(1) to immediately provide authority and facili-
ties
that the Secretary of the Treasury can use to
restore liquidity and stability to the financial system
*
(5) FINANCIAL INSTITUTION.—The term ‘‘fi-
nancial institution’’ means
any institution, including,
but not limited to, any bank, savings association,
credit union, security broker or dealer, or insurance
company, established and regulated under the laws
of the United States or any State, territory, or pos-
session of the United States, the District of Colum-
bia, Commonwealth of Puerto Rico, Commonwealth
of Northern Mariana Islands, Guam, American
Samoa, or the United States Virgin Islands, and
having significant operations in the United States,
but excluding any central bank of, or institution
owned by, a foreign government.
*
The term ‘‘troubled
assets’’ means— residential or commercial mortgages
and any securities, obligations, or other instruments…
and any other financial instrument that the
Secretary, after consultation with the Chairman
of the Board of Governors of the Federal Re-
serve System, determines the purchase of which
is necessary to promote financial market stability
*
The Secretary is authorized
to establish a troubled asset relief program (or
‘‘TARP’’) to purchase, and to make and fund com-
mitments to purchase, troubled assets from any fi-
nancial institution, on such terms and conditions as
are determined by the Secretary
*
Establish-
ment of the policies and procedures and other simi-
lar administrative requirements imposed on the Sec-
retary by this Act are
not intended to delay the com-
mencement of the TARP.
*
INGENERAL.—
The Secretary shall im-
plement any program under paragraph
through an Office of Financial Stability, estab-
lished for such purpose within the Office of Do-
mestic Finance of the Department of the Treas-
ury,
which office shall be headed by an Assist-
ant Secretary of the Treasury, appointed by the
President,
To what end does one strain one’s eyes and credulity to read the rest? Congress turns sweeping authority over to a man of dubious character as readily as a frightened pedestrian hands his wallet to a mugger. All else is mental masturbation after conference of title and crown upon a Money Czar.
Curiously, when I went to save Paulson’s Emergency Fund document as a PDF, its title came up as: ‹ u $ ∆ » Û : R B Ô } ( æ ¨ l ± ≤ … j ` R B ‰ W Ø · ¿ — Y w Í
That can't be good, nor is the Not In MY Portfolio Bailout.
Congress abrogates its responsibility and is derelict in its duty.
FLOOD THEM WITH LEGAL
.
