Emergency Economic Stabilization Act

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Finding the Law Itself

Emergency Economic Stabilization Act of 2008 Public Law 110-343 (EESA)

Congressional Record: Some of the discussion on the floor of the House and Senate are listed in the Summary and Status report on Thomas, but for a complete record of all debate, search the Congressional Record. It is available on Lexis, Westlaw, or Thomas. Search either for the bill number (1424) or the name of the Act ("emergency economic stabilization"). The researcher can also search for specific aspects of the Act (e.g. "troubled assets") to see if there was debate on that topic specifically.

Troubled Assets Relief Program (TARP) codified at 12 U.S.C. 5211 et seq. (available on Lexis and Westlaw)

The Congressional Budget Office (CBO) provides Congress with analyses of economic and budgetary decisions. Its website has information on the Act as well as the Troubled Asset Relief Program. In September 2008, the CBO issued a cost estimate on the EESA (html or pdf). This analysis was updated in October 2008 (html or pdf). Regarding TARP, the site has the Report of Transactions Through December 2008, and a cost estimate for a bill, H.R. 384, pending which amends TARP. (See below to find pending legislation.)

The Congressional Research Service Report on the Troubled Asset Relief Program and Foreclosures.

The Office of Management and Budget, part of the Executive Office of the President, also offered statements on H.R. 1424 to the House and the Senate.

New and pending legislation can be found on Thomas - search for pending legislation by word or number. In the advanced search section, the researcher can search by Committee to whom the bill was assigned (e.g. House Financial Services Committee or Senate Banking, Housing and Urban Affairs Committee).

Speaking of committees ... each committee has its own website.

From the web page for The House Committee on Financial Services, one can find the Committee's schedule, upcoming hearings, markups, reports, and a page devoted to TARP Oversight Accountability Reports. There is also an archive of older Committee information. On the web page for The Senate Committee on Banking, Housing, and Urban Affairs, the following items are available: hearing schedule, pending legislation, news and other information.

Current Awareness

BNA

These are mostly current awareness resources with related daily or weekly reports on new events on the topic. Each publication can be searched or browsed by subject. Miami Law students can sign-up to receive new e-mails from specific BNA titles. (BNA titles are also available on Lexis and Westlaw.) (A list of all BNA Titles)

SSRN

SSRN includes draft of working papers that will, in most cases, eventually, end up in law review publications. So, this is one of the first places to find articles discussing new issues. This includes papers related to law, economics and other topics. A search of the term "TARP" already produces two results.

Administrative Materials

Department of the Treasury - has a web site related to the EESA initiative. It includes reports, press releases, employment opportunities and more.

Regulations.gov - this site has recent regulations, often including links to comments another other related information. An advanced Docket search allows the researcher to limit to a specific Department (Department of Treasury) and title (TARP). This will bring up all related regulations, and comments are available from the docket sheet.

Federal Reserve Board

Federal Reserve Bank of New York

Federal Deposit Insurance Corporation

General Accounting Office

Congressional Oversight Panel

Fundamental Reform

Now or Never for Financial Watchdogs Shake-Up, Reuters (Oct. 29, 2008).

Editorial, A Starting Point for Regulatory Reform, Minn. Star Trib. (Sept. 20, 2008).

The Structure of Financial Supervision: Approaches and Challenges in a Global Marketplace (Oct. 2008)

Financial Reform: A Framework for Financial Stability (January 2009).

Government Accountability Office, Financial Regulation: A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S. Financial Regulatory System (January 2009).

Committee on Capital Markets Regulation, Recommendations for Reorganizing the U.S. Regulatory Structure (Jan. 14, 2009).

U.S. Chamber Center for Capital Markets Competitiveness, Regulatory Reform Principles (Nov. 2008).

U.S. Treasury, Fact Sheet: Financial Stability Plan (Feb. 11, 2009).

Michael D. Guttentag, Regulatory Rule #2: Insurance Products Neet to be Regulated (portfolio insurance in the 1987 crash) (Oct. 17, 2008)

SEC, Office of Inspector General, SEC's Oversight of Bear Stearns and Related Entities: The Consolidated Supervised Entity Program (redacted version)(Sept. 25, 2008).

SEC, Press Release (RE: end of Consolidated Supervised Entities program).

Senate Banking Committee, SEC's Oversight of Bear Stearns and Related Entities: The Consolidated Supervised Entity Program (unredacted version)(Sept. 25, 2008).

Transactions

Steven M. Davidoff & David Zaring, Big Deal: The Government's Response to the Financial Crisis (Nov. 2008).

Marcel Kahan & Edward B. Rock, How to Prevent Hard Cases from Making Bad Law: Bear Stearns, Delaware and the Strategic Use of Comity (Aug. 11, 2008).

SEC Press Release, Statement on Proposed Lehman Brothers, Inc. Acquisition by Barclays (Sept. 17, 2008).

Federal Reserve Board, Press Release (Sept. 21, 2008).

FDIC, Failed Bank Information: IndyMac Bank

FDIC, Failed Bank List

Bloomberg, Wachovia Regulators Push Citigroup, Wells to Settle (Oct. 7, 2008).

Federal Housing Finance Agency, Questions & Answers on Conservatorship

Deborah Solomon, Sudeep Reddy & Susanne Craig, Mounting Woes Left Officials With Little Room to Maneuver

Federal Reserve Board of New York, Summary of Terms and Conditions Regarding the JPMorgan Chase Facility (March 24, 2008)

Andrew Ross Sorkin, A Bailout Above the Law, New York Times (Sept. 22, 2008).

Articles

(To view the student papers if you are off-campus, you will be prompted to log in using your law school network user name and password.)

I. Financial Crisis: Emergence and Causes

  • Eamonn K. Moran, Wall Street Meets Main Street: Understanding the Financial Crisis, 13 N.C. BANKING INST. 5 (2009).
  • Douglas W. Arner, The Global Credit Crisis of 2008: Causes and Consequences, 43 INT'L LAW. 91 (Spring, 2009).
  • Edward J. Kane, Incentive Roots of the Securitization Crisis and Its Early Mismanagement, 26 YALE J. ON REG. 405 (Summer, 2009).
  • HAL S. SCOTT, THE GLOBAL FINANCIAL CRISIS 1-21 (2009).

II. Emergency Acquisitions

A. Section 13(3) [12 U.S.C. sec. 243 (Third)]

1. Thomas O. Porter II, The Federal Reserve's Catch-22: A Legal Analysis of the Federal Reserve's Emergency Powers, 13 N.C. BANKING INST. 483 (2009).
2. Melissa Sanchez, Introduction: Nature of Federal Reserve powers under Federal Reserve Act sec. 13(3) [student paper].
3. Sam's Paper, pp. 17-19

B. Particular Transactions

1. JPMorganChase/Bear Stearns
a) HAL S. SCOTT, THE GLOBAL FINANCIAL CRISIS 37-41 (2009).
b) Peter Guala, Emergency Transactions 2007-2009: March 2008 - JPMorgan Acquisition of Bear Stearns [student paper].
c) Andrea Cortland, The Domino Effect of the Federal Reserve's Role in J.P. Morgan Chase's Emergency Acquisition of Bear Stearns [student paper].

2. Fannie Mae/Freddie Mac
a) HAL S. SCOTT, THE GLOBAL FINANCIAL CRISIS 53-56 (2009).
b) Allen Grove, Perpetuating the "American Dream" of Home Ownership: The Rise, Fall, and Unknown Future of Fannie Mae and Freddie Mac [student paper].
c) Sam's Paper, pp. 10-13

3. Lehman Brothers
a) HAL S. SCOTT, THE GLOBAL FINANCIAL CRISIS 41-42 (2009).
b) Adam Citron, The Rise and Fall of Lehman Brothers: A Comprehensive Look at the History & Analysis of Lehman Brothers [student paper].

4. Bank of America/Merrill Lynch

5. AIG
a) HAL S. SCOTT, THE GLOBAL FINANCIAL CRISIS 43-44 (2009).
b) Sam's Paper, pp. 13-16

6. Chase/Washington Mutual: Sam's Paper, pp. 22-24

7. Wells Fargo/Wachovia: Frank A. Hirsch, Jr. and Joseph S. Dowdy, Whither Wachovia? Wells Fargo Wins the Battle for the Storied North Carolina Banking Institution, 13 N.C. BANKING INST. 167 (Spring 2009).

III. Fed Emergency Lending Facilities

IV. Emergency Economic Stabilization Act of 2008

A. Troubled Asset Relief Program Generally
1. HAL S. SCOTT, THE GLOBAL FINANCIAL CRISIS 41-42 (2009).
2. Pechauk, Browder & Rodriguez, The Troubled Asset Relief Program: Operation and Implementation in the Wake of the Global Financial Crisis 1-7 [student paper].

B. Particular Programs (TARP I)
1. Capital Purchase Program: Pechauk, Browder & Rodriguez, The Troubled Asset Relief Program: Operation and Implementation in the Wake of the Global Financial Crisis 7-15 [student paper].
2. Capital Assistance Program: Pechauk, Browder & Rodriguez, The Troubled Asset Relief Program: Operation and Implementation in the Wake of the Global Financial Crisis 15-26 [student paper].
3. Systemically Significant Failing Institutions (AIG II)
a) Pechauk, Browder & Rodriguez, The Troubled Asset Relief Program: Operation and Implementation in the Wake of the Global Financial Crisis 26-40 [student paper].
b) Sam's Paper
4. Targeted Investment Program: Pechauk, Browder & Rodriguez, The Troubled Asset Relief Program: Operation and Implementation in the Wake of the Global Financial Crisis 41-47 [student paper].
5. Capital Guarantee Program: Pechauk, Browder & Rodriguez, The Troubled Asset Relief Program: Operation and Implementation in the Wake of the Global Financial Crisis 47-51 [student paper].
6. Citigroup: Sam's Paper, pp. 19-23.
7. Automotive Industry Financing Program: Micheal Reiter, Application of TARP to Automobile Industry Rescue Program

C. TARP II: Private-Public Investment Partnership (PPIP) Program: Pechauk, Browder & Rodriguez, The Troubled Asset Relief Program: Operation and Implementation in the Wake of the Global Financial Crisis 59-70 [student paper].
D. Constitutionality of the TARP/EESA: Pechauk, Browder & Rodriguez, The Troubled Asset Relief Program: Operation and Implementation in the Wake of the Global Financial Crisis 70-82 [student paper].
E. Executive Compensation: Sanjai Bhagat and Roberta Romano, Reforming Executive Compensation: Focusing and Committing to the Long-term, 26 YALE J. ON REG. 359, (2009).

V. Other Issues of Bank Organization

  • FDIC Debt Guarantees: Anson Cain, Congress's First Recipe to Bail Out the Financial Institutions of the United States is Leaving the Taxpayers with a Sour Taste in Their Mouths, 29 J. NAT'L ASS'N ADMIN. L. JUD. 213 (Spring 2009).
  • Reorganization of Investment Banks as Bank Holding Companies
  • Private Equity Firms as Bank Holding Companies

VI. Future Policy and Reform Proposals

HAL S. SCOTT, THE GLOBAL FINANCIAL CRISIS 78-167 41-42 (2009).

Print Material

It is a little early, but there are a few print explanations of the Emergency Economic Stabilization Act. These titles are listed in the Law Library Catalog.

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