Tuesday December 16, 2008
Financial Crisis Proposals
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See also: As this nation faces the most severe financial services industry crisis in decades, a number of proposals have been made to confront this crisis. For this reason, I have chosen to provide you with as many resources as I can locate for you to evaluate these proposals. Please note that inclusion of the information below does not mean that I support or oppose the proposal, analysis or content. I have heard from many Idahoans who want an opportunity to review the same documents that I am, and this is the most effective way to provide you with that. The other item you must keep in mind is that this information changes quickly; please take note of the date of each document when reviewing it, as it is likely that it may be outdated or contain information that has changed since its first proposal.
The legislation that has been enacted is:
- The Emergency Economic Stabilization Act (PDF file), as passed by the Senate on Wednesday, October 1, 2008; by the House on Friday, October 3, 2008; and signed by the President.
Other proposals considered included:
- The Emergency Economic Stabilization Act, (PDF file), as voted on by the House on Monday, September 29, 2008; prepared by a bipartisan coalition of House and Senate members, and a section-by-section document (Word doc). The House voted to reject the proposal, the Senate is scheduled to vote on it on Wednesday, October 1, 2008.
- The Administration proposal, (Word doc), presented by Treasury Secretary Henry Paulson; also called the Paulson or Treasury proposal.
- The Frank-Dodd proposal, (PDF file), authored by House Banking Committee Chairman Barney Frank (D-Massachusetts) and Senate Banking Committee Chairman Christopher Dodd (D-Connecticut), dated September 26, 2008.
Other links that may be of interest:
From The Desk Of Mike Crapo: Emergency Economic Stabilization Act, October 2, 2008.
Interview (MP3 file) on KFXD's "Jon and Chris Show", October 1, 2008.
Teleconference with Idaho reporters (MP3 file), September 30, 2008.
Dodd Amendment to the Emergency Economic Stabilization Act (PDF file).
Groups Supporting Financial Rescue Package and Letter to Congress from the Groups Supporting Financial Rescue Package (Word doc), September 30, 2008
CRS Report: Financial Market Intervention Frequently Asked Questions (PDF file), issued September 29, 2008.
Frequently Asked Questions About Treasury's Temporary Guarantee Program for Money Market Funds (Word doc), prepared by the U.S. Treasury, September 29, 2008.
iTownHall meeting I hosted on September 24, 2008 (MP3 file); all the questions were about the financial crisis.
Transcript from Senate Banking Hearing, September 23, 2008 (PDF file) -- Turmoil in US Credit Markets: Recent Actions Regarding Government Sponsored Entities, Investment Banks and Other Financial Institutions
Listen to my opening statement (MP3 file) of the Banking Hearing, September 23, 2008.
News releases I have issued:
- CRAPO: FINANCIAL RESCUE PACKAGE DOESN'T ADEQUATELY PROTECT TAXPAYERS, October 1, 2008.
- CRAPO: STRONG CONCERNS REMAIN WITH TREASURY PROPOSAL, September 25, 2008.
- CRAPO: FINANCIAL CRISIS REQUIRES PROMPT, BUT CAREFUL ACTION, September 23, 2008.
If other resources become available, I will post them here and encourage you to evaluate them. I welcome hearing from Idahoans about this important financial crisis. Please contact one of my offices to voice your opinion on this matter or send me an e-mail.
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