Bailout Bill. The Emergency Economic Stabilization Act of 2008 (H.R. 1424) passed 263-171 (Roll Call 681) on October 3, 2008. This bill authorizes the Treasury Department to use $700 billion of taxpayer money to purchase troubled mortgage-related securities from banks and other financial-related institutions, on terms set by the Treasury Secretary, who now has authority to manage and sell those assets. The bailout plan also expands FDIC protection from $100,000 to $250,000 per bank account, extends dozens of expiring tax provisions, expands incentives for renewable energy, provides a one-year adjustment to exempt millions of Americans from the alternative minimum tax, and requires health insurers who provide mental-health coverage to put mental-health benefits on par with other medical benefits.
We have assigned pluses to the nays because the bill establishes an unconstitutional merger of government with banks and businesses — in other words, corporate fascism — and greatly increases the national debt and monetary inflation by forcing taxpayers to pay the price for the failures of private financial institutions.
