H.R.1424 - Emergency Economic Stabilization Act of 2008

To amend section 712 of the Employee Retirement Income Security Act of 1974, section 2705 of the Public Health Service Act, and section 9812 of the Internal Revenue Code of 1986 to require equity in the provision of mental health and substance-related disorder benefits under group health plans. view all titles (20)

All Bill Titles

  • Short: Paul Wellstone Mental Health and Addiction Equity Act of 2007 as introduced.
  • Official: To amend section 712 of the Employee Retirement Income Security Act of 1974, section 2705 of the Public Health Service Act, and section 9812 of the Internal Revenue Code of 1986 to require equity in the provision of mental health and substance-related disorder benefits under group health plans. as introduced.
  • Official: To amend section 712 of the Employee Retirement Income Security Act of 1974, section 2705 of the Public Health Service Act, and section 9812 of the Internal Revenue Code of 1986 to require equity in the provision of mental health and substance-related disorder benefits under group health plans, to prohibit discrimination on the basis of genetic information with respect to health insurance and employment, and for other purposes. as amended by house.
  • Short: Paul Wellstone Mental Health and Addiction Equity Act of 2007 as reported to house.
  • Short: Genetic Information Nondiscrimination Act of 2008 as passed house.
  • Short: Paul Wellstone Mental Health and Addiction Equity Act of 2008 as passed house.
  • Official: To amend section 712 of the Employee Retirement Income Security Act of 1974, section 2705 of the Public Health Service Act, section 9812 of the Internal Revenue Code of 1986 to require equity in the provision of mental health and substance-related disorder benefits under group health plans, to prohibit discrimination on the basis of genetic information with respect to health insurance and employment, and for other purposes. as amended by house.
  • Short: Emergency Economic Stabilization Act of 2008 as passed senate.
  • Short: Energy Improvement and Extension Act of 2008 as passed senate.
  • Short: Heartland Disaster Tax Relief Act of 2008 as passed senate.
  • Short: Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 as passed senate.
  • Short: Tax Extenders and Alternative Minimum Tax Relief Act of 2008 as passed senate.
  • Official: 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. as amended by senate.
  • Short: 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. as passed senate.
  • Short: Emergency Economic Stabilization Act of 2008 as enacted.
  • Short: Energy Improvement and Extension Act of 2008 as enacted.
  • Short: Heartland Disaster Tax Relief Act of 2008 as enacted.
  • Short: Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 as enacted.
  • Short: Tax Extenders and Alternative Minimum Tax Relief Act of 2008 as enacted.
  • Popular: Emergency Economic Stabilization Act of 2008 as introduced.
Sponsor

Representative

Patrick Kennedy

D-RI

View Co-Sponsors (274)
 
Introduced
 
House
Passed
 
Senate
Passed
 
President
Signed
 

 
03/09/07
 
03/05/08
 
10/01/08
 
10/03/08
 

Latest Action Oct 03, 2008On motion that the House agree to th... Related Bills (9) & Issues (343) Users Tracking H.R.1424 (176)

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.

In September 2008, several financial institutions faced failure and the U.S. stock market saw its biggest losses since the September 2001 terror attacks. Following the bankruptcy of Lehman Brothers and the sale of Merrill Lynch to Bank of America on September 15, the Federal Reserve offered an $85 billion loan to AIG, the world's largest insurer, in exchange for an 80-percent controlling stake in the company. Several days later, on September 19, 2008, the Bush Administration sought congressional assistance with a $700 billion plan to purchase bad debt, in the form of mortgages and mortgage-back securities, from struggling banks and other institutions. The Emergency Economic Stabilization Act of 2008 (H.R.3997) was introduced on September 29, 2008, and defeated in the House that same day. On October 1, the Senate approved a similar measure, H.R.1424. The House approved H.R. 1424 on October 3, 2008, and President Bush signed the bill that same day.

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Recent News Coverage

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12/27/08
WETZSTEIN: Glimmers of good in the news of '08

In October, President Bush signed HR 1424 to restore confidence in sagging credit markets. Tucked inside was a mental health insurance parity provision, ...

Source: Washington Times, DC
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12/14/08
AIG Defies US Taxpayers by Promoting Sharia in America

... Securities Exchange Commission, and Department of Treasury carry out their fiduciary responsibilities under HR 1424 to act as the Financial Stability ...

Source: Global Politician, NY
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12/10/08
Despite Tough Economy, Southwest Windpower Posts Record Sales and ...

In October, as part of the Emergency Economic Stabilization Act of 2008, HR 1424, a federal-level tax credit for qualified small wind turbines was approved, ...

Source: MarketWatch
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Not One Cent: Obama Ruined Budget for Obama: Inherited Deficit ...

Save the endangered American saver by opposing any housing bailout. "Millions for Defense, Not One Cent for Tribute" --The battle cry of Americans rejecting 18th-Century extortion. Loading. ...

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How To Determine If Your Movement Has Ideological Purity… 2009 April 20. tags: politics, current events, john mccain, balanced budget, wordpress-political-blogs, deficit spending, TARP, stimulus, tea party, omnibus. by Marc ...

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