USLegal Reporter » Emergency Economic Stabilization Act http://reporter.uslegal.com Just another USLegal Blogs weblog Tue, 16 Mar 2010 15:14:32 +0000 http://wordpress.org/?v=2.8.2 en hourly 1 New Government Financial Help to AIG http://reporter.uslegal.com/2008/11/10/new-government-financial-help-to-aig/ http://reporter.uslegal.com/2008/11/10/new-government-financial-help-to-aig/#comments Mon, 10 Nov 2008 17:49:47 +0000 Della Sellers http://reporter.uslegal.com/?p=608 The US Federal Reserve and the Treasury Department announced today that they will provide $40 billion of new financial support to insurance company, American International Group (AIG), which will increase total financial assistance to the company to approximately $150 billion. Specifically, the government plans to exercise its authority under the Emergency Economic Stabilization Act to purchase troubled assets by purchasing $40 billion in AIG preferred stock in an effort to restructure federal assistance to the company.

The $40 billion will be part of the $700 billion financial rescue plan, and will give the government partial ownership of AIG in return. AIG also must comply with executive compensation and corporate governance requirements of the Emergency Economic Stabilization Act.

Source: http://news.findlaw.com/ap/f/1310/11-10-2008/20081110032005_3.html
http://www.ustreas.gov/press/releases/hp1261.htm

]]> http://reporter.uslegal.com/2008/11/10/new-government-financial-help-to-aig/feed/ 0 Senate Passes Revised Financial Rescue Legislation http://reporter.uslegal.com/2008/10/02/senate-passes-revised-financial-rescue-legislation/ http://reporter.uslegal.com/2008/10/02/senate-passes-revised-financial-rescue-legislation/#comments Thu, 02 Oct 2008 19:59:23 +0000 Della Sellers http://reporter.uslegal.com/?p=506 Following rejection by the US House of Representatives of the proposed $700 billion bailout of many of the nation’s leading financial institutions on September 29, the Senate Wednesday night by a vote of 74-25 passed a modified bill that would authorize the government to buy mortgage-related and other assets from institutions that have led to economic instability. The House of Representatives is expected to vote on the Emergency Economic Stabilization Act of 2008 this Friday.

The revised legislation, which has been attached to a bill addressing renewable energy tax incentives, includes several new tax provisions, such as tax extensions for businesses and families, and a limitation on the alternative minimum tax. Other new provisions include an increase in the Federal Deposit Insurance Corp. cap from $100,000 to $250,000, natural disaster relief for individuals in Texas, Louisiana and the Midwest and parity for insurance coverage of mental health treatment.

Source: http://banking.senate.gov/public/index.cfm?Fuseaction=Articles.Detail&Article_id=76b1aea4-39b8-404f-b3cd-f8b6c46e3b14&Month=10&Year=2008

http://finance.senate.gov/press/Bpress/2008press/prb100108a.pdf

http://www.cnn.com/2008/POLITICS/10/02/congress.bailout/index.html

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