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H.R.1424

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AyeAyes:17
NayNays:50

Emergency Economic Stabilization Act of 2008

A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.

OpenCongress Summary:
This bill would allow the government to use up to $700 billion in taxpayer money - $350 billion initially, and the rest with Congress's approval - to buy troubled assets from struggling financial institutions. It would also establish a program whereby the government would offer insurance to companies for their assets rather than buying them. It would also establish "appropriate standards" for the compensation of executives at companies that sell assets to the government, create a congressional oversight panel and require the government to collect warrants from bailed out companies so they can collect part of any profits that may result from the bailout. The size of bank deposits that the FDIC can insure would also be raised, from $100,000 to $250,000.

Additionally, the bill contains a one-year patch of the alternative minimum tax, a mental health parity provision requiring insures that offer mental health coverage to do so in parity with their medical and surgical coverage, a renewable energy tax credit, tax relief for disaster victims, and many other unrelated tax relief provisions.

The full text of the bill can be read at PublicMarkup.org

The bill has been passed by both the Senate and House, and signed into law by President Bush.
Other Bill Titles (15 more)

3/5/2008--Passed House amended. Division A: Paul Wellstone Mental Health and Addiction Equity Act of 2008 - Paul Wellstone Mental Health and Addiction Equity Act of 2008 - Amends the Employee Retirement Income Security Act of 1974 (ERISA), the Public Health Service Act (PSHA), and the Inte... moreSee Full Bill Text

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Amendments

This bill has 5 amendments. See All Amendments



Bill Status

Make a Bill Status Widget Question
IntroducedresultVoted on by HouseresultVoted on by SenateresultConsidered By PresidentresultBill Becomes Law
March 09, 2007March 05, 2008October 01, 2008October 03, 2008

Latest Vote

October 01, 2008Roll call number 213 in the Senate
Question: On Passage of the Bill (H. R. 1424 As Amended )
Required percentage of 'Aye' votes: 1/2 (50%) Percentage of 'aye' votes: 74% Result: Bill Passed

See Full Voting History (5 votes)     Show All Actions (55 actions)