Dodd Refines Bailout Rules
Senator Dodd has done a pretty good job of fixing what was wrong with Paulson’s proposal. Here’s the PDF summary, and here’s the PDF text.
High points:
Transparency:
- Establishment of an oversight board
- Required transparency – specifically, that the program’s details be laid out with policies and procedures
- Improved Reporting – Monthly reporting, and detailed financial statements describing specific transactions
- GAO Audit
- Warrants in exchange for companies selling bad assets
- Requirements for rules surrounding potential conflicts of interest (by fund managers involved such as PIMCO)
- Establishes parity between banks and money markets for FDIC insured deposits
- Requires standards limiting executive compensation for bailed out companies
Homeowner Assistance
- Court-Supervised Loan Modifications
- FDIC Management of Mortgage Assets
- Affordable Housing Funds
- Expansion of HOPE to allow more people to qualify
This is definitely more encouraging. I haven’t read the actual text, though, so can’t say whether the key issue of no accountability, etc has been addressed.
Sphere: Related ContentSenator Dodd vs. Telcos
Hats off to Senator Chris Dodd for doing what his constituents have called upon him to do by vowing to block the FISA bill as long as it grants immunity to the telephone companies for their complicity in illegal wiretaps.
The Military Commissions Act. Warrantless wiretapping. Shredding of Habeas Corpus. Torture. Extraordinary Rendition. Secret Prisons.
No more.
I have decided to place a “hold” on the latest FISA bill that would have included amnesty for telecommunications companies that enabled the President’s assault on the Constitution by illegally providing personal information on their customers without judicial authorization.
I said that I would do everything I could to stop this bill from passing, and I have.
Now, where are the rest of the Democrats? We’ve heard from Sen. Specter and Sen. Dodd. Where do the rest of them stand? If they cave on this, then it’s time to raise up a strong third party and put an independent in office.
If you agree with Dodd’s vow to place a hold on the FISA legislation, please visit his site and sign the petition supporting him.
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