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Life Health > Annuities

Lawmakers Post Troubled Asset Act Drafts

By Staff Writer

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Congressional committees have unveiled their revisions of the U.S. Treasury Department’s financial institution rescue bill.

Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, and Sen. Christopher Dodd, D-Mass., chairman of the Senate Banking, Housing and Urban Affairs Committee, have posted their versions of the bill on the committee Web sites.

The committees’ discussion drafts, which are similar to each other but much longer than an earlier draft that apparently was leaked to news organizations and some trade groups by Treasury or members of Congress over the weekend, includes provisions that would restrict executive compensation, establish rules for contracting procedures, help homeowners facing foreclosure and provide for oversight mechanisms.

Unlike the original Treasury draft, the congressional committees’ bill would not exempt Treasury rescue operations from judicial review.

The discussion drafts indicate that the bill that would create the act, the Troubled Asset Relief Act of 2008, still does not have a bill number.

A copy of a draft developed by Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, is available here.

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