The Emergency Economic Stabilization Act of 2008: Analysis and Interpretation

by Ito, Peter W.

• ISBN13: 9780314205094
• ISBN10: 0314205098
• Format: Paperback
• Copyright: 2008-11-30
• Publisher: West Group

Summary

The Emergency Economic Stabilization Act of 2008 represents a history-making effort by the Federal Government to bring stability to the financial markets. The Act's ultimate success will be judged and debated for years to come. This book provides an in-depth look at the EESA and the various provisions that will impact our markets. Leading lawyers from Gordon Rees LLP analyze Title I Troubled Assets Relief Program, Title II Budget-Related Provisions, and Title III Tax Provisions of the Act, and provide the reader with the critical insight necessary to understand this new piece of legislation. These experts interpret these key provisions of the Act, providing commentary on how each section translates in the real world and enabling fellow attorneys to best serve clients most affected by this bailout. Book jacket.

Author Biography

Peter W. Ito Jeffrey D. Cawdrey, Richard T. Clampitt Mercedes Colwin, Lisa A. Crowfoot, Mark H. Davis, Tad A. Devlin, Amy B. Ganci, Diane Krebs, Marc R. Ozarski, Carol P. Schaner, Richard P. Sybert, John M. Theirl, and Phillip K. Wang are partners with Gordon Rees LLP. With its origins on the West Coast, Gordon Reed LLP has established a national presence and is currently ranked on the National Law Journal's list of top law firms in the country. Gordon Rees now has over 350 attorneys with offices in 16 cities and 10 states coast-to-coastCalifornia, New York, Texas, Illinois, Nevada, Arizona, Colorado, Washington, Oregon, and New Jersey. The firm's attorneys are licensed to practice in 27 states and Washington, D.C., as well as Canada and Hong Kong. They offer a broad range of legal services and have the experience and expertise to fully meet the needs of their clients.

Table of Contents

Introduction	p. 9
Troubled Assests Relief Program
Purchases of Troubled Assets	p. 12
Insurance of Troubled Assets	p. 25
Considerations	p. 31
Financial Stability Oversight Board	p. 40
Reports	p. 46
Rights; Management; Sale of Troubled Assets; Revenues and Sale Proceeds	p. 54
Contracting Procedures	p. 61
Conflicts of Interest	p. 64
Foreclosure Mitigation Efforts	p. 66
Assistance to Homeowners	p. 69
Executive Compensation and Corporate Governance	p. 73
Coordination with Foreign Authorities and Central Banks	p. 77
Minimization of Long-Term Costs and Maximization of Benefits for Taxpayers	p. 78
Market Transparency	p. 84
Graduated Authorization to Purchase	p. 86
Oversight and Audits	p. 94
Study and Report on Margin Authority	p. 104
Funding	p. 107
Judicial Review and Related Matters	p. 108
Termination of Authority	p. 114
Special Inspector General for the Troubled Asset Relief Program	p. 115
Increase in Statutory Limit on Public Debt	p. 124
Credit Reform	p. 125
Hope for Homeowners Amendments	p. 127
Congressional Oversight Panel	p. 130
Fdic Authority	p. 136
Cooperation with the Fbi	p. 142
Acceleration of Effective Date	p. 143
Disclosures on Exercise of Loan Authority	p. 145
Technical Corrections	p. 148
Exchange Stabilization Fund Reimbursement	p. 150
Authority to Suspend Mark-To-Market Accounting	p. 151
Study On Mark-To-Market Accounting	p. 155
Recoupment	p. 157
Preservation of Authority	p. 159
Temporary Increase in Deposit and Share Insurance Coverage	p. 160
Budget-Related Provisions
Information for Congressional Support Agencies	p. 164
Reports by the Office of Management and Budget and the Congressional Budget Office	p. 165
Analysis in President's Budget	p. 168
Emergency Treatment	p. 170
Tax Provisions
Gain or Loss From Sale or Exchange of Certain Preferred Stock	p. 172
Special Rules for Tax Treatment of Executive Compensation of Employers Participating in the Troubled Assets Relief Program	p. 176
Extension of Exclusion of Income From Discharge of Qualified Principal Residence Indebtedness	p. 185
Exhibit A: H. R. 1424 Division A—Emergency Economic Stabilization	p. 188
About the Authors	p. 283
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