Text of Emergency Economic Stabilization and “Stimulus” Act of 2008

Below is a link to the Library of Congress (LOC) website and a few links to the Senate Banking Committee site which have the details on the ‘Economic Stabilization’ Bill which passed the Senate by a vote of 74-25.

The Bill, called H.R.1424 and sponsored by Patrick Kennedy, was first rejected by the House. But a new version was crafted by the Senate’s Banking Committee, chaired by Democratic Senator Chris Dodd of Connecticut.

Question: Given this bill H.R.1424 is now laden with tax cuts and incentives, isn’t it also really a stealth stimulus package? As I recall, House Democrats wanted a 2nd stimulus package and they have been very crafty in attaching one to this bill. It seems that’s how government works in America.

Title: 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.
Sponsor: Rep Kennedy, Patrick J. [RI-1] (introduced 3/9/2007) Cosponsors (274)
Related Bills: H.RES.1014, H.R.493, H.R.1367, S.358
Latest Major Action: 10/1/2008 Passed/agreed to in Senate. Status: Passed Senate, pursuant to the order of September 30, 2008, having achieved the required 60 votes in the affirmative, with an amendment and an amendment to the Title by Yea-Nay Vote. 74 – 25. Record Vote Number: 213.
House Reports: 110-374 Part 1, 110-374 Part 2, 110-374 Part 3
Note: Emergency Economic Stabilization Act of 2008. On 10/1/2008, the Senate passed H.R.1424 as the vehicle for the economic rescue legislation. See documents on the Senate Banking Committee website. Division A (pp.2-113) of the draft legislation is referred to as the Emergency Economic Stabilization Act of 2008; Division B (pp. 113-261) is referred to as the Energy Improvement and Extension Act of 2008; and Division C (pp. 261-451) is referred to as the Tax Extenders and Alternative Minimum Tax Relief Act of 2008.

H.R.1424 – The U.S. Library of Congress
Latest Version of Bill (PDF) – U.S. Senate Committee on Banking, Housing and Urban Affairs Website
One Page Summary (PDF) – U.S. Senate Committee on Banking, Housing and Urban Affairs Website
Bill Links – Chris Dodd’s Wesite, Chairman of U.S. Senate Committee on Banking, Housing and Urban Affairs Website

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