CNNMoney.com: “The federal government would provide as much as $700 billion in a far-reaching plan to rescue the nation’s troubled financial system, according to a draft of the proposed bill obtained by CNN. The legislation is still being negotiated and elements of the bill could still change. The core of the bill is based on Treasury Secretary Henry Paulson’s request for authority to purchase troubled assets from financial institutions so banks can resume lending and so the credit markets, now virtually frozen, can begin to operate more normally.”
- Speaker of the House Nancy Pelosi: “Significant bipartisan work has built consensus around dramatic improvements to the original Bush-Paulson plan to stabilize American financial marketsincluding requiring a plan to ensure the taxpayer is repaid in full. Read the Emergency Economic Stabilization Act of 2008 (SUBJECT TO FURTHER TECHNICAL REVISIONS – 110 pages, PDF)
- Summary of the Draft Proposal To Rescue U.S. Financial Markets, Office of Speaker Nancy Pelosi — Sept. 28, 2008, via WSJ.com
- Full text of the draft bill via WSJ.com
- WSJ.com: Success of Rescue Depends On Lending From China, Mideast: “The U.S. is turning to foreign governments and overseas investors to buy much of the $700 billion in Treasury debt that would be sold to finance the bailout.”
- Bill Allison, Sunlight Foundation, September 28, 2008: “Mark Tapscott of the D.C. Examiner posts a comparison of what was in the original plan submitted by Treasury Secretary Henry Paulson and what congressional negotiators have arrived at now.”
- Advocates Demand Congress Put Bailout Details on Internet: “[Ellen Miller, co-founder of the Sunlight Foundation] wants legislators to make any and all of the iterations of the legislation available electronically — all the way until it is ready to be voted on on the floor of both congressional chambers.”
- Related postings on financial system
