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1 1 (November 14, 2008)

handle is hein.crs/crsmthabexi0001 and id is 1 raw text is: Order Code RS22985 November 14, 2008 CRS Report for Congress Fast Track Parliamentary Procedures of the Emergency Economic Stabilization Act Christopher M. Davis Analyst on the Congress and Legislative Process Government and Finance Division Summary The Emergency Economic Stabilization Act of 2008 (Division A of H.R. 1424, P.L. 110-343) empowers the Secretary of the Treasury to purchase certain troubled assets as a means to stabilize the economy. Should the Secretary wish to have more than $350 billion outstanding under the troubled assets program, the President must submit a written report to Congress detailing the Secretary's request and his plan to implement it. The receipt of this report triggers a 15-day period during which Congress may reject the Secretary's request by enacting a joint resolution of disapproval. This disapproval resolution would be considered in the House and Senate under fast track parliamentary procedures which are intended to ensure an opportunity to consider and vote on the measure. This report examines these procedures and explains how they differ from the regular parliamentary mechanisms of the House and Senate. It will be updated as needed.! Graduated Authorization to Purchase The Emergency Economic Stabilization Act of 2008 (EESA)2 empowers the Secretary of the Treasury to purchase and insure certain troubled assets as a means to establish stability in the nation's financial system, and authorizes funds on a graduated scale that the Secretary may use for this purpose. The act immediately authorizes the Secretary to have up to $250 billion outstanding at any one time under the troubled assets purchase program. This authorized maximum will automatically increase to $350 billion outstanding upon the President's submission to Congress of a certification of need. Should the Secretary of the Treasury wish to have in excess of $350 billion outstanding at any one time under the troubled asset purchase program, the President must 1 For information on the policy questions relating to this law, see CRS Report RL34730, The Emergency Economic Stabilization Act and Current Financial Turmoil. Issues and Analysis, by Baird Webel and Edward V. Murphy. 2 P.L. 110-343. 122 Stat. 3831. Congressional Research Service The Library of Congress Prepared for Members and Committees of Congress