Emergency Economic Stabilization Act
Summary of Major Provisions
The following is a section-by-section analysis of H.R. 1424, the Emergency Economic Stabilization Act of 2008. The purpose of the legislation is to "provide authority to the Secretary of the Treasury to restore liquidity and stability to the U.S. financial system and to ensure the economic well-being of Americans." Title I — Troubled Assets Relief Program Purchases of Troubled Assets. Authorizes the Secretary to establish a Troubled Assets Relief Program (TARP) to purchase troubled assets from financial institutions. Establishes an Office of Financial Stability within the Treasury Department to implement the TARP in consultation with the Board of Governors of…
