The Bail Out Bill is Now Available for Your Leisurely Perusal

Looks like the New York Times have gotten its mitts on the draft bill of the bail out plan (pdf) that will most likely go to the floor tomorrow. Granted, this is a draft, but barring any major 11th-hour shenanigans, what you are reading is the largest bail out in US history, all in a 110 pages.

A quick preview:

2 The purposes of this Act are—
3 (1) to immediately provide authority and facili4
ties that the Secretary of the Treasury can use to
5 restore liquidity and stability to the financial system
6 of the United States; and
7 (2) to ensure that such authority and such fa8
cilities are used in a manner that—
9 (A) protects home values, college funds, re10
tirement accounts, and life savings;
11 (B) preserves homeownership and pro12
motes jobs and economic growth;
13 (C) maximizes overall returns to the tax14
payers of the United States; and
15 (D) provides public accountability for the
16 exercise of such authority.”

After going through it, we can hopefully find out just how much this bill intends to go about its purpose.


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