COMMITTEE ACTION: REPORTED BY A VOICE VOTE on Sunday, September 28, 2008.
FLOOR ACTION: ADOPTED BY RECORD VOTE 220-198 AFTER AGREEING TO THE PREVIOUS QUESTION BY RECORD VOTE 217-196 on Sunday, September 28, 2008.
MANAGERS: Slaughter/Dreier
110th Congress
2nd Session
[Report No. 110-903]
Providing for the consideration of the Senate amendment to H.R. 3997, Emergency Economic Stabilization Act of 2008
- Provides for consideration of the Senate amendment to the House amendment to the Senate amendment to H.R. 3997.
- Makes in order a motion by the chairman of the Committee on Financial Services or his designee to concur in the Senate amendment to the House amendment with the amendment printed in the report of the Committee on Rules accompanying the resolution.
- Waives all points of order against the motion.
- Provides that the Senate amendment and the motion shall be considered as read.
- Provides three hours of debate on the motion equally divided and controlled by the chairman and ranking minority member of the Committee on Financial Services.
- Provides that during consideration of the motion to concur, notwithstanding the operation of the previous question, the Chair may postpone further consideration of such motion to a time designated by the Speaker.
RESOLUTION
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Resolved, That upon adoption of this resolution it shall be in order to take from the Speaker's table the bill (H.R. 3997) to amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes, with the Senate amendment to the House amendment to the Senate amendment thereto, and to consider in the House, without intervention of any point of order, a motion offered by the chairman of the Committee on Financial Services or his designee that the House concur in the Senate amendment to the House amendment to the Senate amendment with the amendment printed in the report of the Committee on Rules accompanying this resolution. The Senate amendment and the motion shall be considered as read. The motion shall be debatable for three hours equally divided and controlled by the chairman and ranking minority member of the Committee on Financial Services. The previous question shall be considered as ordered on the motion to final adoption without intervening motion.
Sec. 2. During consideration of the motion to concur pursuant to this resolution, notwithstanding the operation of the previous question, the Chair may postpone further consideration of such motion to such time as may be designated by the Speaker.
SUMMARY OF THE HOUSE AMENDMENT TO BE MADE IN ORDER
The amendment provides up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets of financial institutions and making it difficult to access credit. The amendment also establishes a program that would allow companies to insure their troubled assets.
The amendment requires the Treasury to modify troubled loans wherever possible to help American families keep their homes. It also directs other Federal agencies to modify loans that they own or control. Finally, it improves the HOPE for Homeowners program by expanding eligibility and increasing the tools available to the Department of Housing and Urban Development to help more families keep their homes.
The amendment requires companies that sell some of their bad assets to the government to provide warrants so that taxpayers will benefit from any future growth these companies may experience as a result of participation in this program. The amendment also requires the President to submit legislation that would cover any losses to taxpayers resulting from this program from financial institutions.
In order to participate in this program, companies will lose certain tax benefits and, in some cases, must limit executive pay. In addition, the amendment limits “golden parachutes” and requires that unearned bonuses be returned.
Rather than giving the Treasury all the funds at once, the legislation gives the Treasury $250 billion immediately, then requires the President to certify that additional funds are needed ($100 billion, then $350 billion subject to Congressional disapproval). The Treasury must report on the use of the funds and the progress in addressing the crisis. The amendment also establishes an Oversight Board and establishes a special inspector general to protect against waste, fraud and abuse.
