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(a) ESTABLISHMENT.—ESTABLISHMENT.—There is established the Financial Stability Oversight Board, which shall be responsible for—
8 (1) reviewing the exercise of authority under a
9 program developed in accordance with this Act, in
11 (A) any action taken by the Secretary and
12 the Office of Financial Stability created under
13 section 101, including the appointment of finan
14cial agents, the designation of asset classes to
15 be purchased, and plans for the structure of ve
16hicles used to purchase troubled assets; and
17 (B) the effect of such actions in assisting
18 American families in preserving home owner
19ship, stabilizing financial markets, and pro
21 (2) making recommendations, as appropriate, to
22 the Secretary regarding use of the authority under
23 this Act; and
24 (3) reporting any suspected fraud, misrepresen
25tation, or malfeasance to the Inspector General for
O:\AYO\AYO08B94.xml [Discussion Draft]
1 the Department of the Treasury or the Attorney
2 General of the United States, consistent with section
3 535(b) of title 28, United States Code.
MEMBERSHIP.—The Financial Stability Over
MEMBERSHIP.—The Financial Stability Over
5sight Board shall be comprised of—
6 (1) the Chairman of the Board of Governors of
7 the Federal Reserve System;
8 (2) the Secretary of the Treasury;
9 (3) the Director of the Federal Home Finance
11 (4) the chairman of the Securities and Ex
12change Commission; and
13 (5) the Secretary of Housing and Urban Devel
15 (c) CHAIRPERSON.—The chairperson of the Financial
16 Stability Oversight Board shall be elected by the members
17 of the Board from among the members.
Originally posted by Relentless
reply to post by jmdewey60
Except Bush has no credibility left at all, and I do think it would be revolution if he pulled stunt like that now. He doesn't dare!
6 (b) CONSULTATION.—In exercising the authority under this section, the Secretary shall consult with the 8 Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, and the Secretary of Housing and Urban Development.
Treasury Gets Broad Power in Bailout Bill to Hire Contractors
By Rebecca Christie
Sept. 28 (Bloomberg) -- Treasury Secretary Henry Paulson will have broad authority to hire financial managers quickly to help manage a $700 billion asset-purchase plan, according to the draft legislation under consideration.
The bill would allow the Treasury chief to waive federal acquisition procedures ``where compelling circumstances make compliance contrary to the public interest,'' according to a summary of the draft law. The Treasury would have to notify Congress of such waivers within seven days, and also ensure procedures are in place to reach out to minorities.
If the plan is enacted, the Treasury likely will need a lot of Wall Street expertise to manage the assets it acquires, said Tim Ryan, head of the Securities Industry and Financial Markets Association. Ryan also is former director of the Office of Thrift Supervision, which oversaw the Resolution Trust Corp., the agency that liquidated failed thrifts after the savings-and-loan crisis of the 1980s.
``What we learned through the RTC process is, if we're going to throw this type of assignment at the government -- any government, state, federal, U.S., anywhere -- they're not staffed to deal with this issue,'' Ryan said in an interview last week.
Treasury's potential hiring of contractors to run the program will help because ``they'll just do a better job and they'll get it done faster, and ultimately it'll be cheaper,'' Ryan said.
Paulson has already recruited from Wall Street to help manage the current financial crisis, the worst since the Great Depression. He hired Morgan Stanley on a $95,000 contract awarded under emergency procedures to help assess options for Fannie Mae and Freddie Mac, the mortgage companies that ultimately ended up in government conservatorship.
Paulson also last week hired former Goldman Sachs Group Inc. colleague Edward C. Forst, now executive vice president at Harvard University, on a $5,000 contract to help with the plan.
The draft legislation would allow the Treasury to select the Federal Deposit Insurance Corp. as an asset manager for residential mortgage loans and mortgage-backed securities. If the Treasury looks to Wall Street for other staff, it should find plenty of affordable talent, Ryan said.
``There are people in this business who know this asset class who have recently, in the last six months, lost jobs, and they'll take a lot less pay than they got the last time,'' Ryan said in the interview.