Saturday, 4 October 2008

Update on The Bow and Arrow Bill (or how to rescue a banker or two)

The Bow and Arrow Bill to rescue Wall Street and investment bankers from their own folly started its life in the US House of Representatives as H R 3997, a bill To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes.

After its ignominious defeat it again came before the House via the Senate as H R 1424, the Emergency Economic Stabilization Act of 2008

Title: A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.
Rep Kennedy, Patrick J. [RI-1] (introduced 3/9/2007) Cosponsors (274)
Related Bills: H.RES.1014, H.RES.1525, H.R.493, H.R.1367, S.358
Latest Major Action: 10/1/2008 Passed/agreed to in Senate. Status: Passed Senate, pursuant to the order of September 30, 2008, having achieved the required 60 votes in the affirmative, with an amendment and an amendment to the Title by Yea-Nay Vote. 74 - 25. Record Vote Number: 213.
House Reports: 110-374 Part 1, 110-374 Part 2, 110-374 Part 3
Note: Emergency Economic Stabilization Act of 2008. On 10/1/2008, the Senate passed H.R.1424 as the vehicle for the economic rescue legislation. In the EAS version of the bill (Engrossed Amendment as Agreed to by the Senate), Division A (pp.1-110) is referred to as the Emergency Economic Stabilization Act of 2008; Division B (pp. 110-255) is referred to as the Energy Improvement and Extension Act of 2008; and Division C (pp. 255-441) is referred to as the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. See also documents on the Senate Banking Committee and the House Rules Committee websites.

Its 451 pages now contain gems like:
Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children.
Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation.

According to the House Committee on Financial Services this is what the Act means in terms of the rescue bid.

The House is now debating as I write and progress can be followed at the Clerk's Floor Summary here.


The New York Times live blogged the debate.

1:25 p.m. Bill passes: The bill passed 263 to 171. The vast majority of Democrats voted in favor (172 yeas to 63 nays), while a slighter majority of Republicans voted against (91 yeas to 108 nays).
1:08 p.m. Voting begins: Representatives are entering their final votes on the bill. They have 15 minutes to do so.

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