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Are Bailouts above the Law? PDF Print E-mail
Written by Pat Norton   
Thursday, 25 September 2008 19:00

You might be surprised by one of the clauses in the bailout proposal Treasury Secretary Henry Paulson sent to Congress earlier this week.  It requests the authority to borrow $700 billion to use to pay for subprime and other shaky mortgage-based securities from troubled banks.  The surprise comes in Section 8 of the proposal:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable…and may not be reviewed by any court of law or any administrative agency.

Whatever the final form of the bailout plan, it seems safe to say that it will not include this brazen attempt to place the Secretary of the Treasury above the law.

The complete three-page proposal is attached here. (We have bolded a few key passages for clarity.)

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Comments (1)
Bailouts Above the Law
1 Friday, 26 September 2008 17:59
Arnold J Hold
Thank you for bringing out the three page details, all bills should be so short, except without the dictatorial facets. No wonder there was screaming by Republicans over this bill, just hearing about the non-reviewable powers conferred on the Treasury Secretary reminded me to open a window.

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