This comprehensive electronic book on CD-ROM provides complete coverage of the Emergency Economic Stabilization bill - known as the "Wall Street $700 Billion Bailout" - passed by Congress on October 3, 2008. In addition to a full reproduction of the bill and associated legislative material, there is full coverage of the fall 2008 financial crisis with documents from the House, Senate, and White House. There is extensive coverage of the Federal Reserve System, with documents on Monetary Policy and Regulations of Banking, Controlling the Fed Funds Rate, Open Market Operations, FOMC, Structure and Board Members, Discount Window, Currency, Consumer and Community Affairs, Basel II, Beige Books, Publication Library, and much more! Emergency Economic Stabilization Act of 2008 - Provides authority to the Treasury Secretary to restore liquidity and stability to the U.S. financial system and to ensure the economic well-being of Americans. Purchases of Troubled Assets. Authorizes the Secretary to establish a Troubled Asset Relief Program ( TARP ) to purchase troubled assets from financial institutions. Establishes an Office of Financial Stability within the Treasury Department to implement the TARP in consultation with the Board of Governors of the Federal Reserve System, the FDIC, the Comptroller of the Currency, the Director of the Office of Thrift Supervision and the Secretary of Housing and Urban Development. Requires the Treasury Secretary to establish guidelines and policies to carry out the purposes of this Act. Includes provisions to prevent unjust enrichment by participants of the program. Insurance of Troubled Assets. If the Secretary establishes the TARP program, the Secretary is required to establish a program to guarantee troubled assets of financial institutions. The Secretary is required to establish risk-based premiums for such guarantees sufficient to cover anticipated claims. The Secretary must report to Congress on the establishment of the guarantee program. In using authority under this Act, the Treasury Secretary is required to take a number of considerations into account, including the interests of taxpayers, minimizing the impact on the national debt, providing stability to the financial markets, preserving homeownership, the needs of all financial institutions regardless of size or other characteristics, and the needs of local communities. Requires the Secretary to examine the long-term viability of an institution in determining whether to directly purchase assets under the TARP. Financial Stability Oversight Board. This section establishes the Financial Stability Oversight Board to review and make recommendations regarding the exercise of authority under this Act. In addition, the Board must ensure that the policies implemented by the Secretary protect taxpayers, are in the economic interests of the United States, and are in accordance with this Act. The Board is comprised of the Chairman of the Board of Governors of the Federal Reserve System, the Secretary of the Treasury, the Director of the Federal Home Finance Agency, the Chairman of the Securities and Exchange Commission and the Secretary of the Department of Housing and Urban Development. Within 60 days of the first exercise of authority under this Act and every month thereafter, the Secretary is required to report to Congress its activities under TARP, including detailed financial statements. Tranche Reports: For every $50 billion in assets purchased, the Secretary is required to report to Congress a detailed description of all transactions, a description of the pricing mechanisms used, and justifications for the financial terms of such transactions. Prior to April 30, 2009, the Secretary is required to submit a report to Congress on the current state of the financial markets, the effectiveness of the financial regulatory system, and to provide a
