On Oct 6, 5:22 pm, "Mark Kahle" <[EMAIL PROTECTED]> wrote: > As simple as it gets. Congress REQUIRES an oversight commitee and an > inspector general in place before a single cent is spent....
Yep, and they are in FACT set up in the Legislation, again, you might try READING it BEFORE you try telling others what is in it and how it works... 4 SEC. 104. FINANCIAL STABILITY OVERSIGHT BOARD. 5 (a) ESTABLISHMENT.—There is established the Fi6 nancial Stability Oversight Board, which shall be respon7 sible for— 8 (1) reviewing the exercise of authority under a 9 program developed in accordance with this Act, in10 cluding— 11 (A) policies implemented by the Secretary 12 and the Office of Financial Stability created 13 under sections 101 and 102, including the ap14 pointment of financial agents, the designation 15 of asset classes to be purchased, and plans for 16 the structure of vehicles used to purchase trou17 bled assets; and 18 (B) the effect of such actions in assisting 19 American families in preserving home owner20 ship, stabilizing financial markets, and pro21 tecting taxpayers; 22 (2) making recommendations, as appropriate, to 23 the Secretary regarding use of the authority under 24 this Act; and 16 O:\AYO\AYO08C32.xml S.L.C. 1 (3) reporting any suspected fraud, misrepresen2 tation, or malfeasance to the Special Inspector Gen3 eral for the Troubled Assets Relief Program or the 4 Attorney General of the United States, consistent 5 with section 535(b) of title 28, United States Code. 6 (b) MEMBERSHIP.—The Financial Stability Over7 sight Board shall be comprised of— 8 (1) the Chairman of the Board of Governors of 9 the Federal Reserve System; 10 (2) the Secretary; 11 (3) the Director of the Federal Housing Fi12 nance Agency; 13 (4) the Chairman of the Securities Exchange 14 Commission; and 15 (5) the Secretary of Housing and Urban Devel16 opment. 17 (c) CHAIRPERSON.—The chairperson of the Financial 18 Stability Oversight Board shall be elected by the members 19 of the Board from among the members other than the Sec20 retary. 21 (d) MEETINGS.—The Financial Stability Oversight 22 Board shall meet 2 weeks after the first exercise of the 23 purchase authority of the Secretary under this Act, and 24 monthly thereafter. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
