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Oversight Of The Troubled Asset Relief Program
The Emergency Economic Stabilization Act created the Troubled Asset Relief Program to administer up to $700 billion. Several oversight mechanisms are established by the bill, including the Congressional Oversight Panel, the Special Inspector General for TARP (SIGTARP), the Financial Stability Oversight Board, and additional requirements for the Government Accountability Office (GAO) and the Congressional Budget Office (CBO). Financial Stability Oversight Board (FSOB) The Financial Stability Oversight Board was created to review and make recommendations regarding the Treasury's actions. Its purpose is to review the operation of TARP, to make recommendations to the Treasury for improvements, and to watch for fraud and misrepresentation. The FSOB also has the power to ensure that the Treasury follows policies in accordance with the Act and the economic interest of the U.S. It is to meet on a monthly basis and report to Congress and the Oversight Panel quarterly. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emergency Economic Stabilization Act
The Emergency Economic Stabilization Act of 2008, often called the "bank bailout of 2008", was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and signed into law by President George W. Bush. It became law as part of Public Law 110-343 on October 3, 2008, in the midst of the financial crisis of 2007–2008. It created the $700 billion Troubled Asset Relief Program (TARP) to purchase toxic assets from banks. The funds were mostly redirected to inject capital into banks and other financial institutions while the Treasury continued to examine the usefulness of targeted asset purchases. A financial crisis had developed throughout 2007 and 2008 partly due to a subprime mortgage crisis, causing the failure or near-failure of major financial institutions like Lehman Brothers and American International Group. Seeking to prevent the collapse of the financial system, Secretary of the Treasury Paulson called for the U.S. government to purchase ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Party Leaders Of The United States Senate
The positions of majority leader and minority leader are held by two United States senators and members of the party leadership of the United States Senate. They serve as the chief spokespersons for their respective political parties holding the majority and the minority in the United States Senate. They are each elected as majority leader and minority leader by the senators of their party caucuses: the Senate Democratic Caucus and the Senate Republican Conference. By Senate precedent, the presiding officer gives the majority leader priority in obtaining recognition to speak on the floor of the Senate. The majority leader serves as the chief representative of their party in the Senate, and is considered the most powerful member of the Senate. They also serve as the chief representative of their party in the entire Congress if the House of Representatives, and thus the office of the speaker of the House, is controlled by the opposition party. The Senate's executive and legislat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago Sun-Times
The ''Chicago Sun-Times'' is a daily newspaper published in Chicago, Illinois, United States. Since 2022, it is the flagship paper of Chicago Public Media, and has the second largest circulation among Chicago newspapers, after the ''Chicago Tribune''. The modern paper grew out of the 1948 merger of the ''Chicago Sun'' and the ''Chicago Daily Times''. Journalists at the paper have received eight Pulitzer prizes, mostly in the 1970s; one recipient was film critic Roger Ebert (1975), who worked at the paper from 1967 until his death in 2013. Long owned by the Marshall Field family, since the 1980s ownership of the paper has changed hands numerous times, including twice in the late 2010s. History The ''Chicago Sun-Times'' claims to be the oldest continuously published daily newspaper in the city. That claim is based on the 1844 founding of the ''Chicago Daily Journal'', which was also the first newspaper to publish the rumor, now believed false, that a cow owned by Catherine O'L ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Accountability Office
The U.S. Government Accountability Office (GAO) is a legislative branch government agency that provides auditing, evaluative, and investigative services for the United States Congress. It is the supreme audit institution of the federal government of the United States. It identifies its core "mission values" as: accountability, integrity, and reliability. It is also known as the "congressional watchdog". Powers of GAO The work of the GAO is done at the request of congressional committees or subcommittees or is mandated by public laws or committee reports. It also undertakes research under the authority of the Comptroller General. It supports congressional oversight by: * auditing agency operations to determine whether federal funds are being spent efficiently and effectively; * investigating allegations of illegal and improper activities; * reporting on how well government programs and policies are meeting their objectives; * performing policy analyses and outlining options for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comptroller General Of The United States
The Comptroller General of the United States is the director of the Government Accountability Office (GAO, formerly known as the General Accounting Office), a legislative-branch agency established by Congress in 1921 to ensure the fiscal and managerial accountability of the federal government. Overview The Budget and Accounting Act of 1921 "created an establishment of the Government to be known as the General Accounting Office, which shall be independent of the executive departments and under the control and direction of the Comptroller General of the United States". The act also provided that the "Comptroller General shall investigate, at the seat of government or elsewhere, all matters relating to the receipt, disbursement, and application of public funds, and shall make to the President when requested by him, and to Congress... recommendations looking to greater economy or efficiency in public expenditures." The Comptroller General is appointed for fifteen years by the P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chris Coons
Christopher Andrew Coons (born September 9, 1963) is an American lawyer and politician serving as the junior United States senator from Delaware since 2010. A member of the Democratic Party, Coons served as the county executive of New Castle County from 2005 to 2010. Raised in Hockessin, Delaware, Coons graduated from Amherst College in Massachusetts, where he joined Delta Kappa Epsilon fraternity. He received graduate degrees from Yale Divinity School and Yale Law School. He went to work as a volunteer relief worker in Kenya, where he had taken classes in the University of Nairobi, later returning to the U.S. to work for the Coalition for the Homeless in New York. He spent some time as a legal clerk in New York before returning to Delaware in 1996, where he spent eight years as in-house counsel for a materials manufacturing company. In the interim he worked for several nonprofit organizations. Coons served as president of the New Castle County Council from 2001 to 2005 and coun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, and other financial companies operating in the United States. Since its founding, the CFPB has used technology tools to monitor how financial entities used social media and algorithms to target consumers. The CFPB's creation was authorized by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession. The CFPB's status as an independent agency has been subject to many challenges in court. In June 2020, the United States Supreme Court found the single-director structure removable only with-cause unconstitutional but allowed the agency to remain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Delaware
Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Delaware Bay, in turn named after Thomas West, 3rd Baron De La Warr, an English nobleman and Virginia's first colonial governor. Delaware occupies the northeastern portion of the Delmarva Peninsula and some islands and territory within the Delaware River. It is the second-smallest and sixth-least populous state, but also the sixth-most densely populated. Delaware's largest city is Wilmington, while the state capital is Dover, the second-largest city in the state. The state is divided into three counties, having the lowest number of counties of any state; from north to south, they are New Castle County, Kent County, and Sussex County. While the southern two counties have historically been predominantly agricultural, New Castle is more ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ted Kaufman
Edward Emmett Kaufman (born March 15, 1939) is a retired American politician and businessman who served as a United States senator from Delaware from 2009 to 2010. He chaired the Congressional Oversight Panel for the Oversight of the Troubled Asset Relief Program; he was the second and final person to hold the position, succeeding Elizabeth Warren. Kaufman is a member of the Democratic Party. Kaufman was appointed to the Senate to serve the remainder of longtime Senator Joe Biden's term after he was elected Vice President in 2008. Prior to becoming a U.S. Senator, Kaufman had served as an advisor to Biden for much of his political career and later served as the head of his presidential transition. Early life, education and business career Edward Emmett Kaufman was born on March 15, 1939, in Philadelphia, the son of Helen (née Carroll), a teacher, and Manuel Kaufman, a social worker. His father was of Russian Jewish ancestry and his mother was a Catholic of Irish descent. He w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Purchase Program
The Capital Purchase Program or CPP is a preferred stock and equity warrant purchase program conducted by the US Treasury Office of Financial Stability as part of Troubled Asset Relief Program (aka, TARP). According to the first congressionally mandated oversight report published by GAO, " ARP'sprimary focus was expected to be the purchase of mortgage-backed securities (MBS) and whole loans... utwithin 2 weeks of enactment... the Treasury announced that it would make $250 billion of the $700 billion available to U.S. financial institutions through purchases of preferred stock." This followed a model initiated by the United Kingdom bank rescue package announced on October 8, 2008. Because preferred stock is similar to debt in that it gets paid before common stock, some economists have questioned whether the buying of preferred stock by the CPP will be effective in getting banks to lend. Other economists have argued that the capital purchases represent a taxpayer subsidy of unsecur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Office Of Financial Stability
The Assistant Secretary of the Treasury for Financial Stability was the head of the Office of Financial Stability in the United States Department of the Treasury. The position was created on October 3, 2008 by the Emergency Economic Stabilization Act of 2008, the act that created the Office of Financial Stability to administer the Troubled Asset Relief Program. By law, the Assistant Secretary of the Treasury for Financial Stability is appointed by the President of the United States with the advice and consent of the United States Senate. During a vacancy, the United States Secretary of the Treasury is authorized to appoint an Acting Assistant Secretary of the Treasury for Financial Stability. The position was abolished after Timothy Massad. List of Assistant Secretaries of the Treasury for Financial Stability {, class="wikitable" !Name !Picture !Assumed office !Left office !President appointed by !, Secretary served under , - , Neel Kashkari (Acting) , , October 6, 2008 , May ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Damon Silvers
Damon Silvers is an American lawyer and former government employee who serves as a policy director for the AFL-CIO. Silvers led the AFL-CIO legal team that won severance payments for laid off Enron and WorldCom workers. Silvers also served as Deputy Chair of the Congressional Oversight Panel from 2008 to 2010. Early life and education Silvers was raised in Hartford, Connecticut, Philadelphia and Richmond, Virginia. Silvers attended Bellevue Elementary School and Open High School in Richmond, Virginia. Silvers graduated summa cum laude from Harvard College in 1986. Silvers received his J.D. with honors from Harvard Law School. He received his M.B.A. with high honors from Harvard Business School as a Baker Scholar. Silvers also studied history at King's College, Cambridge. At Harvard, Silvers was a leader of the anti-apartheid Divestment movement, which role did not prevent him from applying for a Rhodes Scholarship, which was funded by British colonialism in southern Africa. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
