FlateDecode/ID[<5C384F84EABD5740A00A828B1C260669>]/Index[2944 14]/Info 2943 0 R/Length 57/Prev 1291990/Root 2945 0 R/Size 2958/Type/XRef/W[1 2 1]>>stream 0000002316 00000 n Honorable John M. Spratt Jr. 0000049531 00000 n The bill would appropriate such sums as are necessary, for as many years as necessary, to enable the Secretary to purchase or insure troubled assets and to cover all administrative expenses of purchasing, insuring, holding, and selling those assets. Instant access to millions of titles from Our Library and it's FREE to try! BA Outlays. 0000000016 00000 n Charles Dharapak / AP. The Emergency Economic Stabilization Act of 2008 (the "Act"), signed into law by President Bush on October 3, 2008, contains several provisions affecting executive compensation. CBO has just issued its analysis of the Emergency Economic Stabilization Act of 2008, as released tonight by the House Committee on Financial Services. 0000049963 00000 n 0000049371 00000 n On Monday, the House of Representatives, in a stunning rejection, failed to pass the EESA by a vote of 205 -228, and its future was very much in doubt. 0000050673 00000 n 0000049855 00000 n 0000051003 00000 n hb```a`` 0000046302 00000 n <>/ExtGState<>>> Even if the transactions and the recoupment mechanism combined resulted in neither a gain nor a loss for the government, the administrative costs would expand the budget deficit. Those costs would depend on the kinds of assets purchased or insured. Emergency Economic Stabilization Act of 2008, also known as Troubled Assets Relief Program (TARP); An Act 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, to Amend The Internal Revenue Code of 1986 to Provide . %PDF-1.6 % P@gQymujP6m_u9!1-K+>[aTz'>U)bU`bD.\a 0000050728 00000 n The bill also contains provisions that would: - Change the tax treatment of certain types of income, losses, or deductions of corporations or individuals; - Require that certain financial institutions seeking to sell assets through the TARP meet appropriate standards for senior executive officers compensation, as determined by the Secretary of the Treasury; - Require the Secretary of the Treasury to take steps to maximize assistance for homeowners, including encouraging servicers of the underlying mortgages to take advantage of the Hope for Homeowners Program under section 257 of the National Housing Act; - Allow the Federal Reserve System to pay interest on certain reserves of depository institutions that are held on deposit at the Federal Reserve, starting on October 1, 2008; - Direct the Federal Housing Finance Agency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board to implement various measures with regard to residential loans and securities under their control in order to reduce the number of foreclosures, which could include modifying the terms of such loans; and. The non-tax provisions of the bill would impose no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. 0000008635 00000 n Journal of Economic PerspectivesVolume 29, Number 2Spring 2015Pages 3-24 T he rescue of the US automobile industry amid the 2008-2009 recession and financial crisis was a consequential, controversial, and difficult decision made at a fraught moment for the US economy. They amended the act and then adopted the revised EESA in 2008. H.R.1424 is the vehicle for the economic rescue legislation. On the basis of the costs incurred by private investment firms that acquire, manage, and sell similar assets, CBO expects that the administrative costs of operating the program could amount to a few billion dollars per year, as long as the government held all or most of the purchased assets. Federal debt held by the public would therefore rise by about $700 billion, although the government would also acquire valuable financial assets in the process. CBO expects that the Treasury would use most or all of the $700 billion in purchase authority within two years (after which the authority to enter into agreements to purchase various troubled assets would expire). Purchases would be limited as follows: - Authority for purchases of $250 billion in assets would be available upon enactment; - The authority would increase to $350 billion if the President submits to the Congress a written notification that the Secretary is exercising authority to purchase an additional $100 billion of assets; and. With the $700 billion authorized by Congress in October 2008 via the Emergency Economic Stabilization Act, the Treasury Department has been doling out the money via an alphabet soup of different programs. Beyond the effect of any gains or losses on the transactions under the TARP and the recoupment mechanism, the programs authorized by this bill would involve administrative costs. 0000005401 00000 n /K0/6oUi&]-Ck`lN'' {*Jh V 8 ^ Q*H p8&g0GVkI;U 8E(bY4 Tax Changes in How Individuals are Affected by The Emergency Economic Stabilization Act of 2008. Financial Products - Ordinary Loss on Sale of Fannie Mae or Freddie Mac Preferred Stock Held by Banks In a narrowly targeted change, EESA characterizes gain or loss on the sale of "applicable preferred THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 by Kevin Lopez Pelaez A Research Paper presented to Orin Kirshner, Ph.D. of The Dorothy F. Schmidt College of Arts & Letters Text of H.R.1424, as signed by the President on October 3, 2008 - JCT technical explanations of H.R. Emergency Economic Stabilization Act of 2008 Public Law 110-343 United States Congress Division A: Emergency Economic Stabilization Act of 2008 Division B: Energy Improvement and Extension Act of 2008 DIVISION AEMERGENCY ECONOMIC STABILIZATION ACT OF 2008 SECTION 1. S"'C1LDg>]]joNA6nWn@ Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 * Heartland Disaster Tax Relief Act of 2008 This bill was originally introduced in March 2007 and passed the House as the Genetic Information Nondiscrimination Act of 2008. 1424, the Emergency Economic Stabilization Act of 2008. The vehicle used for this legislation will be H.R. 0000008353 00000 n The Emergency Economic Stabilization Act of 2008 legislates new executive pay practices for financial institutions that receive government guarantees. The Emergency Economic Stabilization Act of 2008 (EESA, Division A of H.R. Chairman 321 0 obj <>stream Chairman I. NCENTIVES. As I'm sure you're aware, on Oct. 3, 2008, the President signed into law the Emergency Economic Stabilization Act of 2008 (P.L. Act, Division A, Title III, Sec. 0000049585 00000 n T. AX . The bill would also enable the federal government, under terms and conditions to be developed by the Secretary of the Treasury, to insure troubled assets, including mortgage-backed securities, and collect premiums from participating financial institutions.
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